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UPDATE 2-Continental Resources posts quarterly profit on higher crude prices

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(Adds background, share price)

Feb 14 (Reuters) - U.S. shale producer Continental Resources Inc on Monday posted a fourth-quarter profit that topped Wall Street expectations, as a recovery in economic activity and travel lifted oil prices to multi-year highs.

Global crude prices jumped over 50% last year, averaging $80 a barrel for the last three months of 2021 as demand rebounded from a pandemic-led slump. U.S. crude futures are currently trading close to $95 a barrel.

Continental Resources' fourth-quarter adjusted average net sales price more than doubled to $55.27 per barrel of oil equivalent (boe) from a year earlier.

The company, which closed a $3.25 billion acquisition of rival Pioneer Natural Resources Co's assets in the Delaware Basin during the quarter, said it targets full-year oil production to average 195,000 to 205,000 barrels of oil per day (bopd), after churning out 160,600 bopd in 2021.

Natural gas output is expected to be 1.04 billion to 1.14 billion cubic feet per day (cfpd) in 2022. Continental produced 1.01 billion cfpd of natural gas in 2021.

Shares were down 1.4% to $57.07 in after hours trading.

The company said it expects to spend $2.3 billion in 2022, which includes a 15% increase to legacy spending in the Bakken and Anadarko basins, as well as a $500 million increase related its Permian acquisition and recent purchase of Chesapeake Energy's Powder River assets in Wyoming.

Its capital spending totaled $1.56 billion in 2021.

Continental said last week it was raising its quarterly dividend by 15% to 23 cents per share. It will also increase a planned share repurchase program to $1.5 billion from $1 billion.

Adjusted net income for the quarter was $651 million, or $1.79 per share, beating analysts' expectations of $1.70 per share, according to Refinitiv IBES. Last year, it reported a loss of $82 million, or 23 cents per share for the fourth quarter. (Reporting by Ruhi Soni in Bengaluru and Liz Hampton in Denver; Editing by Shinjini Ganguli and Sam Holmes)