CLR Profit Jumps Nearly Four-Fold -- Reuters; Hawkinson Unit Density Test Produces At An Initial Combined Rate Of Almost 15,000 BOEPD

Reuters is reporting:

Continental Resources Inc, which drills for oil in North Dakota, Oklahoma and Colorado, posted a nearly four-fold increase in quarterly profit as production jumped across many of its regions.

For the third quarter, the company posted net income of $167.5 million, or 91 cents per share, compared with $44.1 million, or 24 cents per share, in the year-ago period.

Revenue rose 70 percent to $823.8 million.

Production rose 38 percent to 141,873 barrels of oil equivalent per day (boe/d).

The press release:

• Hawkinson Unit density test produces at an initial combined rate of 14,850 boe per day from middle Bakken and Three Forks benches one, two and three
• adjusted net income for third uarter 2013 of $297 million, or $1.61 per diluted share
• record EBITDAX of $798 million, an increase of 13% compared to 2Q13 and 62% compared to 3Q12
• record production totaling 141,900 boe per day for 3Q13, an increase of 5% sequentially and 38% compared to 3Q12