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Continental Resources Beats 4Q Profit Forecasts

Continental Resources Inc. (CLR) on Wednesday reported fourth-quarter net income of $27.7 million, after reporting a loss in the same period a year earlier.

OKLAHOMA CITY (AP) _ Continental Resources Inc. (CLR) on Wednesday reported fourth-quarter net income of $27.7 million, after reporting a loss in the same period a year earlier.

The Oklahoma City-based company said it had net income of 7 cents per share. Losses, adjusted for non-recurring gains, were 7 cents per share.

The results topped Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for a loss of 12 cents per share.

The independent oil and gas company posted revenue of $549.7 million in the period, which missed Street forecasts. Ten analysts surveyed by Zacks expected $575.2 million.

For the year, the company reported that its loss widened to $399.7 million, or $1.08 per share. Revenue was reported as $1.98 billion.

Continental Resources shares have dropped 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $45.54, more than doubling in the last 12 months.

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