Continental Resources, Inc. (NYSE:CLR) agreed to acquire Powder River Basin Assets from Chesapeake Energy Corporation (NasdaqGS:CHK) for approximately $450 million on January 24, 2022. The purchase price is subject to customary purchase price adjustments. Continental will deliver a $22.5 million deposit to Chesapeake at signing to be held by Chesapeake pending the closing of the Powder River Disposition. At closing, net proceeds from the sale will go toward the purchase price of the Chief acquisition. Continental Resources expect to fund the Powder River acquisition from Chesapeake with internally generated cash flow during February and March and for net debt to continue trending down as we are projected to generate significant free cash flow. The transaction is expected to close in the first quarter of 2022. JORDAN ALTMAN, JONATHAN CHENG, JEREMY KENNEDY, DOREEN E. LILIENFELD, TODD LOWTHER, JOHN W. MENKE, BILL NELSON and IAN E. ROBERTS of Shearman & Sterling LLP served as a legal counsel to Chesapeake Energy Corporation. Cody Pan of RBC Capital Markets acted as financial advisor to Continental Resources in the transaction.

Continental Resources, Inc. (NYSE:CLR) completed the acquisition of Powder River Basin Assets from Chesapeake Energy Corporation (NasdaqGS:CHK) on March 25, 2022.