May 11, 2020 / 10:54 AM / 3 months ago

Continental Resources swings to quarterly loss, cuts 70% of May oil output

May 11 (Reuters) - U.S. shale producer Continental Resources Inc on Monday swung to a quarterly loss and curtailed 70% of its oil production in May as global crude prices plunged due to excess supplies and tumbling demand due to the COVID-19 crisis.

Net loss attributable to the company was $185.7 million, or 51 cents per share, for the first quarter ended March 31, compared with a profit of $187 million, or 50 cents per share, last year.

The company took property impairment charges of $222.5 million in the quarter. (Reporting by Arunima Kumar and Shanti S Nair in Bengaluru)

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