Lydia Gilbertson | Shale Plays Media Google+
Reuters reported Tuesday that Bakken giant Continental Resources’ quarterly profit has fallen 68 percent. Continental Resources is the second largest oil producer in the Bakken shale, just behind Whiting Petroleum. Its second-quarter adjusted profit rose 13 percent, largely due to its’ 24 percent increase in production. Continental Resources now produces 167,953 more barrels per day.
“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.”