Continental Resources jumps on $70/share offer from billionaire owner Hamm
Continental Resources (NYSE:...
Continental Resources (NYSE:CLR) rose 7% after billionaire Howard Hamm offered to buy the remainder of the shale driller he and his family don't already own for $70/share.
The offer $70 offer represents a 9% premium over Continental's (CLR) closing price on Monday. The Hamm Family collectively owns 83% of the total outstanding shares of common stock.
The CLR board said it will form a special committee of independent directors to consider the proposal, according to a statement.
The proposed transaction would be structured as a tender offer for any and all shares of common stock followed by a merger without a vote of CLR holders, Hamm said in a letter to the CLR board.
Benchmark U.S. crude oil for July delivery rose 26 cents to $120.93 a barrel Monday....
Benchmark U.S. crude oil for July delivery rose 26 cents to $120.93 a barrel Monday. Brent crude for August delivery rose 26 cents to $122.27 a barrel.
Wholesale gasoline for July delivery fell 13 cents to $4.04 a gallon. July heating oil fell 9 cents to $4.28 a gallon. July natural gas fell 24 cents to $8.61 per 1,000 cubic feet.
Busiest US Shale Play Keeps Adding Supply Despite Inflation
Drillers across the Permian Basin are boosting oil production even as companies warn...
Drillers across the Permian Basin are boosting oil production even as companies warn soaring inflation across the oil patch could stunt growth.
Output from the Permian, which stretches across Texas and New Mexico, reached 5.14 million barrels a day in May, up modestly from its previous forecast of 5.13 million, according to an Energy Information Administration report. That's a fresh record high in data going back to 2007. The prolific shale basin is forecast to add supply through July, the agency said in its Drilling Productivity Report.
Meanwhile, in the Permian, the number of drilled but uncompleted wells, known as DUCs, is at the lowest level in at least 5 years, the agency said. Producers are using up their existing inventory of DUCs to avoid spending on new drilling given their newfound capital discipline. But to maintain and expand production in the future, new drilling has to occur.
Dow drops almost 900 points as U.S. stocks close sharply lower, S&P 500 ends in bear market
U.S. stocks closed sharply lower Monday, with the S&P 500 entering a bear market, amid heightened...
U.S. stocks closed sharply lower Monday, with the S&P 500 entering a bear market, amid heightened fears over high inflation ahead of the Federal Reserve's two-day policy meeting that kicks off Tuesday. The Dow Jones Industrial Average DJIA, -2.79% tumbled almost 900 points to close 2.8% lower, while the S&P 500 SPX, -3.88% dropped 3.9% and the Nasdaq Composite COMP, -4.68% plunged 4.7%, according to preliminary FactSet data. All 11 sectors of the S&P 500 closed lower, with investors increasingly concerned that a more aggressive Fed will push the U.S. economy into a recession.
Unit Corp. Ends Bid to Liquidate Properties Following Gulf Coast Asset Sale
Unit Corp. said it has agreed to sell its Gulf Coast oil and gas assets for $56 million but will end...
Unit Corp. said it has agreed to sell its Gulf Coast oil and gas assets for $56 million but will end its bid to sell its remaining assets and instead seize the opportunity from rising commodity prices to increase its share buyback program.
Based in Tulsa, Okla., Unit Corp. began a divestiture program in early 2021 to sell its non-core oil and gas assets. The company had engaged Tudor, Pickering, Holt & Co. (TPH) in January of this year to sell all of its oil and gas properties and reserves. However, in a June 10 release, Unit said it ended its agreement with TPH due to changes in the price of oil, natural gas, and NGL and “general volatility in the market.”
