Continental Resources profit drops 40 pct

Wed Feb 26, 2014 7:04pm EST

Feb 26 (Reuters) - Continental Resources Inc, which drills for oil in North Dakota, Oklahoma and Colorado, said on Wednesday its quarterly profit fell 40 percent as costs rose.

For the fourth quarter, the company posted net income of $132.8 million, or 72 cents per share, compared with $220.5 million, or $1.19 per share, a year earlier.

Revenue rose 19 percent to $820.3 million, helped by higher output.

Fourth-quarter production rose 35 percent to 144,254 barrels of oil equivalent per day.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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