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 Published: November 8, 2012
Advertisement
;

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.”


by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Former Dallas Cowboys running back Robert Newhouse dead at 64
  2. 2
    Oklahoma man gets consecutive 20-year terms for rapes of intellectually challenged classmates
  3. 3
    Angels won't cap former OU pitcher Garrett Richards' innings
  4. 4
    McDonald's Allegedly Fires Mom Whose Daughter Played Outside While She Worked
  5. 5
    Verizon: We track you, you get free stuff
+ show more