investing.com - Continental Resources Inc (NYSE:CLR) shares were one of the top gainers in the oil and gas sector on Wednesday, climbing as investors cheered the company's break-even second quarter results and increased production guidance.
Continental’s adjusted EPS were nil for the quarter, while its revenue increased almost 47% year-over-year to $661.5 million and above the analyst forecast by $11.88 million. Analysts were looking for EPS of negative one cent.
The company’s net production was 226 K boe/day in the quarter and the company hiked its full-year production guidance to 230K-240K boe/day compared to previous guidance of 220K-230K boe/day. The company said it expects to exit the year with production of 260K-275K boe/day vs. its previous exit-rate guidance of 250K-260K boe/day.
The company also cut its full-year expenditures, like so many of its U.S. shale peers have this quarter. The company is now targeting full year 2017 capex of $1.75 billion to $1.95 billion, down from its previous forecast of $1.95 billion. The company said the revised capex level will maintain cash neutrality as long as WTI prices stay in the range of $45-$51/barrel for the year.
Continental closed Wednesday's session up almost 6%.