Shares of Continental Resources tank amid higher 2022 capex, lower output view

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FILE PHOTO: Birds fly over storage tanks on a Continental Resources oil production site near Williston

– Shares of independent shale driller Continental Resources fell more than 8% on Tuesday, outpacing declines in the broader energy complex, after the company’s 2022 spending outlook topped expectations and its output guidance was lower than anticipated.

Shares were down 8.7% to $52.44 at midday trading. U.S. crude futures were off about 3.75% to $91.95 a barrel.

(Reporting by Liz Hampton in Denver)


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