Bloomberg News

Continental Rises to Record on Bakken Oil Prices: Houston Mover

February 17, 2012

Feb. 16 (Bloomberg) -- Continental Resources Inc., the biggest petroleum leaseholder in North Dakota’s Bakken Shale field, rose to a record today as prices for oil from the field increased.

Continental rose 5.3 percent to $87.32 at 12:47 p.m. in New York, after rising as much as 6.6 percent to $88.38, a record.

The price for Bakken oil was $92.53 a barrel at 12:03 p.m. in New York, according to data compiled by Bloombeg. Prices have risen 30 percent since a partial shutdown at a refinery that processes Bakken oil sent them as low as $71.17 a barrel on Feb. 10, Brian Lively, an analyst at Tudor Pickering Holt & Co. in Houston, said in an interview.

Lively rates Continental a “hold” and owns none of the stock.

--With assistance from Aaron Clark in New York. Editor: Jasmina Kelemen

To contact the reporter on this story: Mike Lee in Dallas at mlee326@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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