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Report: Continental Resources looking to sell stake in water business

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Report: Continental Resources looking to sell stake in water business

Continental Resources Inc. is considering selling a noncontrolling stake in its water infrastructure unit, which could be worth $1 billion or more, Bloomberg News reported Oct. 8, citing unnamed sources.

The Oklahoma City-based oil and gas producer is working with an adviser to attract interest in the potential stake sale, according to Bloomberg News.

Continental Resources' water infrastructure segment provides gathering and disposal services for water used in drilling in the Bakken Shale of North Dakota, and the SCOOP and STACK fields of Oklahoma, the report said.

Continental Resources Executive Chairman and CEO Harold Hamm earlier said the segment generates around $100 million in annual earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses, Bloomberg News reported.

In July, Continental Resources entered into an agreement to sell its water gathering and recycling system in the STACK play to water midstream company Lagoon Water Solutions LLC for $85 million.