Continental Resources, Inc. CLR has announced the sale of second international consignment of Bakken crude oil.
The exploration and production company proposes to sell 430,000 barrels of oil for January delivery to international markets. The transaction is expected to take place in Cushing, OK.
This news closely follows the company’s announcement for the sale of 1,005,000 barrels of Bakken crude oil to Atlantic Trading and Marketing, in October. This oil was planned for export to China.
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 higher export will drive inventories. The company believes that this will correct the disparity between Brent and WTI prices. Contemporary improved transportation mode for crude will also help to open 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.
The company’s shares have returned 8.9% as against the industry’s decline of 5% in the past six months.
Zacks Rank & Key Picks
Continental Resources currently carries a Zacks Rank #3 (Hold). A few better-ranked players in the energy sector include Braskem SA BAK, ConocoPhillips COP and Northern Oil and Gas Inc NOG. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The largest petrochemical operator in Latin America, Braskem, delivered a positive earnings surprise of 25.49% in the preceding quarter.
ConocoPhillips, based in Houston, TX, is a major global exploration and production (E&P) company. It delivered an average positive earnings surprise of 152.34% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average earnings surprise of 175.00% in the last four quarters.
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