Continental Resources Inc. continues to set quarterly production records, culminating net income of $226 million, or $1.22 a share, for the first quarter.
That is up from $133 million, or 72 cents a share, for the same period of last year, although Continental did fall short of analysts’ estimates with adjusted earnings of $272 million, or $1.47 a share, of the just-completed quarter.
CEO Harold Hamm said Wednesday that Continental is off to a solid start in 2014, despite some challenging weather.
There were delays in getting several pad locations connected to gathering systems, he said, but Continental still managed to increase its total production for the 16th straight quarter.
Continental produced 13.7 million barrels of oil equivalent, up 25 percent from the first quarter of 2013.
Hamm said Continental intends to increase its 2014 production by as much as 32 percent over last year.
North Dakota’s Bakken Shale continues to be leading source of Continental’s oil production, but the company’s SCOOP play in western Oklahoma is growing.
Continental’s production in the South Central Oklahoma Oil Province was up 106 percent over the first quarter of last year to an average of almost 30,000 barrels a day.
The company’s primary focus in the play is exploration and appraisal, although it is also drilling wells to hold its acreage.