Continental Resources, Inc. (NYSE:CLR) reported the pricing of its private placement worth $1 billion of senior unsecured notes payable in 2028. The notes were offered at par. The offering is projected to conclude on December 8, 2017, dependent on customary closing conditions. The company plans to utilize the net proceeds from this private placement offering to repay in full and close its $500 million term loan as well as to repay a part of the borrowings due under its revolving credit facility.
The highlights
Continental Resources comes in the list of a top fifteen independent oil producers in the United States Lower 48 and a pioneer in America’s energy renaissance. It is the largest producer and the leading leaseholder in the country’s premier oil field. The firm also has notable positions in Oklahoma, counting its SCOOP Springer, SCOOP Sycamore and SCOOP Woodford discoveries and the STACK plays. The company has unlocked the resources and technology vital to American energy independence and their country’s leadership in the latest world oil market. This year, the firm celebrates 50 years of operations.
In unrelated news, Continental Resources reported its second global sale of Bakken crude oil. The firm intends to sell 430,000 barrels of oil for January delivery to global markets. The sale deal will materialize in Cushing, Oklahoma. This follows company’s October update of the sale of 1.005 million barrels of Bakken crude oil to none other than Atlantic Trading and Marketing. The latter plans to export the oil to China.
Harold Hamm, the CEO and Chairman of Continental Resources, stated that global markets are showcasing increased interest in American light sweet oil. The company is presently negotiating additional prospective sales. This is the latest reality of the U.S. as a world energy pioneer. In 2015 the U.S. removed its ban on oil exports, enabling foreign sales to be done without a license.
