OKLAHOMA CITY, Nov. 10, 2020 /PRNewswire/ -- Continental
Resources, Inc. (NYSE: CLR) ("Continental" or the "Company")
announced today the pricing of its private placement of new 5.75%
senior unsecured notes due 2031, which was upsized to $1.5 billion in aggregate principal amount from
the originally proposed $1.0 billion
offering. The notes were sold at par. The offering is expected to
close on November 25, 2020, subject
to customary closing conditions. The Company intends to use the net
proceeds from this offering to fund the concurrent tender offers
for a portion of the Company's 5.0% senior notes due 2022 and 4.5%
senior notes due 2023 (the "Tender Offers"), to pay fees and
expenses incurred in connection therewith, and the excess, if any,
for general corporate purposes, including other repayments or
refinancings of the Company's debt.
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The securities offered have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any
state securities laws and unless so registered, the securities may
not be offered or sold in the United
States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The senior
unsecured notes are expected to be eligible for trading by
qualified institutional buyers under Rule 144A and non-U.S. persons
under Regulation S.
This press release is being issued pursuant to Rule 135c under
the Securities Act, and is neither an offer to sell nor a
solicitation of an offer to buy the notes or any other securities
and shall not constitute an offer to sell or a solicitation of an
offer to buy, or a sale of, the notes or any other securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful.
About Continental Resources
Continental Resources (NYSE: CLR) is a top 10 independent oil
producer in the U.S. Lower 48 and a leader in America's energy
renaissance. Based in Oklahoma
City, Continental is the largest leaseholder and the largest
producer in the nation's premier oil field, the Bakken play of
North Dakota and Montana. The Company also has significant
positions in Oklahoma, including
its SCOOP Woodford and SCOOP Springer discoveries and the STACK
plays. With a focus on the exploration and production of oil,
Continental has unlocked the technology and resources vital to
American energy independence and our nation's leadership in the new
world oil market. In 2020, the Company will celebrate 53 years of
operations.
Cautionary Statement for the Purpose of the "Safe Harbor"
Provisions of the Private Securities Litigation Reform Act of
1995
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
included in this press release other than statements of historical
fact, including, but not limited to, forecasts or expectations
regarding the completion of the notes offering and the use of
proceeds therefrom are forward-looking statements. When used in
this press release, the words "could," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," "budget,"
"target," "plan," "continue," "potential," "guidance," "strategy,"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words.
Forward-looking statements are based on the Company's current
expectations and assumptions about future events and currently
available information as to the outcome and timing of future
events. Although the Company believes these assumptions and
expectations are reasonable, they are inherently subject to
numerous business, economic, competitive, regulatory and other
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the Company's control. No assurance can be
given that such expectations will be correct or achieved or that
the assumptions are accurate. The risks and uncertainties include,
but are not limited to, commodity price volatility; the geographic
concentration of our operations; financial market and economic
volatility; the effects of any national or international health
crisis; the inability to access needed capital; the risks and
potential liabilities inherent in crude oil and natural gas
drilling and production and the availability of insurance to cover
any losses resulting therefrom; difficulties in estimating proved
reserves and other reserves-based measures; declines in the values
of our crude oil and natural gas properties resulting in impairment
charges; our ability to replace proved reserves and sustain
production; our ability to pay future dividends or complete share
repurchases; the availability or cost of equipment and oilfield
services; leasehold terms expiring on undeveloped acreage before
production can be established; our ability to project future
production, achieve targeted results in drilling and well
operations and predict the amount and timing of development
expenditures; the availability and cost of transportation,
processing and refining facilities; legislative and regulatory
changes adversely affecting our industry and our business,
including initiatives related to hydraulic fracturing and
greenhouse gas emissions; increased market and industry
competition, including from alternative fuels and other energy
sources; and the other risks described under Part I, Item 1A.
Risk Factors and elsewhere in the Company's Annual Report on Form
10-K for the year December 31, 2019,
our Form 10-Q for the quarters ended March
31, 2020, June 30, 2020 and
September 30, 2020, registration
statements and other reports filed from time to time with the SEC,
and other announcements the Company makes from time to time.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on
which such statement is made. Should one or more of the risks or
uncertainties described in this press release occur, or should
underlying assumptions prove incorrect, the Company's actual
results and plans could differ materially from those expressed in
any forward-looking statements. All forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
Except as otherwise required by applicable law, the Company
undertakes no obligation to publicly correct or update any
forward-looking statement whether as a result of new information,
future events or circumstances after the date of this report, or
otherwise.
Investor
Contact:
|
Media
Contact:
|
Rory
Sabino
|
Kristin
Thomas
|
Vice President,
Investor Relations
|
Senior Vice
President, Public Relations
|
405-234-9620
|
405-234-9480
|
Rory.Sabino@CLR.com
|
Kristin.Thomas@CLR.com
|
|
Lucy
Guttenberger
|
Investor Relations
Analyst
|
405-774-5878
|
Lucy.Guttenberger@CLR.com
|
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SOURCE Continental Resources