(MENAFN Editorial) OKLAHOMA CITY, Feb. 21, 2018 /PRNewswire/ -- Continental Resources, Inc. (NYSE: ) (the Company) today announced fourth quarter and full-year 2017 operating and financial results. Continental reported net income of $841.9 million, or $2.25 per diluted share, for the quarter ended December 31, 2017. Of total net income, $128.2 million was from operations and $713.7 million was from federal tax reform. The Company reported full-year net income of $789.4 million, or $2.11 per diluted share, with $75.7 million from operations and $713.7 million from federal tax reform.
The Company's net income includes certain items typically excluded by the investment community in published estimates, the result of which is referred to as "adjusted net income." In fourth quarter 2017, these typically excluded items in aggregate represented $688.2 million, or $1.84 per diluted share, of Continental's reported net income. Adjusted net income for the fourth quarter was $153.7 million, or $0.41 per diluted share. For full-year 2017, these typically excluded items in aggregate represented $598.6 million, or $1.60 per diluted share. Adjusted net income for full-year 2017 was $190.8 million, or $0.51 per diluted share.
Net cash provided by operating activities for fourth quarter 2017 was $731.1 million, and for full-year 2017 it was $2.1 billion. EBITDAX for fourth quarter 2017 was $837.9 million, contributing to full-year 2017 EBITDAX of $2.4 billion. Definitions and reconciliations of adjusted net income (loss), adjusted net income (loss) per share and EBITDAX to the most directly comparable U.S. generally accepted accounting principles (GAAP) financial measures can be found in the supporting tables at the conclusion of this press release.
"Continental's fourth quarter performance was a fitting completion to a standout year," said Harold Hamm, Chairman and Chief Executive Officer. "As we made clear in our 2018 guidance announcement, we expect even stronger performance in 2018 with both significant production growth and robust free cash flow."
Full-Year 2017 Production Increases 12% Over 2016
Fourth quarter 2017 net production totaled 26.4 million Boe, or 286,985 Boe per day, up 18% from third quarter 2017, with oil production up 20% to 168,066 barrels of oil (Bo) per day. Compared to fourth quarter 2016, Continental increased production 37%, with oil production up 44%.
Total net production for fourth quarter 2017 included 168,066 Bo per day (59% of production) and 713.5 million cubic feet (MMcf) of natural gas per day (41% of production). Full-year 2017 production averaged 242,637 Boe per day.
First quarter 2018 production is estimated to be between 285,000 and 290,000 Boe per day.
The following table provides the Company's average daily production by region for the periods presented.