Continental Resources is an American petroleum and Natural Gas Exploration and Production company. It is among the top ten independent suppliers of Oil in the United States and is known as the energy revolution specialist in America. Being based in Oklahoma City, it is the largest leaseholder and a key producer in the nation’s leading Oil fields, North Dakota’s Bakken and Montana. Through focus on the exploration and production of Oil, it has unlatched the technology and resources essential for American energy independence and leadership in the World Oil market. The company gives special emphasis on its leasehold and production strategies in Oklahoma City in both, the newly discovered SCOOP play and the Northwest Cana play.
Headquarters: Oklahoma, United States
Annual Revenue: 2.982 Billion US Dollars
Established in: 1967
Number of Employees: 1,200
History:
- Harold Hamm founded Shelly Dean Oil Co., the predecessor of Continental, in 1967.
- In 1990, The company’s name changed to Continental Resources.
- In 1995, a new field found, what was later described as North Dakota’s Cedar Hills Field, the 7th largest onshore field measured by fluid in the lower 48 United States, and was the first to exploit it solely by horizontal precision drilling.
- In 2003, in the Bakken formation, the firm drilled its first Wells.
- In 2004, in Divide County, the firm finished the Robert Heuer 1-17R, the first commercially successful Well in the North Dakota Bakken to be both horizontally drilled and hydraulically fractured.
- In 2007, through an initial public offering in which Harold Hamm offered around $300 million of its stock, the company became a public company.
- In 2008, in the Three Forks region, the business was the first to construct a horizontal Well.
- In 2012, the company moved to its new headquarters in Oklahoma City from its long-time home in Enid, OK.
- The company sold $222 million in assets in North Dakota in 2016.
- The company sold in $68 million, 26,000 acres in the Arkoma Basin in 2017.
Operations:
Continental, has been a pioneer in the use of advanced technologies for Oil and Gas exploration and development. It was one of the first firms to carry out horizontal drilling and well stimulation, and it also discovered one of the country’s largest Oil-producing meteor impact craters. The company’s overall production amounts to 242,000 barrels of Oil equivalent (1,480,000 GJ) per day, 57% of which is petroleum and 43% is Natural Gas.
- ECO-Pad:
ECO-Pad is a drilling technique which enables drilling four Wells from a single drilling pad. The strategy enables the company to simultaneously build two different configurations on two separate spacing systems, increasing the efficiency of development. It also allows to harvest more of the resources of a reservoir while reducing the impact on the land’s surface. On the excavation and construction of each project, the ECO-Pad strategy offers an additional 10 percent cost saving. Throughout 2011 and 2012, it planned to add over 40 ECO-Pad initiatives and see ongoing cost reductions for each Well.
- Horizontal Drilling:
Horizontal drilling provides access to resources that were not economical to access before. Throughout the U.S it is unlocking Oil and Gas reservoirs with this technology, reducing the dependence of its nation on foreign energy imports. Upon drilling two miles down, it can position a drill bit in Oil reserves about the size of a basketball hoop two miles away.
- Protecting Groundwater:
Generally thousands of feet below aquatic reservoirs are the Oil and Natural Gas reserves that it seeks. This under-ground water is found mainly in crevices of porous rock or between sand particles. One of the purposes of putting special casings inside its fracking tube is to secure the aquatic reserves until it pumps Oil and Natural Gas.
- Well Stimulation:
Well stimulation is an Oil and Gas term for using high pressure water and sand to break a deep underground rock formation. Through injecting this fluid into a drilled Well, it will open up tiny fissures up to several tenths of an inch wide, enabling Oil and natural Gas reserves locked in dense rocks to flow back into its pipes to the ground where it collects them for fuel usage. It makes good economic sense to produce more energy while using less capital and represents the obligation it has towards the people and the world in which it works.
Vision and Values:
Continental embarked on a company-wide effort to capture and identify the principles that shape the backbone of the community. This in turn helped Continental to rise from one man to the Company it is today with a tank truck, and to memorize the values that drive its activities as a leading independent American energy producer. The group encourages each other to execute, guide and work ethically and professionally to maximize investor value.
Mission:
The company cares for itself and others, and aims to be a good steward for its safety, property, atmosphere and shareholder’s interest. In its intentions and actions, it is fair, genuine, sincere, and treats everyone with respect. It is committed to the highest quality standards and the best business practices.