Continental Resources profit beats as higher production offsets weaker prices [Reuters]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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Source: Reuters
Continental Resources profit beats as higher production offsets weaker prices - Reuters 2 Min Read (Reuters) - Top Bakken producer Continental Resources Inc beat Wall Street estimates for quarterly profit on Monday, fueled by higher production at its oil-rich North Dakota shale field that helped more than make up for weaker crude and gas prices. The company’s shares rose 3 percent to $49.50 after hours. Continental, among the top 10 independent oil producers in the United States, has focused on its shale assets in the oil-rich Bakken field of North Dakota and Montana, as well as the SCOOP and STACK plays in southern Oklahoma. In North Dakota’s Bakken region, shale production hit a record 1.41 million barrels per day hit in January. Oklahoma City-based Continental said average production rose 15.6 percent to 332,236 barrels of oil equivalent per day in the first quarter. The company’s average net sales prices, excluding hedging, fell to $35.56 per barrel of oil equivalent (boe), from $
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