Continental Resources announces initial $1B share repurchase program
Continental Resources announced that its Board of Directors approved the initiation of a quarterly dividend of 5c per share 20c per share annualized on the company's common stock and an initial $1B share-repurchase program. Continental maintains its 2019 guidance as announced on February 13, reaffirming the company's commitment to its corporate objectives and a strong alignment with shareholders. "Today marks another milestone in Continental's history as we initiate a total shareholder return strategy," said Harold Hamm, Chairman and Chief Executive Officer. "Our disciplined approach to balancing capital-efficient growth and reducing debt has enabled us to approve both an initial $0.20 per share annualized dividend and an initial $1B share-repurchase program. This demonstrates the confidence we have in the quality and sustainability of our assets and our commitment to maximizing shareholder value. We see the current value of our equity as being unreasonably low, making the acquisition of our stock the best use of excess cash at this time."