American Oil and Gas Reporter - December 2021 - 23

it promotes natural gas development
and use to re-establish the United States
as a global energy superpower.
According to OOGA, Hammond
remains involved with ensuring a
smooth and seamless transition until
OOGA names a new president.
" Being entrusted to lead the Ohio Oil
& Gas Association has been a privilege
and an honor for which I will be forever
grateful, " Hammond says. " This was
not an easy decision, nor one that I
treated lightly. But in the end, I believe
it is in the best interest of my family,
and I am excited to pursue a new
professional opportunity. "
" I want to thank Matt Hammond for
his hard work and commitment on behalf
of our organization and its members, "
affirms OOGA Board of Trustees
Chairman Bruce Levengood. " Matt did
an excellent job leading the association
through some difficult challenges during
his time as president and secured policy
initiatives that will help our industry for
many years to come. Although I am
disappointed to see him go, it is exciting
that OOGA continues to develop energy
leaders who will go on to further benefit
our industry, both here in Ohio and
across the country.
" Moving forward, OOGA will be
using every resource available to find a
new president and to ensure our work
on policy objectives and member
services continues without
interruption, " Levengood adds. " I look
forward to working with leadership to
ensure a smooth and efficient transition
until a new president is named, and I
know our organization remains strong
as the leading voice for Ohio's natural
gas and oil industry. "
The Empowerment Alliance's Nick
Flocken says the group looks forward to
welcoming Hammond as executive
director. " His extensive industry
experience will be invaluable to TEA's
mission of restoring and protecting
American energy independence, " he
suggests. " Hammond will lead the
charge in educating the American public
on the benefits of affordable, clean,
abundant and secure domestic natural
gas, as well as promoting common sense
solutions to America's energy needs. " ❒
Continental Buys Some
Pioneer Permian Assets
OKLAHOMA CITY-Continental
Resources has entered a definitive
agreement to acquire select Permian
Basin assets from Pioneer Natural
Resources in an all-cash transaction
DECEMBER 2021 23
valued at approximately $3.25 billion.
" Continental's foundation has always
been built upon a strong geology-led
corporate strategy, " says Chief
Executive Officer Bill Berry. " This
continues today and has directly led us
to our new strategic position in the
Permian Basin. This acquisition will
complement our existing deep inventory
portfolio in the Bakken, Oklahoma and
most recently, the Powder River Basin. "
The company highlights several
features of the transaction, including
that it:
· Projects to generate $750 million
of annual cash flow from operations and
$500 million of annual free cash flow in
2022 at current prices;
· Derives about 75% of its
transaction price from proved developed
producing properties, accounting for
roughly 55,000 barrels of oil equivalent
a day, 70% of which is oil production;
· Covers 92,000 contiguous net
leasehold acres; and
· Totals 98% operated properties,
with more than 90% of the acreage held
by production.
" These Permian assets contain the
key strategic components common to all
http://www.dearingcomp.com http://sales@dearingcomp.com
American Oil and Gas Reporter - December 2021

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