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UPDATE 1-Oil producer Continental Resources' adj profit rises
August 6, 2014 / 3:00 AM / 3 years ago

UPDATE 1-Oil producer Continental Resources' adj profit rises

* Q2 adj. profit $1.50 per share vs $1.33 yr earlier

* Avg daily production rises 24 pct

* Revenue falls 19 pct to $886.1 mln (Adds details from statement)

Aug 5 (Reuters) - Continental Resources Inc, one of the largest oil producers in North Dakota’s Bakken shale formation, said its second-quarter adjusted profit rose 13 percent, helped by a surge in output.

Average daily production in the quarter rose 24 percent to 167,953 barrels of oil equivalent per day.

Adjusted net income rose to $277 million, or $1.50 per share, for the quarter ended June 30 from $246 million, or $1.33 per share, a year earlier.

Second-quarter revenue, however, fell 19 percent to $886.1 million after the company recorded a loss on derivative instruments.

Net income fell to 56 cents per share from $1.75 per share last year.

Rival EOG Resources Inc reported earlier on Tuesday a better-than-expected quarterly profit as oil production jumped at its shale holdings across Texas and North Dakota.

Continental Resources’ shares closed at $145.74 on Tuesday on the New York Stock Exchange. (Reporting by Ernest Scheyder in New York and Kanika Sikka in Bangalore; Editing by Lisa Shumaker and Gopakumar Warrier)

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