Continental Resources reports Q1 loss amid dull oil market

2016-05-05 14:17

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U.S. energy firm Continental Resources reported Wednesday a net loss of 198.3 million U.S. dollars in the first quarter of this year as the energy market is still embracing low oil prices and oil glut.

The Oklahoma-based company said in a report that its adjusted net loss for the first quarter of this year was 150.5 million U.S. dollars, while its revenues stood at 453 million dollars, down from 626 million dollars a year ago.

Harold Hamm, Continental's chairman and CEO, said they started 2016 with record quarterly production and lower operating costs.

"The resilience of our production has allowed us to increase our production guidance for 2016 without increasing capex (capital expenditures)," he said, adding that "this reflects the quality of our assets and the success of our enhanced completion technology."

He said that they are managing production volumes for higher oil and natural gas prices that "we expect in second half 2016."

The company produced 230,800 barrels of oil equivalent (Boe) a day in the first quarter, 12 percent higher than the first quarter last year.

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