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Continental Resources achieves record oil production

Continental Resources Inc. reported third-quarter earnings of $44.1 million, or 24 cents a share, amid record oil production.
BY JAY F. MARKS jmarks@opubco.com Published: November 8, 2012
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Buoyed by record oil production, Continental Resources Inc. on Wednesday reported third-quarter earnings of $44.1 million, or 24 cents a share.

That includes more than $115 million in unrealized adjustments for an unrealized loss on derivatives, property impairment charges and costs related to the company's move from Enid to Oklahoma City.

Continental's adjusted net income was 87 cents a share, which was in line with analysts' estimates.

Continental earned $439.1 million, or $2.44 a share, for the third quarter of 2011.

The company produced nearly 103,000 barrels of oil equivalent a day in the just-completed quarter, a record that was 55 percent higher than last year.

“We expect to achieve 2012 production growth guidance of 57 percent to 59 percent,” CEO Harold Hamm said. “Other positive trends we expect to continue are reduced drilling and completion cycle times, and low production costs.

“2013 is shaping up as another year of production growth with efficiency gains,” Hamm said. “We expect 30-to-35 percent production growth next year, the first year in our new five-year plan aimed at tripling production and proved reserves.”


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