UPDATE 2-Continental Resources Q2 profit beats; shares fall

martes 29 de julio de 2008 17:55 CEST

(Adds analyst comments, updates share movement)

By Hezron Selvi

July 29 (Reuters) - Oil and gas explorer Continental Resources Inc (CLR.N: Cotización) reported better-than-expected quarterly earnings, helped by oil and gas prices that have almost doubled in the last year and higher production, but announced the retirement of its chief operating officer.

Shares of the company were down more than 15 percent in morning trade on the New York Stock Exchange.

"Oil is down nearly $2 this morning and the entire E&P index is getting crushed and a stock like CLR with a limited float for its size, the downside move is magnified," Raymond James analyst John Freeman said in an e-mailed response.

U.S. crude CLc1 fell more than $4 a barrel to below $121 on Tuesday, touching the lowest price since May, as signs of weakening demand outweighed a disruption to Nigerian oil output.


Second-quarter net income was $127.3 million, or 75 cents a share, compared with a net loss of $142.5 million, or 87 cents a share, in the year-ago quarter. Excluding stock-based compensation charges, it had earned 27 cents a share, a year earlier.

Total revenue doubled to $303.4 million.   Continuación...