Continental Resources Founder and Executive Chairman Harold Hamm Purchases 4,736,264 Shares of Company Stock; Adopts 10b5-1 Purchase Plan

Rhea-AI Summary

On June 29, 2020, Continental Resources (NYSE: CLR) announced that its Founder and Executive Chairman, Harold Hamm, purchased 4,736,264 shares of the company's stock from June 22 to June 25, 2020. This acquisition increases his total holdings to 289,659,385 shares, representing approximately 79.3% of the company's total common shares as of April 30, 2020. Hamm has also entered a 10b5-1 plan to continue acquiring shares, citing confidence in the company's value despite global pandemic impacts on oil demand.

Positive

• Harold Hamm's recent stock purchase demonstrates strong insider confidence in CLR's future.
• Hamm's total shareholding now represents 79.3% of total outstanding shares, indicating significant alignment with shareholders.
• The adoption of a 10b5-1 plan suggests a structured approach to future stock purchases.

Negative

• The press release acknowledges the negative impact of the global pandemic on crude oil demand, which could signal future revenue challenges.

OKLAHOMA CITY, June 29, 2020 /PRNewswire/ -- Continental Resources, Inc. (NYSE: CLR) ("Continental" or the "Company") today announced that its Founder and Executive Chairman, Harold Hamm, purchased 4,736,264 shares of Continental common stock on the open market from June 22, 2020 to June 25, 2020, at market prices. This brings Mr. Hamm's total holdings, as of June 25, 2020, to 289,659,385 shares, or approximately 79.3% of the Company's total common shares outstanding at April 30, 2020.

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In addition, Mr. Hamm entered into a 10b5-1 plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended ("Rule 10b5-1"). It is Mr. Hamm's intention to acquire shares of the Company's common stock consistent with certain timing, volume and price limitations. The 10b5-1 trading plan was entered into on June 25, 2020.

"I firmly believe Continental's current share price reflects an uncommon value as the global pandemic has negatively impacted worldwide crude oil demand. Recent purchases underscore my confidence in the Company's continued operational excellence and strong financial performance. Continental is poised to deliver significant shareholder value for many years to come and I believe there is no management team more aligned with shareholders than Continental," said Harold Hamm, Executive Chairman.  

About Continental Resources

Continental Resources (NYSE: CLR) is a top 10 independent oil producer in the U.S. 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. For more information, please visit www.CLR.com. 

 

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

FAQ

What did Harold Hamm purchase from Continental Resources?

Harold Hamm purchased 4,736,264 shares of Continental Resources stock.

How many shares does Harold Hamm own in Continental Resources?

As of June 25, 2020, Harold Hamm owns a total of 289,659,385 shares, approximately 79.3% of the company's total common shares.

What is a 10b5-1 plan and why did Hamm adopt one?

A 10b5-1 plan allows company insiders to set up a predetermined schedule for buying or selling stocks. Hamm adopted this plan to acquire shares consistently, indicating his confidence in the company's future.

What impact does the global pandemic have on Continental Resources?

The global pandemic has negatively impacted worldwide crude oil demand, which may affect Continental Resources' revenue and performance.