Oklahoma's Continental Resources sets new goals for rest of year
Continental Resources posted record oil production in the second quarter of 2012.
Record oil production and provided reserves helped Oklahoma City-based Continental Resources Inc. post a profit of nearly $406 million in the second quarter, up almost 70 percent from $239 million in the year-ago quarter.
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The gain translates into net income of $2.25 per share, from $1.33 in the second quarter of 2011.
The company produced an average of nearly 95,000 barrels of oil equivalent per day in the quarter, up 76 percent from almost 54,000 barrels per day one year ago.
“Our operating results have been exceptionally strong,” CEO Harold Hamm said. “We are significantly ahead of plan to achieve our five-year goal of tripling production from 2009 to 2014. We have demonstrated increasing efficiencies by delivering higher production with fewer rigs, and we expect to hit our five-year target during the first half of 2013, which is 18 to 24 months earlier than our original plan.”
Continental said Thursday it will boost its 2012 capital expenditure budget to $3 billion — up from $2.3 billion — because of higher costs and increased drilling activity.
The company said it plans to drill 330 net wells in 2012, up from 249.
Also Thursday, Continental received a favorable ruling in U.S. District Court in Oklahoma City.
Judge Timothy DeGiusti denied an effort by a group of Continental shareholders to delay the vote scheduled for Friday on whether the company should buy Enid-based Wheatland Oil Co., which is owned by Continental executives Hamm and Jeff Hume, vice chairman of strategic growth initiatives.
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