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U.S. oil producer Continental Resources' profit falls 68 pct
August 6, 2014 / 1:20 AM / 3 years ago

U.S. oil producer Continental Resources' profit falls 68 pct

Aug 5 (Reuters) - Continental Resources Inc, one of the largest oil producers in North Dakota’s Bakken shale formation, said on Tuesday its quarterly profit fell 68 percent.

The company posted net income of $103.5 million, or 56 cents per share, for the quarter ended June 30 from $323.3 million, or $1.75 per share.

Revenue fell 19 percent to $886.1 million after the company recorded a loss on derivative instruments.

Net production in the quarter rose 24 percent to 15.3 million barrels of oil equivalent. (Reporting by Ernest Scheyder from New York and Kanika Sikka in Bangalore; Editing by Lisa Shumaker)

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