Continental Resources

Continental Resources, Inc. is an American petroleum and natural gas exploration and production company based in the Continental Oil Center 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.

Continental Resources, Inc.
TypePublic company
NYSE: CLR
Russell 1000 Index component
IndustryPetroleum
PredecessorShelly Dean Oil Co.
FounderHarold Hamm
HeadquartersOklahoma City, Oklahoma, United States
Key people
Harold Hamm, Chairman
William B. Berry, CEO
John D. Hart, CFO
Jack Stark, President
ProductsPetroleum
Natural Gas
Production output
340 thousand barrels of oil equivalent (2,100,000 GJ) per day (2019)
Revenue $4.631 billion (2019)
$0.775 billion (2019)
Total assets $15.727 billion (2019)
Total equity $7.108 billion (2019)
Number of employees
1,260 (2019)
Websitecontres.com
Footnotes / references
[1]

The company's primary assets include the Bakken formation in North Dakota and Montana, and the STACK and SCOOP plays in Oklahoma.[1] In 2019, total production was 340 thousand barrels of oil equivalent (2,100,000 GJ) per day, of which 58% was petroleum and 42% was natural gas.[1]

It is ranked 557th on the Fortune 500.[2]

History

In 1967, Harold Hamm founded Shelly Dean Oil Co., Continental's predecessor.[3]

In 1990, the company was renamed Continental Resources.[4]

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.[3]

In 2003, the company drilled its first wells in the Bakken formation.[5]

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.[6]

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.[7]

In 2008, the company was the first to complete a horizontal well in the Three Forks zone.[8]

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.[9]

In 2012, the company moved its headquarters from Enid, Oklahoma to Oklahoma City.[10]

In 2016, the company sold assets in North Dakota and Montana for $222 million.[11][12]

In 2017, the company sold 26,000 acres in the Arkoma Basin for $68 million.[13]

References
  1. "Continental Resources, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Continental Resources". Fortune.
  3. Vardi, Nathan (January 15, 2009). "The Last American Wildcatter". Forbes.
  4. 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.
  5. Crooks, Ed (December 27, 2013). "Continental at the heart of shale revolution". Financial Times.
  6. "A monument of horizontal proportions". Williston Herald. October 28, 2011.
  7. "Continental Resources I.P.O. Prices Below Expected Range". The New York Times. May 15, 2007.
  8. "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.
  9. MARKS, JAY F. (November 5, 2010). "'Walking' rig helping Continental drill for oil in North Dakota". The Oklahoman.
  10. "Continental Resources Officially Moves Headquarters to Oklahoma City" (Press release). PR Newswire. March 27, 2012.
  11. "Continental Resources Announces $222 Million Sale Of Non-Strategic Assets In North Dakota And Montana" (Press release). PR Newswire. August 18, 2016.
  12. Graeber, Daniel J. (August 18, 2016). "Continental Resources sells acreage to balance books". United Press International.
  13. "Corterra Energy Acquires 26,000 Acres in Arkoma Basin for $68M" (Press release). Business Wire. October 5, 2017.
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