UPDATE 2-Continental Resources posts loss, sees higher output

* Q4 loss on derivatives, sees 2012 output up 37 pct-40 pct

* Shrs have doubled since Oct; end regular trade at record high

Feb 22 (Reuters) - Continental Resources Inc, a leading U.S. producer of North Dakota oil, reported a quarterly loss after marking down the value of derivatives by $399 million, but raised its forecast for production growth in the year ahead.

Chief Executive Harold Hamm said the company now sees production rising 37 percent to 40 percent in 2012, compared with past guidance of 26 percent to 28 percent. Capital expenditures for 2012 will be $1.75 billion, Continental said, down from $2.2 billion last year.

"Since we set our 2012 budget in early November, cash flow has benefited from strong oil prices and generally moderate transportation costs," Hamm said in a statement. "We are also experiencing operating efficiency and productivity gains."

Surging oil prices have been a boon for Continental, since crude made up 73 percent of its 2011 output. It now ranks among the top 10 U.S. exploration and production companies by value, just ahead of Oklahoma City cross-town rival Chesapeake Energy Corp.

Shares of Continental, which have doubled in value since early October, ended regular trading at a record high of $92.57 on Wednesday, prior to the release of its results. In post-market trade, the shares rose about 0.5 percent to $93.

The company on Wednesday posted a fourth-quarter loss of $112 million, or 62 cents per share, compared with a net loss of $45 million, or 27 cents per share, a year earlier. On top of the mark-to-market derivatives loss, Continental took a $42 million property impairment charge.

Continental also announced on Wednesday a $276 million purchase of acreage in North Dakota to add to its position in the Bakken basin, which makes up more than half its production.