Continental Resources sees four-fold surge in quarterly profit

(Reuters) -U.S. shale producer Continental Resources Inc reported an over four-fold rise in second-quarter profit on Thursday, on the back of higher oil prices.

Continental also said it was still evaluating a take-private offer in June from billionaire-founder Harold Hamm’s family trust, which valued the company at over $25 billion.

The proposal and the quarterly profit jump both come at a time of soaring energy prices on tight supply as demand rose to pre-pandemic levels and as Western countries imposed sanctions on Russia following its invasion of Ukraine.

U.S. crude has gained 40.6% since the start of 2022 and 5.5% through the June quarter.

Continental said its average adjusted sales price nearly doubled to $76.02 per barrel of oil equivalent (boe) from $39.99 boe a year earlier.

The Oklahoma City-based firm said its total average production in the reported quarter was 400,168 boe per day, up 18% from a year earlier.

Net income attributable to the company was $1.21 billion, or $3.35 per share, in the quarter ended June 30, compared with year-ago profit of $289.33 million, or 79 cents per share.

(Reporting by Ruhi Soni in Bengaluru; Editing by Krishna Chandra Eluri)

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