Continental Resources

Last updated
Continental Resources, Inc.
Company type Private company
NYSE: CLR
Industry Petroleum
PredecessorShelly Dean Oil Co.
Founder Harold Hamm
Headquarters Oklahoma City, Oklahoma, U.S.
Key people
 Harold Hamm (Chairman)
Doug Lawler (CEO)
John D. Hart (CFO)
Jack Stark (President)
Products
Production output
329 thousand barrels of oil equivalent (2,010,000 GJ) per day (2021)
RevenueIncrease2.svg US$5.719 billion (2021)
5,353,680,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
Increase2.svg US$1.660 billion (2021)
Total assets Increase2.svg US$18.591 billion (2021)
Total equity Increase2.svg US$7.856 billion (2021)
Owner Harold Hamm Family LLC (100%)
Number of employees
1,254 (2021)
Website clr.com
Footnotes /references
[1] [2]

Continental Resources, Inc. is a petroleum and natural gas exploration and production company headquartered in Oklahoma City. [1] The company was founded by Harold Hamm in 1967 at the age of 21 as Shelly Dean Oil Company, originally named for Hamm's two daughters. In 1990, Shelly Dean re-branded itself as Continental Resources. It primarily used hydraulic fracturing and directional drilling to produce from low permeability formations.

Contents

The company's assets are primarily in the Bakken formation in North Dakota and Montana, the STACK and SCOOP plays in Oklahoma, and the Permian Basin. [1] In 2021, total production was 329 thousand barrels of oil equivalent (2,010,000 GJ) per day, of which 49% was petroleum and 51% was natural gas. [1]

It is ranked 818th on the Fortune 500. [3]

History

In 1967, Harold Hamm founded Shelly Dean Oil Co., Continental's predecessor. [4]

In 1990, the company was renamed Continental Resources. [5]

In 1995, the company discovered what was later described as the Cedar Hills Field in North Dakota, the 7th largest onshore field in the lower 48 United States ranked by liquid proved reserves, and was the first to develop it exclusively through precision horizontal drilling. [4]

In 2003, the company drilled its first wells in the Bakken formation. [6]

In 2004, the company completed the Robert Heuer 1-17R in Divide County, the 1st commercially successful well in the North Dakota Bakken to be both horizontally drilled and completed using hydraulic fracturing. [7]

In 2007, the company became a public company via an initial public offering in which Harold Hamm sold approximately $300 million worth of his shares. [8]

In 2008, the company was the first to complete a horizontal well in the Three Forks zone. [9]

In 2010, Continental introduced the ECO-Pad® drilling technique, which involves drilling 4 wells from 1 pad. This reduced the cost of drilling and increased production output. [10]

In 2012, the company moved its headquarters from Enid, Oklahoma to Oklahoma City. [11]

In 2016, the company sold assets in North Dakota and Montana for $222 million. [12] [13]

In 2017, the company sold 26,000 acres in the Arkoma Basin for $68 million. [14]

In 2021, the company acquired 92,000 net leasehold acres and 50,000 net royalty acres in the Permian Basin from Pioneer Natural Resources for $3.25 billion. [15]

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References

  1. 1 2 3 4 "Continental Resources, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Continental Resources, Inc. SCHEDULE 14A". U.S. Securities and Exchange Commission. April 8, 2021.
  3. ↑ "Continental Resources". Fortune.
  4. 1 2 Vardi, Nathan (January 15, 2009). "The Last American Wildcatter". Forbes .
  5. ↑ LOPEZ, LINETTE (November 11, 2014). "The Oil Tycoon Who Just Paid Out A $1 Billion Divorce Settlement Has An Amazing Rags To Riches Story". Business Insider .
  6. ↑ Crooks, Ed (December 27, 2013). "Continental at the heart of shale revolution". Financial Times .
  7. ↑ "A monument of horizontal proportions". Williston Herald . October 28, 2011.
  8. ↑ "Continental Resources I.P.O. Prices Below Expected Range" . The New York Times . May 15, 2007.
  9. ↑ "Continental Resources Successfully Completes Initial Test Well In Third Bench Of The Three Forks Reservoir In The Bakken Field" (Press release). PR Newswire. December 3, 2012.
  10. ↑ MARKS, JAY F. (November 5, 2010). "'Walking' rig helping Continental drill for oil in North Dakota". The Oklahoman .
  11. ↑ "Continental Resources Officially Moves Headquarters to Oklahoma City" (Press release). PR Newswire. March 27, 2012.
  12. ↑ "Continental Resources Announces $222 Million Sale Of Non-Strategic Assets In North Dakota And Montana" (Press release). PR Newswire. August 18, 2016.
  13. ↑ Graeber, Daniel J. (August 18, 2016). "Continental Resources sells acreage to balance books". United Press International .
  14. ↑ "Corterra Energy Acquires 26,000 Acres in Arkoma Basin for $68M" (Press release). Business Wire. October 5, 2017.
  15. ↑ "Continental Resources Announces 3Q21 Results; Delivering Record Free Cash Flow & Strategic Expansion Into Permian Basin" (Press release). PR Newswire. November 3, 2021.
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