Continental Resources 3Q profit nearly doubles

However, results missed analyst expectations, and shares of the company plunged $3.90, or 13.3 percent, to close at $25.35.

The company said it earned $105.3 million, or 62 cents per share, in the quarter ended Sept. 30, compared with $56.4 million, or 33 cents per share, in the same quarter a year earlier.

Analysts expected profit of 78 cents per share, according to a survey by Thomson Reuters.

Revenue rose to $293.6 million from $156.8 million a year ago. Analysts expected revenue of $295.1 million.

During the third quarter, the company received an average price equivalent to $93.21 a barrel for its production, compared with $62.61 a year ago.

Chairman and Chief Executive Harold Hamm also said initial production results improved in the Bakken shale field in Montana and North Dakota.

But with energy prices falling in recent weeks, Continental said it began to cut its drilling rig count. The company also said it would reduce capital spending to $609 million next year from an expected $883 million this year to avoid the need to borrow.

Continental Resources shares have ranged from $18.69 to $83.81 over the past year.