Shale King Hamm Enters Permian Basin With Pioneer Deal

Continental to buy some shale properties for $3.25 billion
Pioneer can focus on its other Permian prospects after sale

Harold Hamm
Photographer: F. Carter Smith/Bloomberg

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By David Wethe

November 3, 2021 at 8:16 PM UTC

Updated on

November 4, 2021 at 1:52 PM UTC

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Harold Hamm, one of the richest and most prominent shale wildcatters, is finally taking a stake in North America’s biggest oil field.

Continental Resources Inc., the shale driller created and controlled by the billionaire, agreed Wednesday to acquire assets in the Permian Basin from Pioneer Natural Resources Co. for $3.25 billion. Continental will pay cash for the assets in the Delaware Basin, a subregion of the massive Permian. Continental shares fell as much as 8.1% in New York Thursday.