Continental Resources

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Continental Resources, Inc.
Public company
Traded asNYSECLR
Russell 1000 Index component
IndustryPetroleum
PredecessorShelly Dean Oil Co.
FounderHarold Hamm
HeadquartersOklahoma City, Oklahoma, United States
Key people
Harold Hamm, CEO & Chairman
John D. Hart, CFO
Jack Stark, President
ProductsPetroleum
Natural Gas
Production output
242 thousand barrels of oil equivalent (1,480,000 GJ) per day (2017)
RevenueIncrease $2.982 billion (2017)
Increase $0.789 billion (2017)
Total assetsIncrease $14.199 billion (2017)
Total equityIncrease $5.131 billion (2017)
Number of employees
1,127 (2017)
Websitewww.contres.com
Footnotes / references
[1]

Continental Resources, Inc. is an American petroleum and natural gas exploration and production company based 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 his Mr. Hamm's two daughters. In 1990 Shelly Dean re-branded itself as Continental Resources and since the early 2000's has become a leading upstream oil and natural gas company that primarily uses hydraulic fracturing and horizontal drilling to produce from low permeability formations in the lower 48 continental United States.

Continental Resources, Inc. has around 1000 employees and occupies the Continental Oil Center in Downtown Oklahoma city.

Current operations[edit]

The company's primary assets include the Bakken formation in North Dakota and Montana, and the STACK and SCOOP plays in Oklahoma.[2] In 2017, total production was 242 thousand barrels of oil equivalent (1,480,000 GJ) per day, of which 57% was petroleum and 43% was natural gas.[1]

Key People[edit]

Continental's CEO, Harold Hamm, also serves as its board chairman.

Harold Hamm, Founder, CEO and Chairman of Continental Resources

The board includes:[3]

  • William B. Berry
  • James Gallogly
  • Lon McCain
  • John T. McNabb II
  • Mark E. Monroe

Continental's President is Jack Stark.[4] Jack joined the company in 1992 and served as Continental’s Senior Vice President of Exploration from 1998 to 2014.

History[edit]

In 1967, Harold Hamm founded Shelly Dean Oil Co., Continental’s predecessor.[5]

In 1990, the company was renamed Continental Resources.[6]

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.[5]

In 2003, the company drilled its first wells in the Bakken formation.[7]

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.[8]

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.[9]

In 2008, the company was the first to complete a horizontal well in the Three Forks zone.[10]

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.[11]

In 2012, the company moved from its long time home of Enid, OK to its new headquarters in Oklahoma City.[12]

In 2016, the company sold assets in North Dakota And Montana for $222 million.[13][14]

In 2017, the company sold 26,000 acres in the Arkoma Basin for $68 million.[15]

Continental Oil Center[edit]

Continental offices at 20 N. Broadway in Downtown Oklahoma City, OK. The building was formally occupied by Devon Energy before it moved to it's new larger tower. The building is known as the Continental Oil Center and the lobby was recently closed to the public by adding card access readers. The building connects to the Oklahoma City Underground.

References[edit]

  1. ^ a b c "Continental Resources, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Operations | Continental Resources". www.contres.com. Retrieved 2018-04-21.
  3. ^ "Board of Directors | Continental Resources". www.contres.com. Retrieved 2018-04-21.
  4. ^ "Leadership | Continental Resources". www.contres.com. Retrieved 2018-08-10.
  5. ^ a b Vardi, Nathan (January 15, 2009). "The Last American Wildcatter". Forbes.
  6. ^ 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.
  7. ^ Crooks, Ed (December 27, 2013). "Continental at the heart of shale revolution". Financial Times.
  8. ^ "A monument of horizontal proportions". Williston Herald. October 28, 2011.
  9. ^ "Continental Resources I.P.O. Prices Below Expected Range". New York Times. May 15, 2007.
  10. ^ "Bakken and Three Forks - Continental Resources". Retrieved 30 September 2016.
  11. ^ MARKS, JAY F. (November 5, 2010). "'Walking' rig helping Continental drill for oil in North Dakota". The Oklahoman.
  12. ^ "Continental Resources Officially Moves Headquarters to Oklahoma City" (Press release). PR Newswire. March 27, 2012.
  13. ^ "Continental Resources Announces $222 Million Sale Of Non-Strategic Assets In North Dakota And Montana" (Press release). PR Newswire. August 18, 2016.
  14. ^ Graeber, Daniel J. (August 18, 2016). "Continental Resources sells acreage to balance books". United Press International.
  15. ^ "Corterra Energy Acquires 26,000 Acres in Arkoma Basin for $68M" (Press release). Business Wire. October 5, 2017.

External links[edit]

Official website