Insight
Harold Hamm and family propose taking Continental Resources private
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Report summary
Continental Resources founder and Chairman Harold Hamm, with his family, offered to take the company private by offering US$70/share for the 17% of outstanding shares not owned by the family. Taking Continental Resources private is significant, but not surprising. There has been speculation about this option for years, so why now? A message to employees widely circulated in the press cited limitations in the public markets. The proposal holds implications for Continental's activity levels, Lower 48 supply and ESG disclosures. There are clear motivations and advantages for Continental, but this is not as feasible an alternative for Lower 48 focused peers.
Table of contents
- 1.) Capital discipline and external investor demands
- 2.) Emissions disclosures
- 3.) Distribution flexibility
- 4.) Likelihood of completion
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