Oklahoma City-based Continental Resources reports fourth-quarter profits

Continental Resources on Wednesday reported net income of $220 million in the fourth quarter as oil production jumped 42 percent.
by Adam Wilmoth Published: February 28, 2013
Advertisement
;

Continental Resources Inc. on Wednesday reported fourth-quarter profits of more than $220 million, or $1.19 per share, reversing a loss of $112 million, or 62 cents a share, in the fourth quarter of 2011.

Accounting for one-time expenses, Continental recorded an adjusted net income of $1.04 a share in the fourth quarter, up from 88 cents in the year-ago period.

For the full year, the Oklahoma City oil company posted net income of $739 million, or $4.07 a share, up from $429 million, or $2.41 a share, in the previous year.

Full year adjusted earnings were $3.36 per share, up from $2.71 one year ago.

“We completed 2012 with an excellent fourth quarter, and growth momentum continues in 2013,” Harold Hamm, Continental's chairman and CEO, said in a statement. “Production has increased, and realized oil prices have been strong as we market an increased share of our Bakken production to U.S. coastal markets.”

Average daily crude oil production surged 42 percent to more than 76,000 barrels per day in the fourth quarter, up from almost 54,000 barrels per day in the year-ago quarter.

Natural gas production increased to 182 million cubic feet per day, up 43 percent from almost 128 million in the fourth quarter of 2011.

In the Bakken play in North Dakota and Montana, Continental drilled 259 gross wells with an average of 21 rigs in 2012, averaging 12 wells per rig for the year. The production was up from an average of seven wells per rig in 2011.


by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
+ show more


Trending Now


AROUND THE WEB

  1. 1
    Dead body falls out of coroner's van along busy road
  2. 2
    Tracy Morgan: Recovering in style -- first pic since NJ turnpike crash
  3. 3
    Ex-captive Sgt. Bowe Bergdahl could return to active duty Monday
  4. 4
    Report: Caron Butler close to two-year deal with Detroit Pistons
  5. 5
    It’s harder to be a poor student in the U.S. than in Russia
+ show more