Market Commentary

John Rose Cashes in As Continental Resources Goes Private

Raza Akram · 1 minute read

Continental Resources (CLR:US), a petroleum and natural gas exploration and production company headquartered in Oklahoma City, went private in November after founder Harold Hamm agreed to a deal with shareholders earlier in the year.

Hamm and his family owned around 83% of the company’s stock. The founder offered $4.3 billion to acquire the rest of the shares not owned by his family, which was accepted by the board in October.

Operating as a private company enhances our ability to do what we do best and unlocks endless possibilities,” Hamm said in a letter to employees.

Continental Resources went public in 2007 as the company was looking to raise funds to fund an expansion of exploration and drilling operations. In its most recently-published quarterly earnings report, Continental Resources reported $1 billion in net income while reporting $1.8 billion in cash balance and $6.3 billion in total debt.

The list of shareholders who received a payout from Continental Resources includes Congressman John Rose. According to filings published earlier this week, Rep. Rose sold $15,000 - $50,000 worth of Continental Resources stock to the Hamm family in late November.
Rose, serving as the U.S. representative for Tennessee's 6th congressional district, doesn’t trades stocks too often. As a matter of fact, the sale of Continental Resources is his only disclosed stock trade since 2019, when he was elected to Congress.