CONTINENTAL RESOURCES ANNOUNCES RECORD 2021 RESULTS; 2022 PROJECTIONS HIGHLIGHT INCREASING CASH FLOW & CORPORATE RETURNS

Cision

OKLAHOMA CITY, Feb. 14, 2022 /PRNewswire/ --

2021: Delivered Record Cash Flow Generation

• $1.66 B Net Income; $4.56 per Diluted Share ($1.70 B Adj. Net Income; $4.66 per Adj Share (Non-GAAP))
o Company Record $3.97 B Cash Flow from Operations (CFO) & $2.64 B Free Cash Flow (FCF) (Non-GAAP)
o 14.6% Return on Capital Employed¹ (ROCE)

Significant Increase in Return of Capital to Shareholders

• Increasing Quarterly Dividend to $0.23 per Share (~1.7% Dividend Yield²); Targeting 2.0% or Greater Yield Long Term
• Increasing Share Buyback Program from $1.0 B to $1.5 B (Inclusive of $441 MM Repurchased to Date)

2022: Increasing Cash Flow & Corporate Returns

• $5.2 B Projected CFO³; $2.9 B Projected FCF; ~15% FCF Yield⁴ (Non-GAAP)
o $2.3 B Capex Budget; ~$30 WTI FCF Breakeven Price
o 195-205 MBopd & 1,040 -1,140 MMcfpd Avg. Daily Production

• 21% Projected ROCE

• <1.0x Net Debt (Non-GAAP) to EBITDAX (Non-GAAP) Target by YE22 or Earlier

2022-2025 Projection: Enhancing Shareholder Value Through Expanding Corporate Returns

• Targeting At Least $20.7 B Cumulative Projected CFO & $11.6 B Cumulative FCF (>55% Current Market Cap)
o Based Upon a Flat YoY Capex, Relative to 2022, Delivering a Low Single Digit Production CAGR³

• 22% Average Projected ROCE

Continental Resources, Inc. (NYSE: CLR) (the "Company") today announced its full-year 2021 and fourth quarter 2021 operating and financial results, its 2022 capital expenditures budget and operating plan, and its 2022 to 2025 financial projections.

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"In 2021, Continental achieved a record level of annual adjusted earnings per share alongside a nearly 15% return on capital employed and a Company record $2.6 billion of free cash flow. Given operational excellence across our premier asset portfolio, we will continue to strongly compete by expanding return of capital to shareholders while providing above average S&P 500 and industry return on capital employed through 2022 and beyond," said Bill Berry, Chief Executive Officer.

1 Return on capital employed represents net income attributable to the Company before non-cash gains and losses on derivatives, non-cash equity compensation expense, interest expense, and gains and losses on extinguishment of debt, the result of which is divided by average capital employed for the year, with capital employed representing the sum of total debt and total shareholders' equity attributable to the Company, less cash and cash equivalents.
2 Annualized dividend yield is calculated as the annual dividend per share, based on the February 2022 dividend, divided by the stock price per share as of February 8, 2022. All future dividends require Board approval.
3 Based on $80 WTI & $3.50 HH.
4 Free cash flow yield is estimated by dividing the 2022 annual FCF estimate by the Company's current market capitalization, as of February 8, 2022.

The Company reported full-year 2021 net income of $1.66 billion, or $4.56 per diluted share. For full-year 2021, typically excluded items in aggregate represented $39.0 million, or $0.10 per diluted share, of Continental's reported net income. Adjusted net income for full-year 2021 was $1.70 billion, or $4.66 per diluted share (non-GAAP). Net cash provided by operating activities for full-year 2021 was $3.97 billion and EBITDAX was $4.46 billion (non-GAAP).

The Company reported net income of $742.7 million, or $2.04 per diluted share, for the quarter ended December 31, 2021. In fourth quarter 2021, typically excluded items in aggregate represented ($91.6) million, or ($0.25) per diluted share, of Continental's reported net income. Adjusted net income for fourth quarter 2021 was $651.0 million, or $1.79 per diluted share (non-GAAP). Net cash provided by operating activities for fourth quarter 2021 was $1.25 billion and EBITDAX was $1.39 billion (non-GAAP).

Adjusted net income (loss), adjusted net income (loss) per share, EBITDAX, free cash flow, free cash flow yield, net debt, net sales prices and cash general and administrative (G&A) expenses per barrel of oil equivalent (Boe) presented herein are non-GAAP financial measures. Definitions and explanations for how these measures relate to the most directly comparable U.S. generally accepted accounting principles (GAAP) financial measures are provided at the conclusion of this press release.

2021 Production & Operations Update

Full-year 2021 total production averaged 329.6 MBoepd. Full-year 2021 oil production averaged 160.6 MBopd. Full-year 2021 natural gas production averaged 1,014 MMcfpd. Fourth quarter 2021 total production averaged 340.2 MBoepd. Fourth quarter 2021 oil production averaged 166.7 MBopd. Fourth quarter 2021 natural gas production averaged 1,041 MMcfpd. The following table provides the Company's average daily production by region for the periods presented.

		4Q		4Q		YTD		YTD
Boe per day		2021		2020		2021		2020
Bakken		175,585		183,141		169,636		158,604
Powder River		7,189		-		5,161		-
Oklahoma		146,131		149,341		147,249		134,506
Permian(1)		4,997		-		1,260		-
All other		6,266		6,825		6,341		6,980
Total		340,168		339,307		329,647		300,090

(1) The presentation of average daily production represents production during the period from the closing of our acquisition of Permian properties on December 21, 2021 through December 31, 2021 averaged over the respective fourth quarter and full year periods. At the time of closing, our Permian properties produced on average approximately 42,000 Boe per day based on two-stream reporting.

2021 Financial Update

"The Company delivered a record year of performance in 2021. We believe the 360% increase to our quarterly dividend since inception, our recently increased corporate buyback program from $1.0 billion to $1.5 billion, inclusive of $441 million repurchased to date, and our double digit return on capital employed demonstrates the strength of our commitment to enhancing shareholder capital and corporate returns," said John Hart, Chief Financial Officer & Executive Vice President of Strategic Planning.

		Three Months Ended		Year Ended
4Q21 Financial Update		December 31, 2021		December 31, 2021
Cash and Cash Equivalents				$20.9 million
Total Debt				$6.83 billion
Net Debt (non-GAAP)(1)				$6.81 billion
Average Net Sales Price (non-GAAP)(1)
Per Barrel of Oil		$73.19		$64.06
Per Mcf of Gas		$6.31		$4.88
Per Boe		$55.27		$46.24
Production Expense per Boe		$3.63		$3.38
Total G&A Expenses per Boe		$2.12		$1.94
Crude Oil Net Sales Price Discount to NYMEX ($/Bbl)		($3.61)		($4.00)
Natural Gas Net Sales Price Premium to NYMEX ($/Mcf)		$0.49		$1.00
Non-Acquisition Capital Expenditures attributable to CLR		$574.2 million		$1,540.8 million
Exploration & Development Drilling & Completion		$382.6 million		$1,166.7 million
Leasehold and minerals		$114.0 million		$157.5 million
Workovers, Recompletions and Other		$77.6 million		$216.6 million
Minerals attributable to FNV		$11.6 million		$21.3 million

(1) Net debt and net sales prices represent non-GAAP financial measures. Further information about these non-GAAP financial measures as well as reconciliations to the most directly comparable U.S. GAAP financial measures are provided subsequently under the header Non-GAAP Financial Measures.

Significant Increase in Return of Capital to Shareholders

The Company's Board of Directors recently approved increasing the Company's quarterly dividend to $0.23 per share, payable on March 4, 2022 to stockholders of record on February 22, 2022. This dividend represents a $0.03, or 15%, increase to the Company's $0.20 per share quarterly dividend paid in fourth quarter 2021 and equates to an approximately 1.7% annualized dividend yield, as of February 8, 2022. The Company is targeting a 2% or greater annualized dividend yield long term. The Company is also increasing its existing share repurchase program from $1.0 billion to $1.5 billion, which is inclusive of $441 million repurchased to date. The Company has repurchased 17 million shares to date at an average price of $26.00, which includes 3.2 million shares repurchased in 2021 at an average price of $38.74.

2022: Increasing Cash Flow & Corporate Returns

The Company is projecting a $2.3 billion capital expenditures budget, excluding Franco Nevada's share of mineral costs. The Company is allocating approximately $1.8 billion to D&C activities and an additional $500 million is being allocated to non-D&C capital, planned to be primarily for leasehold, mineral acquisitions, workovers and facilities. The capital expenditures budget includes a 15% increase to legacy spending in the Bakken and Anadarko Basins combined with an approximately $500 million increase attributed to the Company's recently acquired positions in the Permian and Powder River basins.

The 2022 capital expenditures budget is projected to generate approximately $5.2 billion of cash flow from operations and $2.9 billion of free cash flow (non-GAAP) for full-year 2022 at $80 per barrel WTI and $3.50 per Mcf Henry Hub. The Company is projecting approximately 15% free cash flow yield (non-GAAP). The Company is projecting an approximately $30 WTI free cash flow breakeven price. A $5 increase per barrel WTI is estimated to increase annual cash flow by approximately $300 million.

The Company is projecting approximately 21% return on capital employed for 2022.

The Company is targeting less than 1.0x net debt (non-GAAP) to EBITDAX (non-GAAP) by year-end 2022 or earlier.

Annual crude oil production is projected to range between 195 to 205 MBopd. Annual natural gas production is projected to range between 1,040 to 1,140 MMcfpd. At year-end 2022, the Company projects a working backlog of approximately 175 gross operated wells in progress in various stages of completion.

The Company's full 2022 guidance, capital expenditures budget and operating details can be found at the conclusion of this press release.

2022-2025 Projection: Enhancing Shareholder Value Through Expanding Corporate Returns

From 2022 to 2025, the Company is projected to deliver at least $20.7 billion of cumulative cash flow from operations and $11.6 billion of cumulative free cash flow (non-GAAP), based upon a flat year-over-year Capex, relative to 2022, delivering a low single digit production compound annual growth rate at $80 WTI & $3.50 HH. The production profile under this scenario is approximately 55% oil, increasing throughout the multiyear projection. This level of free cash flow represents over 55% of the Company's current market capitalization.

Given the significant level of free cash flow generation over the multi-year period, the Company is projected to achieve its targets of less than 1.0x net debt (non-GAAP) to EBITDAX (non-GAAP), a competitive 2.0% dividend yield and the $1.5 billion share repurchase program, inclusive of $441 million repurchased to date, with approximately $6.6 billion of free cash flow (non-GAAP) remaining at $80 WTI. Additionally, the Company is projecting a 22% average return on capital employed over this time period.

The following table provides the Company's production results, per-unit operating costs, results of operations and certain non-GAAP financial measures for the periods presented. Average net sales prices exclude any effect of derivative transactions. Per-unit expenses have been calculated using sales volumes.

	Three months ended December 31,				Year ended December 31,
	2021		2020		2021		2020
Average daily production:
Crude oil (Bbl per day)	166,694		176,639		160,647		160,505
Natural gas (Mcf per day)	1,040,842		976,011		1,014,000		837,509
Crude oil equivalents (Boe per day)	340,168		339,307		329,647		300,090
Average net sales prices (non-GAAP), excluding effect from derivatives: (1)
Crude oil ($/Bbl)	$ 73.19		$ 37.34		$ 64.06		$ 34.71
Natural gas ($/Mcf)	$ 6.31		$ 1.81		$ 4.88		$ 1.04
Crude oil equivalents ($/Boe)	$ 55.27		$ 24.63		$ 46.24		$ 21.47
Production expenses ($/Boe)	$ 3.63		$ 2.80		$ 3.38		$ 3.27
Production taxes (% of net crude oil and gas sales)	7.1%		7.8%		7.3%		8.2%
DD&A ($/Boe)	$ 14.34		$ 19.01		$ 15.76		$ 17.12
Total general and administrative expenses ($/Boe) (2)	$ 2.12		$ 2.14		$ 1.94		$ 1.79
Net income (loss) attributable to Continental Resources (in thousands)	$ 742,673		$ (92,497)		$ 1,660,968		$ (596,869)
Diluted net income (loss) per share attributable to Continental Resources	$ 2.04		$ (0.26)		$ 4.56		$ (1.65)
Adjusted net income (loss) (non-GAAP) (in thousands) (1)	$ 651,048		$ (81,896)		$ 1,699,941		$ (424,035)
Adjusted diluted net income (loss) per share (non-GAAP) (1)	$ 1.79		$ (0.23)		$ 4.66		$ (1.17)
Net cash provided by operating activities (in thousands)	$ 1,245,198		$ 487,537		$ 3,973,851		$ 1,422,304
EBITDAX (non-GAAP) (in thousands) (1)	$ 1,388,016		$ 571,952		$ 4,462,884		$ 1,675,523

(1) Net sales prices, adjusted net income (loss), adjusted diluted net income (loss) per share, and EBITDAX represent non-GAAP financial measures. Further information about these non-GAAP financial measures as well as reconciliations to the most directly comparable U.S. GAAP financial measures are provided subsequently under the header Non-GAAP Financial Measures.

(2) Total general and administrative expense is comprised of cash general and administrative expense and non-cash equity compensation expense. Cash general and administrative expense per Boe was $1.54, $1.61, $1.42, and $1.20 for 4Q 2021, 4Q 2020, YTD 2021, and YTD 2020, respectively. Non-cash equity compensation expense per Boe was $0.58, $0.53, $0.52, and $0.59 for 4Q 2021, 4Q 2020, YTD 2021, and YTD 2020, respectively.

Fourth Quarter Earnings Conference Call

The Company plans to host a conference call to discuss fourth quarter 2021 results on Tuesday, February 15, 2022 at 12:00 p.m. ET (11:00 a.m. CT). Those wishing to listen to the conference call may do so via the Company's website at www.CLR.com or by phone:

Time and date: 12:00 p.m. ET, Tuesday, February 15, 2022
Dial-in: 1-888-317-6003
Intl. dial-in: 1-412-317-6061
Conference ID: 7211512

A replay of the call will be available for 14 days on the Company's website or by dialing:

Replay number: 1-877-344-7529
Intl. replay: 1-412-317-0088
Conference ID: 4916837

The Company plans to publish a fourth quarter 2021 summary presentation to its website at www.CLR.com prior to the start of its conference call on Tuesday, February 15, 2022.

About Continental Resources

Continental Resources (NYSE: CLR) is a top 10 independent oil producer in the U.S. and a leader in America's energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation's premier oil field, the Bakken play of North Dakota and Montana. The Company is also the largest producer in the Anadarko Basin of Oklahoma and has newly acquired positions in the Powder River Basin of Wyoming and Permian Basin of Texas. With a focus on the exploration and production of oil, Continental has unlocked the technology and resources vital to American energy independence and our nation's leadership in the new world oil market. In 2022, the Company will celebrate 55 years of operations. For more information, please visit www.CLR.com.

Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements included in this press release other than statements of historical fact, including, but not limited to, forecasts or expectations regarding the Company's business and statements or information concerning the Company's future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, rates of return, budgets, costs, business strategy, objectives, and cash flows are forward-looking statements. When used in this press release, the words "could," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget," "target," "plan," "continue," "potential," "guidance," "strategy," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

Forward-looking statements are based on the Company's current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes these assumptions and expectations are reasonable, they are inherently subject to numerous business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. No assurance can be given that such expectations will be correct or achieved or that the assumptions are accurate. The risks and uncertainties include, but are not limited to, commodity price volatility; the geographic concentration of our operations; financial market and economic volatility; the effects of any national or international health crisis; the inability to access needed capital; the risks and potential liabilities inherent in crude oil and natural gas drilling and production and the availability of insurance to cover any losses resulting therefrom; difficulties in estimating proved reserves and other reserves-based measures; declines in the values of our crude oil and natural gas properties resulting in impairment charges; our ability to replace proved reserves and sustain production; our ability to pay future dividends or complete share repurchases; the availability or cost of equipment and oilfield services; leasehold terms expiring on undeveloped acreage before production can be established; our ability to project future production, achieve targeted results in drilling and well operations and predict the amount and timing of development expenditures; the availability and cost of transportation, processing and refining facilities; legislative and regulatory changes adversely affecting our industry and our business, including initiatives related to hydraulic fracturing and greenhouse gas emissions; increased market and industry competition, including from alternative fuels and other energy sources; and the other risks described under Part I, Item 1A. Risk Factors and elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and once filed, the Company's Annual Report on Form 10-K for the year ended December 31, 2021, registration statements and other reports filed from time to time with the SEC, and other announcements the Company makes from time to time.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, the Company's actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as otherwise required by applicable law, the Company undertakes no obligation to publicly correct or update any forward-looking statement whether as a result of new information, future events or circumstances after the date of this report, or otherwise.

Readers are cautioned that initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels. In particular, production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates.

We use the term "EUR" or "estimated ultimate recovery" to describe our best estimate of recoverable oil and natural gas hydrocarbon quantities. Actual reserves recovered may differ from estimated quantities. EUR data included herein, if any, remain subject to change as more well data is analyzed.

Investor Contact:	Media Contact:
Rory Sabino	Kristin Thomas
Vice President, Investor Relations	Senior Vice President, Public Relations
405-234-9620	405-234-9480
Rory.Sabino@CLR.com	Kristin.Thomas@CLR.com
Lucy Spaay
Investor Relations Analyst
405-774-5878
Lucy.Spaay@CLR.com

Continental Resources, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (Loss)
	Three months ended December 31,				Year ended December 31,
	2021		2020		2021		2020
Revenues:	In thousands, except per share data
Crude oil and natural gas sales	$ 1,807,113		$ 816,571		$ 5,793,741		$ 2,555,434
Gain (loss) on derivative insturments, net	103,931		10,977		(128,864)		(14,658)
Crude oil and natural gas service operations	15,922		10,092		54,441		45,694
Total revenues	1,926,966		837,640		5,719,318		2,586,470
Operating costs and expenses:
Production expenses	114,115		87,415		406,906		359,267
Production taxes	123,695		60,274		404,362		192,718
Transportation expenses	68,319		48,613		224,989		196,692
Exploration expenses	11,577		3,094		21,047		17,732
Crude oil and natural gas service operations	6,443		3,006		21,480		18,294
Depreciation, depletion, amortization and accretion	451,259		592,774		1,898,082		1,880,959
Property impairments	7,379		12,965		38,370		277,941
Acquisition costs	13,920		-		13,920		-
General and administrative expenses	66,806		66,859		233,628		196,572
Net (gain) loss on sale of assets and other	(1,650)		(5,727)		(5,146)		187
Total operating costs and expenses	861,863		869,273		3,257,638		3,140,362
Income (loss) from operations	1,065,103		(31,633)		2,461,680		(553,892)
Other income (expense):
Interest expense	(65,802)		(65,693)		(251,598)		(258,240)
Gain (loss) on extinguishment of debt	-		(28,854)		(290)		35,719
Other	(24,549)		277		(23,654)		1,662
	(90,351)		(94,270)		(275,542)		(220,859)
Income (loss) before income taxes	974,752		(125,903)		2,186,138		(774,751)
(Provision) benefit for income taxes	(228,614)		30,840		(519,730)		169,190
Net income (loss)	746,138		(95,063)		1,666,408		(605,561)
Net income (loss) attributable to noncontrolling interests	3,465		(2,566)		5,440		(8,692)
Net income (loss) attributable to Continental Resources	$ 742,673		$ (92,497)		$ 1,660,968		$ (596,869)
Net income (loss) per share attributable to Continental Resources:
Basic	$ 2.07		$ (0.26)		$ 4.61		$ (1.65)
Diluted	$ 2.04		$ (0.26)		$ 4.56		$ (1.65)

Continental Resources, Inc. and Subsidiaries Consolidated Balance Sheets
In thousands		December 31, 2021		December 31, 2020
Assets
Cash and cash equivalents		$ 20,868		$ 47,470
Other current assets		1,543,522		805,075
Net property and equipment (1)		16,975,465		13,737,292
Other noncurrent assets		51,256		43,261
Total assets		$ 18,591,111		$ 14,633,098
Liabilities and equity
Current liabilities		$ 1,500,127		$ 860,806
Long-term debt, net of current portion		6,826,566		5,530,173
Other noncurrent liabilities		2,408,093		1,819,394
Equity attributable to Continental Resources		7,475,456		6,056,446
Equity attributable to noncontrolling interests		380,869		366,279
Total liabilities and equity		$ 18,591,111		$ 14,633,098

(1) Balance is net of accumulated depreciation, depletion and amortization of $16.48 billion and $14.77 billion as of December 31, 2021 and December 31, 2020, respectively.

Continental Resources, Inc. and Subsidiaries Consolidated Statements of Cash Flows
		Three months ended December 31,				Year ended December 31,
In thousands		2021		2020		2021		2020
Net income (loss)		$ 746,138		$ (95,063)		$ 1,666,408		$ (605,561)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Non-cash expenses		562,716		597,995		2,524,323		2,025,987
Changes in assets and liabilities		(63,656)		(15,395)		(216,880)		1,878
Net cash provided by operating activities		1,245,198		487,537		3,973,851		1,422,304
Net cash used in investing activities		(3,865,744)		(329,492)		(4,989,545)		(1,511,358)
Net cash provided by (used in) financing activities		1,947,765		(131,812)		989,092		97,124
Net change in cash and cash equivalents		(672,781)		26,233		(26,602)		8,070
Cash and cash equivalents at beginning of period		693,649		21,237		47,470		39,400
Cash and cash equivalents at end of period		$ 20,868		$ 47,470		$ 20,868		$ 47,470

Non-GAAP Financial Measures

Non-GAAP adjusted net income (loss) and adjusted net income (loss) per share attributable to Continental

Our presentation of adjusted net income (loss) and adjusted net income (loss) per share that exclude the effect of certain items are non-GAAP financial measures. Adjusted net income (loss) and adjusted net income (loss) per share represent net income (loss) and diluted net income (loss) per share determined under U.S. GAAP without regard to non-cash gains and losses on derivative instruments, property impairments, gains and losses on asset sales, gains and losses on extinguishment of debt, acquisition costs, and charitable donations as applicable. Management believes these measures provide useful information to analysts and investors for analysis of our operating results. In addition, management believes these measures are used by analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas industry to allow for analysis without regard to an entity's specific derivative portfolio, impairment methodologies, and property acquisitions and dispositions. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as an alternative to, or more meaningful than, net income (loss) or diluted net income (loss) per share as determined in accordance with U.S. GAAP and may not be comparable to other similarly titled measures of other companies. The following tables reconcile net income (loss) and diluted net income (loss) per share as determined under U.S. GAAP to adjusted net income (loss) and adjusted diluted net income (loss) per share for the periods presented.

								Three months ended December 31,
								2021				2020
In thousands, except per share data								$		Diluted EPS		$		Diluted EPS
Net income (loss) attributable to Continental Resources (GAAP)								$ 742,673		$ 2.04		$ (92,497)		$ (0.26)
Adjustments:
Non-cash gain on derivatives								(166,007)				(22,052)
Property impairments								7,379				12,965
Net gain on sale of assets and other								(1,650)				(5,727)
Loss on extinguishment of debt								-				28,854
Acquisition costs								13,920				-
Other (OSU charitable donation)								25,000				-
Total tax effect of adjustments (1)								29,733				(3,439)
Total adjustments, net of tax								(91,625)		(0.25)		10,601		0.03
Adjusted net income (loss) (non-GAAP)								$ 651,048		$1.79		$ (81,896)

($0.23)

Weighted average diluted shares outstanding

363,391

360,316

Adjusted diluted net income (loss) per share (non-GAAP)

$ 1.79

$ (0.23)

Year ended December 31,

2021

2020

In thousands, except per share data

$

Diluted EPS

$

Diluted EPS

Net income (loss) attributable to Continental Resources (GAAP)

$ 1,660,968

$ 4.56

$ (596,869)

$ (1.65)

Adjustments:

Non-cash gain on derivatives

(20,814)

(13,492)

Property impairments

38,370

277,941

Net (gain) loss on sale of assets and other

(5,146)

187

(Gain) loss on extinguishment of debt

290

(35,719)

Acquisition costs

13,920

-

Other (OSU charitable donation)

25,000

-

Total tax effect of adjustments ⁽¹⁾

(12,647)

(56,083)

Total adjustments, net of tax

38,973

0.10

172,834

0.48

Adjusted net income (loss) (non-GAAP)

$ 1,699,941

$4.66

...