Continental Resources posts first annual loss since IPO

OKLAHOMA CITY (Bloomberg) -- Continental Resources Inc., the shale oil pioneer controlled by billionaire wildcatter Harold Hamm, posted its first annual loss since the company’s public debut in 2007 as crude markets collapsed.

The full-year 2015 net loss was $353.7 million, or 96 cents a share, compared with a profit of $977 million, or $2.64, a year earlier, Oklahoma City-based Continental said in a statement on Wednesday.

For the fourth-quarter, the company reported a net loss of $139.7 million, or 38 cents a share. Adjusted for one-time items, the per-share loss of 23 cents beat by 2 cents the 21-cent average estimated loss of 30 analysts in a Bloomberg survey.

Hamm, owner of 76% of Continental’s common stock, has responded to plummeting crude prices by slashing his drilling budget and shutting down rigs in the U.S. Bakken shale region where the company is one of the dominant explorers. Continental’s fourth-quarter production was 224,936 boed, down from 228,278 in the third quarter. The averaged realized price for its crude was $34.23/bbl, the company said.

"For 2016, we will remain patient and disciplined in our activities while striving to enhance shareholder value through continued improvements in our core plays," Hamm said in the statement.

After spending $1.27 billion on acquisitions to expand its Bakken footprint since late 2011, Continental now is seeking to raise cash by attracting investments from joint-venture partners in an Oklahoma discovery known as the Stack.

The statement was released after the close of regular U.S. equity trading. Continental has fallen about 22% so far this year.