Continental Resources' Strategic Acquisition of FireBird Energy II Expands Permian Basin Holdings

Continental Resources Expands Permian Basin Position with FireBird Energy II Acquisition

In a strategic move to solidify its dominance in the Permian Basin, Continental Resources has confirmed its agreement to acquire FireBird Energy II LLC. This acquisition is poised to significantly bolster Continental's existing portfolio, adding nearly 54,000 net acres in the Midland Basin, a region rich in oil production.

The significance of this acquisition is underscored by the resource potential and operational readiness of the FireBird assets. FireBird currently operates approximately 147,000 net resource acres within the Basin, comprising over six stacked-pay reservoirs. Remarkably, a staggering 95% of these operations are managed by the company itself, ensuring that Continental will be stepping into a well-developed field.

FireBird's output stands at approximately 32,000 barrels of oil equivalent per day (boepd), with oil accounting for an impressive 69% of that figure. In addition to this current production capacity, Continental will inherit 307 gross operated development locations, a testament to the expansive growth trajectory ahead.

Doug Lawler, Continental’s President and CEO, emphasized the strategic importance of the Permian Basin to the company’s broader goals. This acquisition aligns seamlessly with the continuity of their growth strategy over the past year. Notably, Continental has successfully increased its Permian acreage by over 40% since the start of the expansion period, and the addition of FireBird represents yet another step towards achieving robust, sustainable growth in an area pivotal to U.S. oil production.

Lawler stated, "The Permian is integral to Continental's portfolio and we are extremely encouraged by the results we are seeing from our teams and assets in the basin. This acquisition builds directly on that momentum. FireBird has a proven track record of value creation and has built significant scale in the heart of the Midland Basin, and we look forward to building on the strong foundation their team has established.”

The optimism shared by Lawler is echoed by Travis Thompson, CEO of FireBird, who expressed pride in what the company has achieved since its inception. He highlighted the company’s commitment to execution, capital efficiency, and value generation. Thompson said, “Continental has an outstanding reputation as an operator and shares our conviction in the quality and long-term potential of these assets. We believe they are the right company to build on what we have created, and we are excited to see what comes next.”

Quantum Capital Group, which has supported FireBird since its inception, also praised the collaboration, citing the team’s operational excellence and the strategic decision to position FireBird within one of the world’s critical energy-producing hubs. Jonathan Regan, a Partner at Quantum, remarked on the rapid success the FireBird team achieved within just over three years.

The acquisition not only enhances Continental's resource base but also increases its ability to leverage decades of expertise in unconventional resource development. This expanded footprint is expected to unlock additional operational efficiencies and longer-term developmental strategies within the Permian Basin, ensuring sustained productivity and growth.

The transaction is anticipated to close in September 2026, pending customary closing conditions. Legal counsel for Continental is being provided by Vinson & Elkins L.L.P., while Jefferies LLC and RBC Capital Markets, LLC are advising FireBird regarding the deal.

Continental Resources is recognized as the largest privately held oil and natural gas producer globally, with a legacy of innovation in resource development. The company's extensive operations span several key U.S. regions, including North Dakota’s Bakken and Oklahoma’s Anadarko Basin, as well as significant international ventures. This acquisition further positions Continental for success as the energy sector continues to evolve.