Continental Resources Inc., the oil and gas explorer founded by billionaire Harold Hamm, is exploring a sale of a non-controlling stake in its water-infrastructure business that could value the unit at $1 billion or more, according to people familiar with the matter.
The Oklahoma City-based company is working with an adviser to solicit interest in the unit, which helps gather and dispose of water used in drilling in North Dakota’s Bakken shale and the Scoop and Stack fields in Oklahoma, said the people, who asked to not be identified because the matter isn’t public.