Boston, MA 05/09/2014 (wallstreetpr) – Continental Resources, Inc. (NYSE:CLR) reported its first quarter result on May 7, 2014. The company holds a distinct position among the top ten petroleum liquid manufacturer in the U.S. The financial report released by the company till March 31, 2014 brought excitement in the business environment.
1Q2014 report
According to the announced result of the financial statistics, the company maintained a huge margin of net income compared to the last quarter of 2013. The company, which declared a net income of $133 million or $0.72 per diluted share in 4Q2013, managed to generate net income of $226 million or $1.22 per diluted share this year. Continental filed an adjusted net income of $272 million or $1.47 per diluted share in the first quarter of 2014. In short, the adjusted net income is 19% more than that of 2013’s last quarter in which the company registered adjusted net income of $228 million or $1.23 per diluted share.
EBITDAX level
The EBITDAX increased 9% from the last quarter and 25% from the first quarter of 2013. In the last session of 2013, Continental Resources, Inc. (NYSE:CLR) registered EBITDAX of $712 million, which increased to $775 million this year. Harold G Hamm, the Chief Executive Officer and Chairman of Continental stated that the company has started the year with a bang, despite several unfavourable circumstances, like weather and unproductive locations. He added that the challenging attitude inside the industry can bring a positive response in the ongoing year where the company aims to touch the target of 26% to 32% of organic production.
Production and sales
The net production in the 1Q2014 is quite impressive. The company has produced 13.7 million barrels of oil or 152,500 Boe per day. The volume is 6% and 25% more compared to 4Q2013 and 1Q2013. Besides, Continental Resources, Inc. (NYSE:CLR) produced an average of 276 million cubic feet of natural gas, which again is significantly more this time.
