OKLAHOMA CITY (AP) _ Continental Resources Inc. (CLR) on Monday reported a first-quarter loss of $185.7 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Oklahoma City-based company said it had a loss of 51 cents. Losses, adjusted for one-time gains and costs, were 8 cents per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.
The independent oil and gas company posted revenue of $880.8 million in the period, surpassing Street forecasts. Seven analysts surveyed by Zacks expected $872.7 million.
Continental Resources shares have dropped 56% since the beginning of the year. The stock has declined 64% in the last 12 months.