Continental Resources said Mar. 21 that it plans to move its corporate headquarters from the small city of Enid, Okla., to Oklahoma City, the state’s capital and largest city. Enid is about 85 miles north-northwest of Oklahoma City.
The move is a key element in the company’s growth strategy, set a year ago, to triple the company’s size in five years. A company spokesman said the relocation will provide more convenient access to its operations across the country, to business partners, and to an expanded pool of technical talent not available in Enid, which has a population of about 50,000. Oklahoma City has a population of 580,000 and an estimated metro-area population of nearly 1.3 million.
The transition is slated to be completed by the second half of 2012.
“We're expanding rapidly as a leading oil and gas company,” said Harold Hamm, chairman and CEO. “With our growth plans in the largest oil play in the US, the Bakken Shale in the Williston basin, the timing is right to locate our corporate headquarters in Oklahoma City. As we look toward the future, Oklahoma City offers a vibrant base to support our aggressive growth strategy, while retaining our strong commitment to the state of Oklahoma. This is a significant step in the continuation of our growth plan. The company recently announced that it plans to grow production in a range of 35% to 37% in 2011, up from our earlier guidance of 30% growth. As our operations in the Rocky Mountain area grow, we plan to announce an additional office there as well.”
Continental Resources has acquired one of Oklahoma City's premier office buildings to serve as its new headquarters, located at 20 North Broadway and currently occupied by Devon Energy. Constructed in 1981, the building is a 19-story, 307,288-square-foot Class A building located in the heart of downtown. Terms of the transaction have not been disclosed.
Continental Resources currently has about 250 full-time employees in Enid. “We will work to ensure a smooth transition for all concerned,” said Hamm. “We understand our importance to Enid and remain committed to supporting local community-building programs.”