Continental Resources Profit Rises, Yet Misses Estimate

(RTTNews) - Oil and gas company Continental Resources Inc (CLR) Wednesday reported first-quarter net earnings of $226 million or $1.22 per share compared with $140 million or $0.76 per share last year.

Excluding items, adjusted earnings for the quarter were $272 million or $1.47 per share.

Revenues for the quarter were $972.5 million compared with $702.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.54 per share on revenues of $1.01 billion for the quarter. Analysts' estimates typically exclude special items.

The company said that during the quarter it battled challenging weather, and several pad locations experienced delays getting connected.

Net production for the quarter totaled 13.7 million barrels of oil equivalent (boe), or 152,500 boe per day, up 25% from last year.

Looking ahead to fiscal year 2014,the company continues to expect production growth of 26% to 32% and capital expenditures of $4.05 billion.