Continental Resources, Inc. Earnings Cheat Sheet: Increased Profit

Continental Resources, Inc. (NYSE:CLR) reported results for the most recent quarter. Continental Resources, Inc. is an independent crude oil and natural gas exploration and production company with operations in the North, South and East regions of the United States.

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Continental Resources Earnings Cheat Sheet for the Second Quarter

Results: Net income for the oil and gas company rose to $239.2 million ($1.33 per share) vs. $101.7 million (60 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose more than twofold to $602.9 million from the year earlier quarter.

Actual vs. Wall St. Expectations: The mean estimate for CLR was 61 cents per share. It beat the average revenue estimate of $371.4 million.

Quoting Management: “We’ve regained our momentum, as evidenced by production of 61,000 Boepd in July,” said Harold Hamm, Chairman and Chief Executive Officer. “Our Bakken team and vendors did a tremendous job in May and June adapting to road closings and building gathering systems to ship oil and natural gas directly from completed well sites.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 68.7%, with the biggest boost coming in the most recent quarter when revenue rose more than twofold from the year earlier quarter.

CLR’s profit in the latest quarter follows losses in the previous two quarters. The company reported a net loss of $137.2 million in the first quarter and a loss of $45 million in the fourth quarter of the last fiscal year.

Competitors to Watch: GeoResources, Inc. (NASDAQ:GEOI), Atlas Energy, Inc. (NASDAQ:ATLS), CAMAC Energy Inc (AMEX:CAK), Linn Energy, LLC (NASDAQ:LINE), QEP Resources, Inc. (NYSE:QEP), Gastar Exploration Ltd. (AMEX:GST), Whiting Petroleum Corp. (NYSE:WLL), Marathon Oil Corporation (NYSE:MRO), Encore Energy Partners LP (NYSE:ENP), and Oasis Petroleum Inc. (NYSE:OAS).

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(Source: Xignite Financials)