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Continental Resources (CLR) Sells its First Ever Bakken Crude
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Exploration and production company Continental Resources, Inc. recently reported that it has sold crude oil from Bakken for the first time. More than 1 million barrels of crudes were sold to Houston, TX-based trading and shipping company, Atlantic Trading and Marketing ("ATMI") for November deliveries. ATMI is expected to deliver the oil overseas, more precisely to China.
The company expects sales transaction to be 33,500 barrels per day for the month of November, which will take place in Cushing, OK. From there, the oil will be shipped to Texas ports by ATMI, where it will be loaded on the tankers.
The sale of the oil that will ultimately reach China is in line with the company's long-term strategy of securing different international markets for its light sweet oil. Per the company, the American shale energy revolution has supported the sale of 1,005,000 barrels overseas through ATMI.
The lifting of the 1977 crude oil export ban in December 2015 helped the industry to pursue energy export, which has grown rapidly since then. Continental Resources believes that stable production of oil in the United States and increasing export will drive down inventories. The company believes this will correct the disparity between Brent and WTI prices. Contemporary improved transportation mode for crude will also help to further open up the international market for Continental Resources' light sweet oil.
About the Company
Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The company focuses on large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations.
Price Performance
Continental Resources has lost 27.6% of its value year to date compared with 24.3% fall of its industry.
Zacks Rank and Stocks to Consider
Continental Resources currently carries a Zacks Rank #3 (Hold).
JA Solar’s earnings for the third quarter of 2017 are expected to surge 20% year over year. The partnership delivered a positive average earnings surprise of 716.7% in the last four quarters.
Par Pacific’s sales for the third quarter of 2017 are expected to increase 28.5% year over year. The company delivered a positive average earnings surprise of 9.1% in the last four quarters.
Canadian Natural’s sales for the third quarter of 2017 are expected to increase 82.3% year over year. The company delivered a positive earnings surprise of 46.9% in the second quarter of 2017.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Continental Resources (CLR) Sells its First Ever Bakken Crude
Exploration and production company Continental Resources, Inc. recently reported that it has sold crude oil from Bakken for the first time. More than 1 million barrels of crudes were sold to Houston, TX-based trading and shipping company, Atlantic Trading and Marketing ("ATMI") for November deliveries. ATMI is expected to deliver the oil overseas, more precisely to China.
The company expects sales transaction to be 33,500 barrels per day for the month of November, which will take place in Cushing, OK. From there, the oil will be shipped to Texas ports by ATMI, where it will be loaded on the tankers.
The sale of the oil that will ultimately reach China is in line with the company's long-term strategy of securing different international markets for its light sweet oil. Per the company, the American shale energy revolution has supported the sale of 1,005,000 barrels overseas through ATMI.
The lifting of the 1977 crude oil export ban in December 2015 helped the industry to pursue energy export, which has grown rapidly since then. Continental Resources believes that stable production of oil in the United States and increasing export will drive down inventories. The company believes this will correct the disparity between Brent and WTI prices. Contemporary improved transportation mode for crude will also help to further open up the international market for Continental Resources' light sweet oil.
About the Company
Continental Resources is a crude-oil concentrated, independent oil and natural gas exploration and production company with operations in the Rocky Mountain, Mid-Continent and Gulf Coast regions of the United States. The company focuses on large new and developing plays where horizontal drilling, advanced fracture stimulation and enhanced recovery technologies provide the means to economically develop and produce oil and natural gas reserves from unconventional formations.
Price Performance
Continental Resources has lost 27.6% of its value year to date compared with 24.3% fall of its industry.
Zacks Rank and Stocks to Consider
Continental Resources currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the oil and energy sector are JA Solar Holdings, Co., Ltd. , Par Pacific Holdings, Inc. (PARR - Free Report) and Canadian Natural Resources Limited (CNQ - Free Report) . All these companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
JA Solar’s earnings for the third quarter of 2017 are expected to surge 20% year over year. The partnership delivered a positive average earnings surprise of 716.7% in the last four quarters.
Par Pacific’s sales for the third quarter of 2017 are expected to increase 28.5% year over year. The company delivered a positive average earnings surprise of 9.1% in the last four quarters.
Canadian Natural’s sales for the third quarter of 2017 are expected to increase 82.3% year over year. The company delivered a positive earnings surprise of 46.9% in the second quarter of 2017.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>