Continental Resources Inc. rode record oil production to first-quarter earnings of $141 million, or 76 cents a share, the company reported Wednesday.
Excluding items that are not typically part of analysts' estimates, Continental's net income rose to $215 million, or $1.17 a share. The company's adjusted net income was $137.9 million, or 76 cents a share, in the same period of last year.
The Oklahoma City-based oil company said it produced about 121,500 barrels of oil equivalent a day in the quarter that ended March 31. That is a 14 percent increase over the previous quarter.
Continental also doubled production to about 14,200 barrels a day in its newest oil play, the South Central Oklahoma Oil Province (SCOOP).
“We are off to an excellent start in 2013 in executing our strategy of profitably growing our world-class position in the Bakken, testing the lower benches and downspacing capability, and also delineating our exciting new play, SCOOP,” CEO Harold G. Hamm said. “Our focus on driving well costs lower has been successful due to enhanced utilization of pad drilling, improved cycle times and supply chain efforts.
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