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Continental Resources (NYSE: CLR) announced the final steps to close its merger with Omega Acquisition. After the merger, CLR shares will cease trading on the NYSE before market open on November 23, 2022. The tender offer resulted in 36,312,840 shares validly tendered, equating to approximately 62.5% of the outstanding shares. Remaining shares will convert to $74.28 in cash. The merger consolidates CLR under the Hamm family, emphasizing their control over the company.
Continental Resources reported strong 3Q22 results with a net income of $1.01 billion or $2.80 per diluted share, and generated $2.22 billion in cash flow from operations. The company's free cash flow was $1.01 billion, and total debt remained stable at $6.30 billion. Production averaged 414.4 MBoepd, with oil production at 200.5 MBopd. The company also anticipates closing its merger with Omega Acquisition before year-end 2022, which could impact future operations.
Continental Resources (NYSE: CLR) will announce its third quarter 2022 results on November 2, 2022, after the market closes. The Company will also file its Quarterly Report on Form 10-Q and publish a summary presentation on its website on the same date. Notably, Continental will not hold a conference call regarding these results. As a leader in the U.S. oil industry, the Company maintains a significant presence in major oil fields including the Bakken, Anadarko, Powder River, and Permian Basins, emphasizing its role in American energy independence.
Omega Acquisition, Inc. has initiated a cash tender offer to acquire all outstanding shares of Continental Resources (NYSE: CLR) at a price of $74.28 per share. This Offer is part of a Merger Agreement dated October 16, 2022, and is set to expire on November 21, 2022. The transaction is designed to take the company private, with the Hamm Family (owners of 83% of shares) supporting the Offer. Shareholders are encouraged to review the Tender Offer Materials for important information regarding the transaction.
Continental Resources (NYSE: CLR) has entered into a Merger Agreement with Omega Acquisition, Inc., owned by founder Harold G. Hamm. The agreement stipulates a tender offer to purchase all outstanding common shares at $74.28 each, a 15% premium over a prior closing price of $64.50. Approximately 58 million shares will be tendered, excluding shares owned by the Hamm family. The transaction is set to be financed through a mix of cash and loans and is expected to close by December 31, 2022. Continental's Board unanimously recommends shareholders participate in the tender offer.
Continental Resources has promoted Doug Lawler to President and Chief Operating Officer, effective immediately. Lawler joined the company in February 2022 as Chief Operating Officer, bringing over 30 years of experience in the oil and gas industry. CEO Bill Berry praised Lawler's leadership and impact on operations, while Harold Hamm, Chairman, emphasized his ability to build teams. Continental, a leading independent oil and natural gas company, is known for its significant holdings across major U.S. basins and celebrates 55 years of operations in 2022.
Continental Resources reported robust financial results for 2Q22, achieving a net income of $1.21 billion or $3.35 per diluted share. The company generated $1.74 billion in cash flow from operations and $1.23 billion in free cash flow. Notably, a $0.28 per share quarterly dividend was declared, payable on August 22, 2022. The company improved its 2022 guidance, raising projected return on capital employed to ~32% and enhancing crude oil differentials. Total debt was reduced by $265.2 million, lowering net debt to $814.2 million.
Continental Resources (NYSE: CLR) will announce its second quarter 2022 results on July 28, 2022, after market close, alongside a Quarterly Report on Form 10-Q. A summary presentation will also be available on its website on the same day. Previously, a non-binding proposal was made by Harold G. Hamm's family to acquire all outstanding shares for $70.00 per share, excluding certain shares. A special committee has been formed to evaluate this proposal, which is currently ongoing and non-binding.
Continental Resources, Inc. (NYSE: CLR) has received a non-binding acquisition proposal from Harold G. Hamm and the Hamm Family Trust to acquire all outstanding shares of CLR for $70.00 per share. This offer represents a 9% premium over the closing price on June 13, 2022, and an 11% premium to the volume-weighted average price over the last 30 days. The Hamm Family owns approximately 83% of CLR's shares. The Board will form a special committee to evaluate the proposal, which is currently non-binding and subject to further review.
Continental Resources reported a strong performance in 1Q22, achieving $1.50 billion in cash flow from operations and $1.15 billion in free cash flow. The company reported $597.8 million in net income, or $1.65 per diluted share. Shareholder returns increased with a 22% rise in quarterly dividends to $0.28 per share and a $100 million share repurchase program. Additionally, 2022 projections were enhanced, with anticipated cash flow from operations of $6.5 to $7 billion and free cash flow yield between 21% and 23%.
