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Continental Resources, Inc. is a
petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...
and
natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon di ...
exploration and production company headquartered in
Oklahoma City Oklahoma City (), officially the City of Oklahoma City, and often shortened to OKC, is the capital and largest city of the U.S. state of Oklahoma. The county seat of Oklahoma County, it ranks 20th among United States cities in population, an ...
. 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 Fracking (also known as hydraulic fracturing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of bedrock formations by a pressurized liquid. The process involves the high-pressure injection of "frack ...
and
directional drilling Directional drilling (or slant drilling) is the practice of drilling non-vertical bores. It can be broken down into four main groups: oilfield directional drilling, utility installation directional drilling, directional boring (horizontal di ...
to produce from low permeability formations. The company's assets are primarily in the
Bakken formation The Bakken Formation () is a rock unit from the Late Devonian to Early Mississippian age occupying about of the subsurface of the Williston Basin, underlying parts of Montana, North Dakota, Saskatchewan and Manitoba. The formation was init ...
in North Dakota and Montana, the STACK and SCOOP plays in Oklahoma, and the Permian Basin. In 2021, total production was per day, of which 49% was
petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...
and 51% was
natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon di ...
. It is ranked 818th on the
Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by '' Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
.


History

In 1967, Harold Hamm founded Shelly Dean Oil Co., Continental's predecessor. In 1990, the company was renamed Continental Resources. 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. In 2003, the company drilled its first wells in the
Bakken formation The Bakken Formation () is a rock unit from the Late Devonian to Early Mississippian age occupying about of the subsurface of the Williston Basin, underlying parts of Montana, North Dakota, Saskatchewan and Manitoba. The formation was init ...
. 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 Fracking (also known as hydraulic fracturing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of bedrock formations by a pressurized liquid. The process involves the high-pressure injection of "frack ...
. In 2007, the company became a
public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (lis ...
via an
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
in which Harold Hamm sold approximately $300 million worth of his shares. In 2008, the company was the first to complete a horizontal well in the Three Forks zone. 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. In 2012, the company moved its headquarters from
Enid, Oklahoma Enid ( ) is the ninth-largest city in the U.S. state of Oklahoma. It is the county seat of Garfield County. As of the 2020 census, the population was 51,308. Enid was founded during the opening of the Cherokee Outlet in the Land Run of 1893, ...
to Oklahoma City. In 2016, the company sold assets in North Dakota and Montana for $222 million. In 2017, the company sold 26,000 acres in the Arkoma Basin for $68 million. In 2021, the company acquired 92,000 net leasehold acres and 50,000 net royalty acres in the Permian Basin from
Pioneer Natural Resources Pioneer Natural Resources Company is an American company engaged in hydrocarbon exploration headquartered in Irving, Texas. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the larg ...
for $3.25 billion.


References


External links

* {{Authority control 1967 establishments in Oklahoma Companies based in Oklahoma City Companies formerly listed on the New York Stock Exchange Energy companies established in 1967 Natural gas companies of the United States Non-renewable resource companies established in 1967 Oil companies of the United States Petroleum in Oklahoma