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  1. #351

    Default Re: Continental Resources Business Practices

    Forgot the $1,000,000,000 stock buyback. Hamm owns 77% of the stock.

    So either he’s going to selling stock back to CLR, which doesn’t send a bad message to Wall Street, doesn’t really dilute his holdings, and allows him to somewhat cash out.

    Or B CLR is going to be buying back from the other 23% of the company. Some quick math,

    15 billion market cap but 77% of it will be off limits.
    .77* 15 =11.55. 15-11.55= 3.45 billion.

    If he holds his stock, CLR will be buying back $1 billion of an available (at today’s closing price) of 3.45 billion in available market cap.

    That will create tremendous upward pressure on their stock price. That’s what 29% or so, that will be bought back?

    It’s why the stock popped 14% today. The stock popping like it did might mean B

  2. #352

    Default Re: Continental Resources Business Practices

    Quote Originally Posted by dankrutka View Post
    Benefit? Upside? We're talking public safety. Your entire response is basically apologizing for an industry lacking ethics. An industry with ethics doesn't need a commission to tell them right or wrong. It should be proactive in protecting public safety.

    Devon was involved in shady politics during Denton's fracking ban vote. Is there a major energy company that hasn't been implicated in unethical practices in the last 5 years?
    Well said my ***. The very nature of the industry attracks a certain kind of person. It's a very high risk, high reward business for a product that is dirty, dangerous, chemically-concentrated, breaks down to God-only-knows how many products and compounds. Some are dangerous, not water-soluble, not easily disposed of and are problems ecologically. Others are, like gasoline, motor oil, jet fuel and plastics are the foundations of our lives today.
    People who are legitimate risk-takers in the business don't obsess about rules and regulations. When the times have come up that the rules have been broken and environmental rules are violated, they should be punished.
    However, don't sit there and b***h about how they are all crooks and criminals.
    O & G employs 5-6% of the US workforce. More like 10% including indirect business. If l went to your house, l bet it would be filled with products produced by those 10 -11 million shady people working some of the dirtiest, hottest, coldest, most dangerous - but highest paying jobs out there.
    There are hundreds - if not thousands of ignorant people out there essentially trying to shut the industry down. Voters in Colorado twice badly voted down anti-fracking legislation that would ban drilling from most all of Colorado. The State legislature defied the voters and passed their own which will do nothing but cost everyone hundreds of millions in fees to go to lawyers.
    Yes, there have been abuses but the vast majority of the industry is completely ethical. It's very difficult to be squeaky clean with such a messy, dangerous, flammable - but totally essential product. I have many friends and relatives in the industry who are not shady, who are not unethical and who are not greedy, filthy terrible people.
    As far as lobbying to save their business, there's nothing wrong with that. Every industry lobbies. If you legislate the business out of existence you are left with being back to being reliant on Iraq, Iran, Saudi Arabia, Nigeria, Russia, Venezuela and others. Oh, but we'll all have electric cars - but they use rare earth minerals dominated by China.
    If the industry causes damage, such as with water disposal injection, spills, etc., deal with that. Enjoy your car!

  3. #353

    Default Re: Continental Resources Business Practices

    Quote Originally Posted by dankrutka View Post
    First, there seems to be clear evidence that the energy companies have NOT cooperated with researchers, but repeatedly discounted the research or played dumb. With public safety, companies should always be on the safe side. Period. The energy companies have been unethical. They should have led the efforts to investigate it, not wait for proof on every individual case.

    Second, the fracking ban was not organized or funded by environmental groups, but by local citizens who were being ignored by the energy companies. Numerous residents repeatedly pleaded with energy companies to quit drilling right next to their houses, which was causing physical and water damage that made the homes unlivable. After repeated attempts at compromise, a group of citizens started the fracking ban campaign. It was a clear example of the industry being unethical. Doesn't matter because the energy companies got the Texas state house to take away the rights of local citizens to enact their own laws, which is obviously hypocritical for supposed small government politicians... But money spoke louder than democracy.

    I have no stakes in any if this, but the energy industry has clear systemic ethical problems. It's resulted in Oklahoma dealing with thousands of earthquakes and no one taking responsibility. It's really quite alarming.
    Show us the proof with scientific, unbiased evidence if you're going to make generalizations like that. I don't deny that there have been abuses, especially in the past, but O & G is highly monitored by virtually everyone these days, including a lot of anti-oil activists that push information that's about as true as what anti-vaxxers push. It is also a naturally political industry so if you think it's wrong to lobby an issue, like in Denton, you are being hypocritical.

  4. #354

    Default Re: Continental Resources Business Practices

    Lol those posts are 4 years old, do we really need to re-litigate them?

  5. #355

    Default Re: Continental Resources Business Practices

    Quote Originally Posted by gopokes88 View Post
    Lol those posts are 4 years old, do we really need to re-litigate them?

    I was wondering where those came from haha

  6. #356

    Default Re: Continental Resources Business Practices

    https://oklahoman.com/article/563753...es-new-acreage

    This is smart.

    Also lagoon continues it’s rapid growth. Heard a rumor they will be leading some space downtown soon.

  7. #357

    Default Re: Continental Resources Business Practices

    Hamm retiring as CEO, staying on as chairman of the board. William Berry is the new CEO. He's very impressive.

    Hamm still owns 65%, no worry about moving to Houston or anything.

    http://www.rbcrichardsonbarr.com/Ind...PR_____DA64475

  8. #358

    Default Re: Continental Resources Business Practices

    Quote Originally Posted by gopokes88 View Post
    Hamm retiring as CEO, staying on as chairman of the board. William Berry is the new CEO. He's very impressive.

    Hamm still owns 65%, no worry about moving to Houston or anything.

    http://www.rbcrichardsonbarr.com/Ind...PR_____DA64475
    He owns 77% of the shares.

  9. #359

    Default Re: Continental Resources Business Practices

    Quote Originally Posted by DowntownMan View Post
    He owns 77% of the shares.
    Hell yeah buybacks

  10. #360

    Default Re: Continental Resources Business Practices

    Found this article today. Figured since the other thread is focused on oil in general I should post it here.

    https://seekingalpha.com/article/434...es-hibernation

  11. #361

    Default Re: Continental Resources

    Here is an interesting article about Harold Hamm and his fight to keep Continental afloat during Covid. A lot I didn't know about him. Also, maybe I'm the last to find this out, but I had no idea how much he has the president's ear...

    https://www.google.com/amp/s/www.wsj...wn-11590074165

  12. #362

    Default Re: Continental Resources

    Bummer. WSJ Paywall. And talk about necropost! Could be a new record! :-)

  13. #363

    Default Re: Continental Resources

    Quote Originally Posted by securityinfo View Post
    Bummer. WSJ Paywall. And talk about necropost! Could be a new record! :-)
    True, it's an old thread, but my intention was not to spam (as necropost would imply), but rather show a unique perspective of how a. the coronavirus is affecting energy, and b. show a glimpse into the personality of a prominent Oklahoma figure (loved or hated). As for the paywall, all I can say is that I had no problem accessing it at one point.

  14. #364

    Default Re: Continental Resources Business Practices

    As CLR's stock price has slumped, Harold Hamm has increased his ownership to nearly 80%:

    https://www.barrons.com/articles/con...ck-51593255605

  15. #365

    Default Re: Continental Resources Business Practices

    CLR goes private in 3.....2.....

  16. #366

    Default Re: Continental Resources Business Practices

    Quote Originally Posted by Timshel View Post
    CLR goes private in 3.....2.....
    he has no reason to go private ..

  17. #367

    Default Re: Continental Resources Business Practices

    Quote Originally Posted by BoulderSooner View Post
    he has no reason to go private ..
    Buy the stock back at historical lows then float a new stock offering at some point in the future when he feels O&G prices will be significantly higher - therefore the new stock issue price would be higher. A calculated risk.

    Dun & Bradstreet went public again today 16 months after merging with a private equity firm and going private.

  18. #368

    Default Re: Continental Resources Business Practices

    Yeah I mean Harold said less than a year ago there was little value for CLR in remaining public. Obviously a very different market now then when he said it, though not necessary in ways that argue for remaining public. Plenty of reasons to go private depending on how you view the future market and the fundamentals of the company. FWIW, however, I would be shocked if Harold did it, but it's not completely impossible.

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