Continental Resources Enters Permian Basin in $3.25 Billion Expansion

Oklahoma City-based Continental Resources struck an agreement to acquire all of Pioneer Natural Resources’ assets in the Delaware Basin portion of the Permian.

Continental Resources Enters Permian Basin in $3.25 Billion Expansion

Pioneer’s Delaware Basin position will complement Continental’s existing deep inventory portfolio in the Bakken, Oklahoma and, most recently, the Powder River Basin, says Continental Resources CEO Bill Berry. (Source: Hart Energy)

After roughly a half-century operating as a leading U.S. oil and gas producer, Continental Resources Inc. is entering the country’s top shale basin.

The Oklahoma City-based company struck an agreement with Pioneer Natural Resources Co. on Nov. 3 to acquire all of Pioneer’s assets in the Delaware Basin portion of the Permian in an all-cash transaction valued at approximately $3.25 billion.

“Continental’s foundation has always been built upon a strong geology-led corporate strategy,” CEO Bill Berry commented in a company release. “This continues today and has directly led us to our new strategic position in the Permian Basin.”

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.