Continental cashing in on oil focus

Continental Resources' focus on oil production helped boost the Enid company's revenue and earnings.

BY JAY F. MARKS | Modified: November 14, 2010 at 6:55 am | Published: November 14, 2010 Comment on this article

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Hamm credited Continental's employees with much of the company's success because teams in Continental's different operations areas have developed "amazing” synergy.

"Teamwork is certainly one of those things that sets us apart,” he said.

Continental's revenues rose a state-best 33.7 percent for the year, while its 178.2 percent rise in earnings per share was third best.

President Jeff Hume said the company has been blessed with Hamm's vision to hunt for oil, combining his expertise with a solid asset base.

"I think that's one of the reasons we're doing well financially,” he said.

Hamm said Continental has an inventory of quality assets in place, making it possible for officials to plan to triple the size of the company over the next five years. Continental historically has doubled on that time schedule.

He said most of Continental's $1.359 billion budget will be dedicated to developing those assets.

"We put most of that back in the ground,” Hamm said.

He said there are not many U.S. oil and natural gas companies whose crude oil production exceeds more than half of its total production.

"You really run out before you can count that many. Very few,” he said. "A lot of people lost the will to look for crude oil as the industry was flooded with cheap foreign oil for the past 40 to 50 years.

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