WASHINGTON (dpa-AFX) - Oil and natural gas company Continental Resources Inc (CLR) on Tuesday reported fourth-quarter net earnings of $114 million or $0.31 per share compared with $132.8 million or $0.36 per share last year.
Results for the latest quarter included property impairments of about $394 million primarily resulting from lower crude oil prices and changes in drilling plans.
Excluding one-time items, adjusted earnings for the quarter were $1.14 per share compared with $0.62 per share a year ago.
Revenues for the quarter were up at $1.3 billion compared with $811.2 million in the prior year.
Analysts polled by Thomson Reuters estimated earnings of $0.55 per share on revenues of $1.02 billion for the quarter. Analysts' estimates typically exclude special items.
Net production for the quarter was 17.8 million Boe, or 193,456 Boe per day, 34% higher than a year ago, the company said.
During the quarter, the company's average realized sales price excluding the effects of derivative positions was $61.53 per barrel of oil and $4.36 per thousand cubic feet of natural gas ('Mcf'), or $51.11 per Boe.
For the full year 2015, the company expects to grow production 16 percent to 20 percent, even as it is deferring completions in the Bakken to minimize the volumes in a low price environment.
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