Newspaper article THE JOURNAL RECORD

Continental Reports Adjusted Loss of $150.5M despite Rising Production

Newspaper article THE JOURNAL RECORD

Continental Reports Adjusted Loss of $150.5M despite Rising Production

Article excerpt

OKLAHOMA CITY (JR) - Continental Resources on Wednesday reported an adjusted net loss for the first quarter of 2016 of $150.5 million, compared to adjusted net losses of $33.8 million from the same quarter of 2015.

The company missed Wall Street's expectations for earnings per share by 4 cents, reporting adjusted net losses of 41 cents per share, compared to adjusted net losses of 9 cents per share in the first quarter of 2015.

The driller posted first-quarter revenue of $453.2 million, down nearly 28 percent compared to the first quarter of 2015, at $625.6 million.

Net loss for the first quarter totaled $198 million, or 54 cents per diluted share, compared to a net loss of $132 million, or 36 cents per diluted share, for the same quarter of 2015. …

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