Continental Resources Management Discusses Q1 2012 Results - Earnings Call Transcript

Continental Resources (CLR)

Q1 2012 Earnings Call

May 03, 2012 10:00 am ET

Executives

John D. Hart - Chief Financial Officer, Principal Accounting Officer, Senior Vice President and Treasurer

Jeffery B. Hume - President and Chief Operating Officer

Jack H. Stark - Senior Vice President of Exploration

Analysts

Eli Kantor - Jefferies & Company, Inc., Research Division

Joanna Park

Noel A. Parks - Ladenburg Thalmann & Co. Inc., Research Division

Jason Selch

Stephen P. Shepherd - Simmons & Company International, Research Division

Marshall H. Carver - Capital One Southcoast, Inc., Research Division

Andrew Coleman - Raymond James & Associates, Inc., Research Division

Hsulin Peng - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Continental Resources First Quarter 2012 Earnings Conference Call. This conference call is being recorded. Today's call will include projections, assumptions and guidance that are considered forward-looking statements. Actual results will likely differ from those contained in our forward-looking statements. Please refer to the company's filings with the Securities and Exchange Commission for additional information concerning these statements and risks.

Chairman and CEO, Harold Hamm, will begin this morning's call; followed by CFO, John Hart; and President and COO, Jeff Hume. After their remarks, we will have a question-and-answer period. Other members of management are available to answer your question.

Now I will turn the call over to Mr. Hamm. Please, sir.

John D. Hart

Thank you, Harold. Strong cash flow growth was a key first quarter highlight. We reported EBITDAX of $455 million for the first quarter of 2012, a 69% increase over EBITDAX for the first quarter of 2011.

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