Continental Resources Announces Upgrade To Investment Grade Rating From Moody's
OKLAHOMA CITY, Dec. 13, 2013 /PRNewswire/ -- Continental Resources, Inc. (NYSE: CLR) ("Continental" or the "Company") announced today that Moody's Investor Services ("Moody's") has upgraded the Company to investment grade. Moody's increased Continental's senior unsecured rating to Baa3 from Ba2.
John D. Hart, Continental's Chief Financial Officer, commented, "We are pleased to have Moody's recognize Continental as an investment grade credit. The Company has experienced significant growth with our success in the development of the Bakken and most recently the SCOOP play. The asset base has delivered and continues to provide exceptional returns and cash margins, which enable us to execute our growth plans. Our growth has been matched with a disciplined capital sourcing approach enabling a strong credit profile. This upgrade to investment grade is yet another step forward in delivering a strong and flexible balance sheet as part of our 5 year plan. Congratulations to our entire team."
About Continental Resources
Continental Resources (NYSE: CLR) is a Top 10 independent oil producer in the United States. Based in Oklahoma City, Continental is the largest leaseholder and 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 recently discovered SCOOP play and the Northwest Cana play. With a focus on the exploration and production of oil, Continental is on a mission to unlock the technology and resources vital to American energy independence. In 2013, the company will celebrate 46 years of operation. For more information, please visit www.CLR.com.
SOURCE Continental Resources, Inc.