Continental Resources 1Q profit doubles on production
BY DEBBIE CAI
OKLAHOMA -- Continental Resources 1Q profit doubled as they posted a record net production.
Continental has reported quarterly revenue gains for more than three years as new wells in North Dakota and Oklahoma have boosted its production. The company had benefited from higher prices for oil, which accounts for most of its output, though hedging impacts have frequently affected bottom line results.
In the latest quarter, average daily production rose 42% to a record of about 121.5 Mboe, 71% of which is crude oil, the company said.
In November, the company agreed to acquire certain producing and undeveloped properties in the Bakken Shale, an oilfield in North Dakota, for $650 million. Continental is currently the largest leaseholder in the Bakken.
The company has said it plans to triple its production and proven reserves by the end of 2017, as it focuses on its oil and NGL assets in the Bakken and Anadarko Woodford plays.
Overall, Continental reported a 4Q profit of $140.6 million up from $69.1 million a year earlier.
Dow Jones Newswires