# EDGAR Filing Document

**Accession Number:** 0000732834
**File Stem:** 0001193125-25-264863
**Filing Date:** 2025-11
**Character Count:** 120139
**Document Hash:** f94f288d4ada9035bc9b6778b4be5730
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264863.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264863

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONTINENTAL RESOURCES, INC
- **CENTRAL INDEX KEY:** 0000732834
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 730767549
- **STATE OF INCORPORATION:** OK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32886
- **FILM NUMBER:** 251450116

**BUSINESS ADDRESS:**
- **STREET 1:** 20 NORTH BROADWAY
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73102
- **BUSINESS PHONE:** 4052349000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 268836
- **CITY:** OKLAHOMA CITY
- **STATE:** OK
- **ZIP:** 73126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONTINENTAL RESOURCES INC
- **DATE OF NAME CHANGE:** 19980811

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**________________________________________**

**FORM** 10-Q

**________________________________________**

**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **September 30,** 2025

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to** 

**Commission File Number:** 001-32886

**____________________________________**

![img235783113_0.jpg](img235783113_0.jpg)

**CONTINENTAL RESOURCES, INC** 

**(Exact name of registrant as specified in its charter)**

**____________________________________**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Oklahoma |  |  |  |  | 73-0767549 |
| (State or other jurisdiction of incorporation or organization) |  |  |  |  | (I.R.S. Employer Identification No.) |
| (State or other jurisdiction of incorporation or organization) |  |  |  |  |  |
|  | 20 N. Broadway, | Oklahoma City, | Oklahoma | 73102 |  |
|  | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |  |

---

(405) 234-9000

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

____________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ◻ No ⌧

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

As of September 30, 2025, there are no publicly traded common shares of Continental Resources, Inc.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| [**<u>PART I. Financial Information</u>**](#part_i_financial_information) | [**<u>PART I. Financial Information</u>**](#part_i_financial_information) | [**<u>PART I. Financial Information</u>**](#part_i_financial_information) |
| Item 1. | [<u>Financial Statements</u>](#item_1_financial_statements) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Consolidated Balance Sheets</u>](#condensed_consolidated_balance_sheets) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Consolidated Statements of Income</u>](#consolidated_statements_of_operations) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Consolidated Statements of Equity</u>](#condensed_consolidated_stmt_of_equity) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Consolidated Statements of Cash Flows</u>](#consolidated_statements_of_cash_flows) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Unaudited Condensed Consolidated Financial Statements</u>](#note_to_condensed_conso_financial_stmt) | 5 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#section25) | 14 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#section35) | 23 |
| Item 4. | [<u>Controls and Procedures</u>](#section36) | 24 |
| [**<u>PART II. Other Information</u>**](#section37) | [**<u>PART II. Other Information</u>**](#section37) |  |
| Item 1. | [<u>Legal Proceedings</u>](#section38) | 25 |
| Item 1A. | [<u>Risk Factors</u>](#riskfactors) | 25 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#section40) | 25 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#section41) | 25 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#section42) | 25 |
| Item 5. | [<u>Other Information</u>](#section43) | 25 |
| Item 6. | [<u>Exhibits</u>](#section44) | 26 |
|  | [<u>Signature</u>](#section45) | 27 |
| When we refer to "us," "we," "our," "Company," or "Continental" we are describing Continental Resources, Inc. and our subsidiaries. | When we refer to "us," "we," "our," "Company," or "Continental" we are describing Continental Resources, Inc. and our subsidiaries. | When we refer to "us," "we," "our," "Company," or "Continental" we are describing Continental Resources, Inc. and our subsidiaries. |

---

------

**Glossary of Crude Oil and Natural Gas Terms**

The terms defined in this section may be used throughout this report:

*"Bbl"* One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or natural gas liquids.

*"Boe"* Barrels of crude oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of crude oil based on the average equivalent energy content of the two commodities.

*"Btu"* British thermal unit, which represents the amount of energy needed to heat one pound of water by one degree Fahrenheit and can be used to describe the energy content of fuels.

*"MBbl"* One thousand barrels of crude oil, condensate or natural gas liquids.

*"MBoe"* One thousand Boe.

*"Mcf"* One thousand cubic feet of natural gas.

*"MMBoe"* One million Boe.

*"MMBtu"* One million British thermal units.

*"MMcf"* One million cubic feet of natural gas.

*"NGL" or "NGLs"* Refers to natural gas liquids, which are hydrocarbon products that are separated during natural gas processing and include ethane, propane, isobutane, normal butane, and natural gasoline.

*"NYMEX"* The New York Mercantile Exchange.

*"proved reserves"* The quantities of crude oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates renewal is reasonably certain.

i

------

**Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995**

This report and information incorporated by reference in this report include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including, but not limited to, forecasts or expectations regarding the Company's business and statements or information concerning the Company's future operations, performance, financial condition, production and reserves, schedules, plans, timing of development, rates of return, budgets, costs, business strategy, objectives, and cash flows, included in this report are forward-looking statements. The words "could," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget," "target," "plan," "continue," "potential," "guidance," "strategy" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words.

Forward-looking statements may include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;•our strategy;

&nbsp;&nbsp;&nbsp;&nbsp;•our business and financial plans;

&nbsp;&nbsp;&nbsp;&nbsp;•our future operations;

&nbsp;&nbsp;&nbsp;&nbsp;•our proved reserves and related development plans;

&nbsp;&nbsp;&nbsp;&nbsp;•technology;

&nbsp;&nbsp;&nbsp;&nbsp;•future crude oil, natural gas liquids, and natural gas prices and differentials;

&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of future production of crude oil, natural gas liquids, and natural gas and flaring activities;

&nbsp;&nbsp;&nbsp;&nbsp;•the amount, nature and timing of capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;•estimated revenues, expenses and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;•drilling and completing of wells;

&nbsp;&nbsp;&nbsp;&nbsp;•shutting in of production and the resumption of production activities;

&nbsp;&nbsp;&nbsp;&nbsp;•competition;

&nbsp;&nbsp;&nbsp;&nbsp;•marketing of crude oil, natural gas, and natural gas liquids;

&nbsp;&nbsp;&nbsp;&nbsp;•transportation of crude oil, natural gas, and natural gas liquids to markets;

&nbsp;&nbsp;&nbsp;&nbsp;•property exploitation, property acquisitions and dispositions, strategic investments, or joint domestic and foreign development opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;•costs of exploiting and developing our properties and conducting other operations, including any impacts from inflation;

&nbsp;&nbsp;&nbsp;&nbsp;•our financial position;

&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of debt borrowings or repayments;

&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of income tax payments and payments the Company may be obligated to make pursuant to the stock redemption agreement described in *Note 8. Commitments and Contingencies*—*Stock Redemption Agreement;*

&nbsp;&nbsp;&nbsp;&nbsp;•current and potential litigation matters;

&nbsp;&nbsp;&nbsp;&nbsp;•geopolitical events and conditions in, or affecting other, crude oil-producing and natural gas-producing nations, including foreign jurisdictions where the Company may explore resource development opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;•credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;•our liquidity and access to capital;

&nbsp;&nbsp;&nbsp;&nbsp;•the impact of U.S. and foreign governmental policies, laws, regulations, tariffs in the United States and foreign jurisdictions, as well as regulatory and legal proceedings involving us and of scheduled or potential regulatory or legal changes in these areas;

&nbsp;&nbsp;&nbsp;&nbsp;•our future operating and financial results;

&nbsp;&nbsp;&nbsp;&nbsp;•our future commodity or other hedging arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;•the ability and willingness of current or potential lenders, hedging contract counterparties, customers, and working interest owners to fulfill their obligations to us or to enter into transactions with us in the future on terms that are acceptable to us.

Forward-looking statements are based on the Company's current expectations and assumptions about future events and currently available information as to the outcome and timing of future events. Although the Company believes these assumptions and expectations are reasonable, they are inherently subject to numerous business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. No assurance can be given that such expectations will be correct or achieved or that the assumptions are accurate or will not change over time. The risks and

ii

------

uncertainties that may affect the operations, performance and results of the business and forward-looking statements include, but are not limited to, those risk factors and other cautionary statements described under *Part II, Item 1A. Risk Factors* and elsewhere in this report, if any, our Annual Report on Form 10-K for the year ended December 31, 2024, and other announcements we make from time to time.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made. Additionally, new factors emerge from time to time, and it is not possible for us to predict all such factors. Should one or more of the risks or uncertainties described in this report or our Annual Report on Form 10-K for the year ended December 31, 2024 occur, or should underlying assumptions prove incorrect, the Company's actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Except as expressly stated above or otherwise required by applicable law, the Company undertakes no obligation to publicly correct or update any forward-looking statement whether as a result of new information, future events or circumstances after the date of this report, or otherwise.

iii

------

**PART I. Financial Information**

**ITEM 1. Financial Statements**

**Continental Resources, Inc. and Subsidiaries**

**Unaudited Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| ***In thousands, except par values and share data*** | **September 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1102907 | $39064 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1461991 | 1553919 |
| &nbsp;&nbsp;&nbsp;Derivative assets | 248272 | 95227 |
| &nbsp;&nbsp;&nbsp;Inventories | 227245 | 184251 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | 159855 | 32648 |
| Total current assets | 3200270 | 1905109 |
| Net property and equipment, based on successful efforts method of accounting | 20533367 | 20037922 |
| Investment in unconsolidated affiliates | 259426 | 258359 |
| Operating lease right-of-use assets | 31941 | 20933 |
| Derivative assets, noncurrent | 39120 | 62426 |
| Other noncurrent assets | 18574 | 20832 |
| Total assets | $24082698 | $22305581 |
| **Liabilities and equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable trade | $826849 | $845160 |
| &nbsp;&nbsp;&nbsp;Revenues and royalties payable | 731113 | 682461 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and other | 317673 | 413036 |
| &nbsp;&nbsp;&nbsp;Current portion of incentive compensation liability | 66016 | 74494 |
| &nbsp;&nbsp;&nbsp;Current portion of income tax liabilities | 1808 | 21659 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 9996 | 4046 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt |  | 2587 |
| Total current liabilities | 1953455 | 2043443 |
| Long-term debt, net of current portion | 4770584 | 4798860 |
| Other noncurrent liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income tax liabilities, net | 2987357 | 2704069 |
| &nbsp;&nbsp;&nbsp;Incentive compensation liability, noncurrent | 15568 | 36468 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations, noncurrent | 459954 | 432495 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities, noncurrent | 24097 | 143 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, noncurrent | 20946 | 15823 |
| &nbsp;&nbsp;&nbsp;Other noncurrent liabilities | 32449 | 48783 |
| Total other noncurrent liabilities | 3540371 | 3237781 |
| Commitments and contingencies (Note 8) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value: 25,000,000 shares authorized; no shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value: 400,000 shares authorized (187,256 shares issued) of Class A voting common stock and 400,000,000 shares authorized (299,423,011 shares issued) of Class B non-voting common stock | 2996 | 2996 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 13461688 | 11862515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity attributable to Continental Resources | 13464684 | 11865511 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 353604 | 359986 |
| Total equity | 13818288 | 12225497 |
| Total liabilities and equity | $24082698 | $22305581 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

**Continental Resources, Inc. and Subsidiaries**

**Unaudited Condensed Consolidated Statements of Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| ***In thousands*** | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil, natural gas, and natural gas liquids sales | $1824572 | $1711932 | $5341153 | $5523563 |
| &nbsp;&nbsp;&nbsp;Gain on derivative instruments, net | 184195 | 270001 | 319447 | 161536 |
| &nbsp;&nbsp;&nbsp;Crude oil and natural gas service operations | 36976 | 24207 | 106974 | 68532 |
| Total revenues | 2045743 | 2006140 | 5767574 | 5753631 |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Production expenses | 221620 | 193838 | 622444 | 565212 |
| &nbsp;&nbsp;&nbsp;Production and ad valorem taxes | 134233 | 131753 | 389004 | 428252 |
| &nbsp;&nbsp;&nbsp;Transportation, gathering, processing, and compression | 87958 | 89206 | 242676 | 288603 |
| &nbsp;&nbsp;&nbsp;Exploration expenses | 4791 | 3900 | 11420 | 10990 |
| &nbsp;&nbsp;&nbsp;Crude oil and natural gas service operations | 30047 | 20318 | 78816 | 69673 |
| &nbsp;&nbsp;&nbsp;Depreciation, depletion, amortization and accretion | 697474 | 613940 | 1943602 | 1873282 |
| &nbsp;&nbsp;&nbsp;Property impairments | 12826 | 12532 | 45674 | 34718 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 63582 | 64630 | 187109 | 211554 |
| &nbsp;&nbsp;&nbsp;Net loss on sale of assets and other | 1174 | 3439 | 7446 | 37971 |
| Total operating costs and expenses | 1253705 | 1133556 | 3528191 | 3520255 |
| Income from operations | 792038 | 872584 | 2239383 | 2233376 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (54190) | (63677) | (163573) | (215313) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  | (57) | (1600) |
| &nbsp;&nbsp;&nbsp;Other | 8175 | 49449 | 19311 | (331632) |
|  | (46015) | (14228) | (144319) | (548545) |
| Income before income taxes | 746023 | 858356 | 2095064 | 1684831 |
| Provision for income taxes | (188400) | (138470) | (469971) | (401059) |
| Income before equity in net loss of affiliate | 557623 | 719886 | 1625093 | 1283772 |
| Equity in net loss of affiliate | (32) | (769) | (14447) | (2981) |
| Net income | 557591 | 719117 | 1610646 | 1280791 |
| Net income attributable to noncontrolling interests | 1625 | 60 | 11475 | 333 |
| Net income attributable to Continental Resources | $555966 | $719057 | $1599171 | $1280458 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

**Continental Resources, Inc. and Subsidiaries**

**Unaudited Condensed Consolidated Statements of Equity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Three months ended September 30, 2025*** | ***Three months ended September 30, 2025*** | ***Three months ended September 30, 2025*** | ***Three months ended September 30, 2025*** | ***Three months ended September 30, 2025*** | ***Three months ended September 30, 2025*** | ***Three months ended September 30, 2025*** |
|  | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** |  |  |
| ***In thousands, except share data*** | **Shares<br>outstanding** | **Common<br>stock** | **Retained<br>earnings** | **Total** | **Noncontrolling<br>interests** | **Total equity** |
| Balance at June 30, 2025 | 299610267 | $2996 | $12905722 | $12908718 | $355128 | $13263846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  | 555966 | 555966 | 1625 | 557591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  | 2845 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests |  |  |  |  | (5994) | (5994) |
| Balance at September 30, 2025 | 299610267 | $2996 | $13461688 | $13464684 | $353604 | $13818288 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Nine months ended September 30, 2025*** | ***Nine months ended September 30, 2025*** | ***Nine months ended September 30, 2025*** | ***Nine months ended September 30, 2025*** | ***Nine months ended September 30, 2025*** | ***Nine months ended September 30, 2025*** | ***Nine months ended September 30, 2025*** |
|  | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** |  |  |
| ***In thousands, except share data*** | **Shares<br>outstanding** | **Common<br>stock** | **Retained<br>earnings** | **Total** | **Noncontrolling<br>interests** | **Total equity** |
| Balance at December 31, 2024 | 299610267 | $2996 | $11862515 | $11865511 | $359986 | $12225497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  | 1599171 | 1599171 | 11475 | 1610646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in dividends payable |  |  | 2 | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  | 7600 | 7600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests |  |  |  |  | (25457) | (25457) |
| Balance at September 30, 2025 | 299610267 | $2996 | $13461688 | $13464684 | $353604 | $13818288 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Three months ended September 30, 2024*** | ***Three months ended September 30, 2024*** | ***Three months ended September 30, 2024*** | ***Three months ended September 30, 2024*** | ***Three months ended September 30, 2024*** | ***Three months ended September 30, 2024*** | ***Three months ended September 30, 2024*** |
|  | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** |  |  |
| ***In thousands, except share data*** | **Shares<br>outstanding** | **Common<br>stock** | **Retained<br>earnings** | **Total** | **Noncontrolling<br>interests** | **Total equity** |
| Balance at June 30, 2024 | 299610267 | $2996 | $10412107 | $10415103 | $363885 | $10778988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  | 719057 | 719057 | 60 | 719117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in dividends payable |  |  | 20 | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  | 2149 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests |  |  |  |  | (5182) | (5182) |
| Balance at September 30, 2024 | 299610267 | $2996 | $11131184 | $11134180 | $360912 | $11495092 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Nine months ended September 30, 2024*** | ***Nine months ended September 30, 2024*** | ***Nine months ended September 30, 2024*** | ***Nine months ended September 30, 2024*** | ***Nine months ended September 30, 2024*** | ***Nine months ended September 30, 2024*** | ***Nine months ended September 30, 2024*** |
|  | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** | **Shareholders' equity attributable to Continental Resources** |  |  |
| ***In thousands, except share data*** | **Shares<br>outstanding** | **Common<br>stock** | **Retained<br>earnings** | **Total** | **Noncontrolling<br>interests** | **Total equity** |
| Balance at December 31, 2023 | 299610267 | $2996 | $9850687 | $9853683 | $356104 | $10209787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  | 1280458 | 1280458 | 333 | 1280791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in dividends payable |  |  | 39 | 39 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests |  |  |  |  | 21745 | 21745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests |  |  |  |  | (17270) | (17270) |
| Balance at September 30, 2024 | 299610267 | $2996 | $11131184 | $11134180 | $360912 | $11495092 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

**Continental Resources, Inc. and Subsidiaries**

**Unaudited Condensed Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| ***In thousands*** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $1610646 | $1280791 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, amortization and accretion | 1941272 | 1867675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property impairments | 45674 | 34718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash (gain) loss on derivatives | (105785) | 125161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for deferred income taxes | 283288 | (30710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in net loss of affiliate | 14447 | 2981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of assets and other | 5666 | 36401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 57 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 11753 | 379049 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 91535 | 250153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (46340) | (2406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (128870) | (90196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable trade | 75364 | 53685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues and royalties payable | 47924 | (182764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | (99206) | (13501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive compensation liability | (29377) | (75118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current income taxes liability | (19851) | (84556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | (18500) | (18855) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 3679697 | 3534108 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Exploration and development | (2451624) | (2142748) |
| &nbsp;&nbsp;&nbsp;Purchase of producing crude oil and natural gas properties | (4103) | (1246) |
| &nbsp;&nbsp;&nbsp;Purchase of other property and equipment | (117785) | (161188) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 25503 | 467048 |
| &nbsp;&nbsp;&nbsp;Contributions to unconsolidated affiliates | (15515) | (21473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (2563524) | (1859607) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Credit facility borrowings | 440000 | 3016000 |
| &nbsp;&nbsp;&nbsp;Repayment of credit facility | (460000) | (3041000) |
| &nbsp;&nbsp;&nbsp;Redemption of senior notes |  | (893126) |
| &nbsp;&nbsp;&nbsp;Repayment of other debt | (15220) | (751863) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (135) |  |
| &nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests | 8566 | 21560 |
| &nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (24913) | (17334) |
| &nbsp;&nbsp;&nbsp;Dividends paid on common stock | (628) | (2342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (52330) | (1668105) |
| Net change in cash and cash equivalents | 1063843 | 6396 |
| Cash and cash equivalents at beginning of period | 39064 | 26397 |
| Cash and cash equivalents at end of period | $1102907 | $32793 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**Note 1. Organization and Nature of Business**

*Nature of Business*

Continental Resources, Inc. (the "Company") was formed in 1967 and is incorporated under the laws of the State of Oklahoma. The Company's principal business is the exploration, development, management, and production of crude oil and natural gas and associated products with properties primarily located in four leading basins in the United States – the Bakken field of North Dakota and Montana, the Anadarko Basin of Oklahoma, the Permian Basin of Texas, and the Powder River Basin of Wyoming. Additionally, the Company pursues the acquisition and management of perpetually owned minerals located in certain of its key operating areas. For the nine months ended September 30, 2025, crude oil accounted for 55% of the Company's total production and 83% of its crude oil, natural gas, and natural gas liquids revenues.

*Voluntary Filer*

The Company is privately owned by its founder, Harold G. Hamm, certain members of his family and their affiliated entities (the "Hamm Family"). As of September 30, 2025, the Hamm Family holds approximately 299.6 million shares of common stock of the Company. As a privately held company, certain of the corporate governance, disclosure, and other provisions applicable to a company with listed equity securities and reporting obligations under the Securities Exchange Act of 1934 do not apply to us. We continue to furnish Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K with the SEC as required by our senior note indentures.

**Note 2. Basis of Presentation and Significant Accounting Policies**

*Basis of presentation*

The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities in which the Company has a controlling financial interest. Intercompany accounts and transactions have been eliminated upon consolidation. Noncontrolling interests reflected herein represent third party ownership in the net assets of consolidated subsidiaries. The portions of consolidated net income and equity attributable to the noncontrolling interests are presented separately in the Company's financial statements.

Investments in entities in which the Company has the ability to exercise significant influence, but does not control, are accounted for using the equity method of accounting. In applying the equity method, the investments are initially recognized at cost and are subsequently adjusted for the Company's proportionate share of earnings, losses, contributions, and distributions as applicable.

The Company has one reportable segment due to the similar nature of its business, which is the exploration, development, and production of crude oil, natural gas, and natural gas liquids in the United States. The Company's President and CEO is the chief operating decision maker and he reviews consolidated net income to assess performance and determine how to allocate resources. The measure of segment assets is reported on the consolidated balance sheets as total assets. As a single reportable segment entity, the financial information is contained in *Part I. Item 1. Financial Statements.*

This report has been prepared pursuant to rules and regulations applicable to interim financial information. Because this is an interim period filing presented using a condensed format, it does not include all disclosures required by accounting principles generally accepted in the United States ("U.S. GAAP"), although the Company believes the disclosures are adequate to make the information not misleading. You should read this Quarterly Report on Form 10-Q ("Form 10-Q") together with the Company's Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"), which includes a summary of the Company's significant accounting policies and other disclosures.

The condensed consolidated financial statements as of September 30, 2025 and for the three and nine month periods ended September 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 was derived from

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

the audited balance sheet included in the 2024 Form 10-K. The Company evaluated its September 30, 2025 financial statements for subsequent events through November 4, 2025, the date the financial statements were available to be issued.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure and estimation of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. The most significant estimates and assumptions impacting reported results are estimates of the Company's crude oil and natural gas reserves, which are used to compute depreciation, depletion, amortization and impairment of proved crude oil and natural gas properties. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement in accordance with U.S. GAAP have been included in these unaudited condensed consolidated financial statements. The results of operations for any interim period are not necessarily indicative of the results of operations that may be expected for any other interim period or for an entire year.

**Note 3. Supplemental Cash Flow Information**

The following table discloses supplemental cash flow information about cash paid for interest and income tax payments and refunds. Also disclosed is information about investing activities that affects recognized assets and liabilities but does not result in cash receipts or payments.

---

| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| ***In thousands*** | **2025** | **2024** |
| Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $168935 | $227609 |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes | 315605 | 614401 |
| &nbsp;&nbsp;&nbsp;Cash received for income tax refunds | 302 | 3266 |
| Non-cash investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Asset retirement obligation additions and revisions, net | 13092 | 15785 |

---

As of September 30, 2025 and December 31, 2024, the Company had $270.2 million and $376.4 million, respectively, of accrued capital expenditures included in "Net property and equipment" with an offsetting amount in "Accounts payable trade" in the consolidated balance sheets.

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**Note 4. Revenues**

The following table presents the disaggregation of the Company's crude oil and natural gas revenues by operating area for the three and nine months ended September 30, 2025 and 2024. Sales of natural gas and NGLs are combined, as a substantial majority of the Company's natural gas sales contracts represent wellhead sales of unprocessed gas.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** |
| ***In thousands*** | **Crude Oil** | **Natural Gas<br>and NGLs** | **Total** | **Crude Oil** | **Natural Gas<br>and NGLs** | **Total** |
| Bakken | $822304 | $53658 | $875962 | $835950 | $51336 | $887286 |
| Anadarko Basin | 210291 | 151578 | 361869 | 213883 | 112981 | 326864 |
| Powder River Basin | 102644 | 12609 | 115253 | 92570 | 8429 | 100999 |
| Permian Basin | 407228 | 37159 | 444387 | 349384 | 11537 | 360921 |
| All other | 27096 | 5 | 27101 | 35838 | 24 | 35862 |
| Crude oil, natural gas, and natural gas liquids sales | $1569563 | $255009 | $1824572 | $1527625 | $184307 | $1711932 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| ***In thousands*** | **Crude Oil** | **Natural Gas<br>and NGLs** | **Total** | **Crude Oil** | **Natural Gas<br>and NGLs** | **Total** |
| Bakken | $2272097 | $263090 | $2535187 | $2634637 | $192682 | $2827319 |
| Anadarko Basin | 622056 | 512736 | 1134792 | 729908 | 386280 | 1116188 |
| Powder River Basin | 313059 | 40906 | 353965 | 315112 | 30864 | 345976 |
| Permian Basin | 1125193 | 102540 | 1227733 | 1073837 | 42798 | 1116635 |
| All other | 89443 | 33 | 89476 | 117371 | 74 | 117445 |
| Crude oil, natural gas, and natural gas liquids sales | $4421848 | $919305 | $5341153 | $4870865 | $652698 | $5523563 |

---

**Note 5. Derivative Instruments**

From time to time the Company enters into derivative contracts to economically hedge against the variability in cash flows associated with future sales of production. The Company recognizes its derivative instruments on the balance sheet as either assets or liabilities measured at fair value. The estimated fair value is based upon various factors as described in *Note 6. Fair Value Measurements*.

At September 30, 2025 the Company had outstanding derivative contracts as set forth in the tables below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Natural gas derivatives*** |  |  |  |  |  |  |
|  |  |  | **Weighted Average Hedge Price ($/MMBtu)** | **Weighted Average Hedge Price ($/MMBtu)** | **Weighted Average Hedge Price ($/MMBtu)** | **Weighted Average Hedge Price ($/MMBtu)** |
| **Period and Type of Contract** | **Average Volumes Hedged** | **Average Volumes Hedged** | **Basis Swaps** | **Fixed Swaps** | **Floor** | **Ceiling** |
| October 2025 - March 2026 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collars - Henry Hub | 304000 | MMBtus/day |  |  | $4.25 | $5.99 |
| October 2025 - December 2025 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps - Henry Hub | 580000 | MMBtus/day |  | $3.95 |  |  |
| January 2026 - December 2026 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps - Henry Hub | 737000 | MMBtus/day |  | $4.13 |  |  |
| &nbsp;&nbsp;&nbsp;Basis Swaps - WAHA | 112500 | MMBtus/day | $1.80 |  |  |  |
| January 2027 - March 2027 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basis Swaps - WAHA | 120000 | MMBtus/day | $0.90 |  |  |  |
| January 2027 - December 2027 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swaps - Henry Hub | 647000 | MMBtus/day |  | $3.94 |  |  |

---

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Crude oil derivatives*** |  |  |  |  |  |  |
|  |  |  | **Weighted Average Hedge Price ($/Bbl)** | **Weighted Average Hedge Price ($/Bbl)** | **Weighted Average Hedge Price ($/Bbl)** | **Weighted Average Hedge Price ($/Bbl)** |
| **Period and Type of Contract** | **Average Volumes Hedged** | **Average Volumes Hedged** | **Roll Swaps** | **Fixed Swaps** | **Floor** | **Ceiling** |
| October 2025 - December 2025 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Swaps - WTI | 59000 | Bbls/day |  | $70.63 |  |  |
| &nbsp;&nbsp;&nbsp;Collars - WTI | 55000 | Bbls/day |  |  | $60.00 | $68.27 |
| &nbsp;&nbsp;&nbsp;Roll Swaps - NYMEX | 53000 | Bbls/day | $0.95 |  |  |  |
| January 2026 - December 2026 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Swaps - WTI | 55000 | Bbls/day |  | $62.17 |  |  |
| &nbsp;&nbsp;&nbsp;Collars - WTI | 33000 | Bbls/day |  |  | $60.00 | $69.38 |
| January 2027 - December 2027 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Swaps - WTI | 19000 | Bbls/day |  | $64.52 |  |  |

---

***Derivative gains and losses***

Cash receipts and payments in the following table reflect the gains or losses on derivative contracts which matured during the applicable period, calculated as the difference between the contract price and the market settlement price of matured contracts. The Company's derivative contracts are settled based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on NYMEX West Texas Intermediate ("WTI") pricing and natural gas derivative settlements based primarily on NYMEX Henry Hub pricing. Non-cash gains and losses below represent the change in fair value of derivative instruments which continued to be held at period end and the reversal of previously recognized non-cash gains or losses on derivative contracts that matured during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| ***In thousands*** | **2025** | **2024** | **2025** | **2024** |
| Cash received (paid) on derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil fixed price swaps | $30613 | $18258 | $76743 | $3410 |
| &nbsp;&nbsp;&nbsp;Crude oil collars | (6) |  | (34) |  |
| &nbsp;&nbsp;&nbsp;Crude oil NYMEX roll swaps | (2042) | (1957) | 349 | 76 |
| &nbsp;&nbsp;&nbsp;Natural gas WAHA fixed price swaps |  | 13262 |  | 40184 |
| &nbsp;&nbsp;&nbsp;Natural gas fixed price swaps | 47062 | 74480 | 81201 | 226958 |
| &nbsp;&nbsp;&nbsp;Natural gas collars | 32950 |  | 55403 | 16069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received on derivatives, net | 108577 | 104043 | 213662 | 286697 |
| Non-cash gain (loss) on derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil fixed price swaps | (31902) | 113723 | 75073 | (53757) |
| &nbsp;&nbsp;&nbsp;Crude oil collars | (6125) |  | 35657 |  |
| &nbsp;&nbsp;&nbsp;Crude oil NYMEX roll swaps | 2588 | 1851 | 2197 | (6825) |
| &nbsp;&nbsp;&nbsp;Natural gas WAHA fixed price swaps |  | (8348) |  | (21523) |
| &nbsp;&nbsp;&nbsp;Natural gas WAHA basis swaps | 6056 |  | 6056 |  |
| &nbsp;&nbsp;&nbsp;Natural gas fixed price swaps | 106510 | 58732 | (56724) | (31133) |
| &nbsp;&nbsp;&nbsp;Natural gas collars | (1509) |  | 43526 | (11923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash gain (loss) on derivatives, net | 75618 | 165958 | 105785 | (125161) |
| Gain on derivative instruments, net | $184195 | $270001 | $319447 | $161536 |

---

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

***Balance sheet offsetting of derivative assets and liabilities***

The Company's derivative contracts are recorded at fair value in the condensed consolidated balance sheets under the captions "Derivative assets," "Derivative assets, noncurrent," "Derivative liabilities," and "Derivative liabilities, noncurrent" as applicable. Derivative assets and liabilities with the same counterparty that are subject to contractual terms which provide for net settlement are reported on a net basis in the consolidated balance sheets.

The following table presents the gross amounts of recognized derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets for the periods presented, all at fair value.

---

| | | |
|:---|:---|:---|
| ***In thousands*** | **September 30, 2025** | **December 31, 2024** |
| Commodity derivative assets: |  |  |
| &nbsp;&nbsp;&nbsp;Gross amounts of recognized assets | $296772 | $168023 |
| &nbsp;&nbsp;&nbsp;Gross amounts offset on balance sheet | (9380) | (10370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amounts of assets on balance sheet | 287392 | 157653 |
| Commodity derivative liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Gross amounts of recognized liabilities | (33477) | (10513) |
| &nbsp;&nbsp;&nbsp;Gross amounts offset on balance sheet | 9380 | 10370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amounts of liabilities on balance sheet | $(24097) | $(143) |

---

The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets.

---

| | | |
|:---|:---|:---|
| ***In thousands*** | **September 30, 2025** | **December 31, 2024** |
| Derivative assets | $248272 | $95227 |
| Derivative assets, noncurrent | 39120 | 62426 |
| &nbsp;&nbsp;&nbsp;Net amounts of assets on balance sheet | 287392 | 157653 |
| Derivative liabilities |  |  |
| Derivative liabilities, noncurrent | (24097) | (143) |
| &nbsp;&nbsp;&nbsp;Net amounts of liabilities on balance sheet | (24097) | (143) |
| Total derivative assets, net | $263295 | $157510 |

---

**Note 6. Fair Value Measurements**

The Company's derivative instruments are reported at fair value on a recurring basis. In determining the fair values of swap contracts, a discounted cash flow method is used due to the unavailability of relevant comparable market data for the Company's exact contracts. The discounted cash flow method estimates future cash flows based on quoted market prices for forward commodity prices and a risk-adjusted discount rate. The fair values of swap contracts are calculated mainly using significant observable inputs (Level 2). Calculation of the fair values of collars requires the use of an industry-standard option pricing model that considers various inputs including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. These assumptions are observable in the marketplace or can be corroborated by active markets or broker quotes and are therefore designated as Level 2 within the valuation hierarchy. The Company's calculation of fair value for each of its derivative positions is compared to the counterparty valuation for reasonableness.

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

The following tables summarize the valuation of derivative instruments by pricing levels that were accounted for at fair value on a recurring basis as of September 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measurements at September 30, 2025 using:** | **Fair value measurements at September 30, 2025 using:** | **Fair value measurements at September 30, 2025 using:** |  |
| ***In thousands*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil fixed price swaps | $— | $87606 | $— | $87606 |
| &nbsp;&nbsp;&nbsp;Crude oil collars |  | 35657 |  | 35657 |
| &nbsp;&nbsp;&nbsp;Crude oil NYMEX roll swaps |  | 2197 |  | 2197 |
| &nbsp;&nbsp;&nbsp;Natural gas WAHA basis swaps |  | 6056 |  | 6056 |
| &nbsp;&nbsp;&nbsp;Natural gas fixed price swaps |  | 88253 |  | 88253 |
| &nbsp;&nbsp;&nbsp;Natural gas collars |  | 43526 |  | 43526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $263295 | $— | $263295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value measurements at December 31, 2024 using:** | **Fair value measurements at December 31, 2024 using:** | **Fair value measurements at December 31, 2024 using:** |  |
| ***In thousands*** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil fixed price swaps | $— | $12533 | $— | $12533 |
| &nbsp;&nbsp;&nbsp;Natural gas fixed price swaps |  | 144977 |  | 144977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $157510 | $— | $157510 |

---

**Note 7. Debt**

The Company's debt, net of unamortized discounts, premiums, and debt issuance costs totaling $29.4 million and $33.8 million at September 30, 2025 and December 31, 2024, respectively, consists of the following.

---

| | | |
|:---|:---|:---|
| ***In thousands*** | **September 30, 2025** | **December 31, 2024** |
| Credit facility | $— | $20000 |
| Notes payable |  | 15159 |
| 2.268% Senior Notes due 2026 | 798217 | 797056 |
| 4.375% Senior Notes due 2028 | 996657 | 995635 |
| 5.75% Senior Notes due 2031 | 1488530 | 1487175 |
| 2.875% Senior Notes due 2032 | 794326 | 793740 |
| 4.9% Senior Notes due 2044 | 692854 | 692682 |
| &nbsp;&nbsp;&nbsp;Total debt | $4770584 | $4801447 |
| Less: Current portion of long-term debt |  | 2587 |
| Long-term debt, net of current portion | $4770584 | $4798860 |

---

***Credit Facility***

The Company has a credit facility, maturing in October 2029, with aggregate lender commitments totaling $1.8 billion. The credit facility is unsecured and has no borrowing base requirement subject to redetermination.

The Company had no outstanding borrowings on its credit facility at September 30, 2025. The Company incurs commitment fees based on currently assigned credit ratings of 0.20% per annum on the daily average amount of unused borrowing availability. Credit facility borrowings bear interest at market-based interest rates plus a margin based on the terms of the borrowing and the credit ratings assigned to the Company's senior, unsecured, long-term indebtedness.

The credit facility contains certain restrictive covenants, including a requirement that the Company maintain a consolidated net debt to total capitalization ratio of no greater than 0.65 to 1.00. This ratio represents the ratio of (a) net debt (calculated as total face value of debt plus outstanding letters of credit less cash and cash equivalents) divided by (b) the sum of net debt plus total shareholders' equity (i) plus, to the extent resulting in a reduction of total shareholders' equity, the amount of any non-cash impairment charges incurred,

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

net of any tax effect, after June 30, 2014 and (ii) plus (to the extent resulting in a reduction of total shareholders' equity) or minus (to the extent resulting in an increase of total shareholders' equity), as applicable, the amount of the non-cash impact of the accounting treatment for the Redemption Agreement described in *Note 8. Commitments and Contingencies*, which amount shall be further adjusted, (x) if the Redemption Agreement is amended without the lenders consent and has the effect of materially increasing the scope of the Company's obligations beyond the last form of the Redemption Agreement that was approved by the lenders and (y) to reflect the impact of any cash payments actually made under the agreement. The Company was in compliance with the credit facility covenants at September 30, 2025.

***Senior Notes***

The following table summarizes the face values, maturity dates, semi-annual interest payment dates, and optional redemption periods related to the Company's outstanding senior note obligations at September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2026 Notes** | **2028 Notes** | **2031 Notes** | **2032 Notes** | **2044 Notes** |
| Face value (in thousands) | $800000 | $1000000 | $1500000 | $800000 | $700000 |
| Maturity date | November 15, 2026 | January 15, 2028 | January 15, 2031 | April 1, 2032 | June 1, 2044 |
| Interest payment dates | May 15, Nov 15 | Jan 15, July 15 | Jan 15, July 15 | April 1, Oct 1 | June 1, Dec 1 |
| Make-whole redemption period (1) | Nov 15, 2023 | Oct 15, 2027 | July 15, 2030 | January 1, 2032 | Dec 1, 2043 |

---

(1)At any time prior to the indicated dates, the Company has the option to redeem all or a portion of its senior notes of the applicable series at the "make-whole" redemption amounts specified in the respective senior note indentures plus any accrued and unpaid interest to the date of redemption. On or after the indicated dates, the Company may redeem all or a portion of its senior notes at a redemption amount equal to 100% of the principal amount of the senior notes being redeemed plus any accrued and unpaid interest to the date of redemption.

The Company's senior notes are not subject to any mandatory redemption or sinking fund requirements.

The indentures governing the Company's senior notes contain covenants that, among other things, limit the Company's ability to create liens securing certain indebtedness, enter into certain sale-leaseback transactions, or consolidate, merge or transfer certain assets. These covenants are subject to a number of important exceptions and qualifications. The Company was in compliance with these covenants at September 30, 2025.

The senior notes are obligations of Continental Resources, Inc. Additionally, certain of the Company's wholly-owned consolidated subsidiaries (Banner Pipeline Company, L.L.C., CLR Asset Holdings, LLC, The Mineral Resources Company, LLC, SCS1 Holdings LLC, Continental Innovations LLC, Jagged Peak Energy LLC, and Parsley SoDe Water LLC) fully and unconditionally guarantee the senior notes on a joint and several basis as of September 30, 2025. The financial information of the guarantor group is not materially different from the consolidated financial statements of the Company. The Company's other subsidiaries as of September 30, 2025, whose assets, equity, and results of operations attributable to the Company are not material, do not guarantee the senior notes.

------

**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**Note 8. Commitments and Contingencies**

*Transportation, gathering, and processing commitments* 

The Company has entered into transportation, gathering, and processing commitments to guarantee capacity on crude oil and natural gas pipelines and natural gas processing facilities. Certain of the commitments, which have varying terms extending as far as 2031, require the Company to pay per-unit transportation, gathering, or processing charges regardless of the amount of capacity used. Future commitments remaining as of September 30, 2025 under the arrangements amount to approximately $579 million, of which $77 million is expected to be incurred in the remainder of 2025, $221 million in 2026, $203 million in 2027, $70 million in 2028, $3 million in 2029, and $5 million thereafter. A portion of these future costs will be borne by other interest owners. The Company is not committed under the above contracts to deliver fixed and determinable quantities of crude oil or natural gas in the future. These commitments do not qualify as leases under ASC Topic 842 and are not recognized on the Company's balance sheet.

*Litigation pertaining to 2022 take-private transaction*

In April 2023, three separate putative class action lawsuits were consolidated under the caption *In re Continental Resources, Inc. Shareholder Litigation*, Case No. CJ-2022-4162, in the District Court of Oklahoma County, Oklahoma (the "Consolidated Action"). In the Consolidated Action, the plaintiffs, on behalf of themselves and all other similarly situated former shareholders of the Company, allege that Mr. Hamm, certain trusts established for the benefit of Mr. Hamm and/or his family members, and the Company's other directors breached their fiduciary duties in connection with the 2022 take-private transaction and seek: (i) monetary damages; (ii) the costs and expenses associated with the lawsuits; and (iii) other equitable relief. This matter is currently set for trial in May 2026. The defendants continue to vigorously defend themselves against these claims.

In January 2023, FourWorld Deep Value Opportunities Fund I, LLC, FourWorld Event Opportunities, LP, FW Deep Value Opportunities I, LLC, FourWorld Global Opportunities Fund, Ltd., FourWorld Special Opportunities Fund, LLC, Corbin ERISA Opportunity Fund Ltd., and Quadre Investments, L.P. (collectively, "FourWorld"), all former shareholders of the Company, filed a petition in the District Court of Oklahoma County, Oklahoma, seeking appraisal of their respective shares of the Company's common stock in connection with the 2022 take-private transaction. In April 2024, Quadre Investments, L.P. filed a voluntary dismissal with prejudice. The Company continues to vigorously defend itself against these claims.

*Stock Redemption Agreement*

In 2024, Continental entered into a Redemption Agreement with Mr. Hamm and certain members of his family whereby, following Mr. Hamm's passing, his estate may, but is not obligated to, elect from time-to-time to require Continental to redeem sufficient shares to enable the estate to fund the payment of estate taxes and interest as they become due. Mr. Hamm's potential estate tax liability is expected to be primarily based on the fair market value his estate assigns to his Continental stock at the time of passing. The agreement contemplates that the estate will defer and pay the estate taxes and related interest in installments over a period of up to 14 years as permitted by the Internal Revenue Code. Assuming the estate elects to exercise its redemption rights, Continental's potential obligations are expected to occur over the same 14 year period in conjunction with the estate's installment payments.

In the second quarter of 2024, the Company initially recognized a $388 million liability on its balance sheet with a corresponding charge to "Other income (expense)—Other" on the statements of income to reflect the fair value of the redemption optionality features contained in the arrangement pursuant to ASC Topic 820, Fair Value Measurement. In the third quarter of 2024, the fair value of the liability was remeasured which resulted in a $46 million decrease in the liability to $342 million and corresponding recognition of income in the caption "Other income (expense)—Other" for the 2024 third quarter period. The cumulative financial statement impact recognized in the second and third quarters of 2024 was later reversed in the fourth quarter of 2024 upon derecognition of the liability to reflect a December 2024 amendment of the terms of the agreement, and no additional financial statement impacts have been recognized in 2025. The future value of Continental, the future tax laws and resulting estate tax liability, the timing of any redemptions, and the potential number and value of shares Continental may be required to redeem under the agreement are unknown

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**Continental Resources, Inc. and Subsidiaries**

**Notes to Unaudited Condensed Consolidated Financial Statements**

and subject to numerous uncertainties and cannot be reasonably quantified. There have been no share repurchases or settlements under the agreement since its inception.

**Note 9. Incentive Compensation**

The Company has granted incentive compensation awards to employees pursuant to the Continental Resources, Inc. 2022 Long-Term Incentive Plan ("2022 Plan"). Awards granted prior to 2024 generally vest after three years of employee service. Awards granted in 2024 and thereafter generally vest annually, in one-third increments, over three years of employee service. The Company intends to settle all outstanding incentive awards vesting in the future in cash and, thus, the awards are classified as liability awards pursuant to ASC Topic 718, Compensation—Stock Compensation.

At September 30, 2025, the Company had recorded a current liability of $66.0 million and a non-current liability of $15.6 million in the captions "Current portion of incentive compensation liability" and "Incentive compensation liability, noncurrent," respectively, in the consolidated balance sheets associated with the awards. Such amounts reflect the Company's estimate of expected future cash payments multiplied by the percentage of requisite service periods that employees have completed as of September 30, 2025. The compensation expense associated with such awards totaled $18.1 million and $15.9 million for the three months ended September 30, 2025 and 2024, respectively, and $54.9 million and $69.2 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the caption "General and administrative expenses" in the consolidated statements of income. As of September 30, 2025, there was approximately $65.9 million of unrecognized liabilities and compensation expense related to unvested awards, which are expected to be recognized over a weighted average period of 1.3 years.

The Company's incentive compensation liability will be remeasured each reporting period leading up to the applicable award vesting dates to reflect additional service rendered by employees and to reflect changes in expected cash payments arising from underlying changes in the value of the Company based on independent third party appraisals. Changes in the liability will be recorded as increases or decreases to compensation expense. The Company has estimated the number of forfeitures expected to occur in determining the amount of liability and expense to recognize.

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**ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included elsewhere in this report and our historical consolidated financial statements and notes included in our Form 10-K for the year ended December 31, 2024.

The following discussion and analysis includes forward-looking statements and should be read in conjunction with the risk factors, if any, described in *Part II, Item 1A. Risk Factors* included in this report and in our Form 10-K for the year ended December 31, 2024, along with *Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995* at the beginning of this report, for information about the risks and uncertainties that could cause our actual results to be materially different than our forward-looking statements.

**Overview**

We are an independent crude oil and natural gas company engaged in the exploration, development, management, and production of crude oil and natural gas and associated products with properties primarily located in four leading basins in the United States – the Bakken field of North Dakota and Montana, the Anadarko Basin of Oklahoma, the Permian Basin of Texas, and the Powder River Basin of Wyoming. Additionally, we pursue the acquisition and management of perpetually owned minerals located in certain of our key operating areas. We derive the majority of our operating income and cash flows from the sale of crude oil, natural gas, and natural gas liquids and expect this to continue in the future. As discussed in *Note 1. Organization and Nature of Business—Voluntary Filer* in *Notes to Unaudited Condensed Consolidated Financial Statements*, Continental Resources, Inc. is a privately held corporation and has no publicly available common shares outstanding.

**Third Quarter 2025 Financial and Operating Metrics**

Commodity prices have remained volatile due to various factors. Average NYMEX crude oil and natural gas market prices for the periods presented are shown in the table below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Average NYMEX prices: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;WTI Crude oil ($/Bbl) | $65.78 | $76.43 | $67.31 | $78.58 |
| &nbsp;&nbsp;&nbsp;Henry Hub natural gas ($/MMBtu) | $3.03 | $2.11 | $3.45 | $2.11 |

---

The following table contains financial and operating metrics for the periods presented. Average sales prices exclude any effect of derivative transactions. Per-unit expenses have been calculated using sales volumes.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Average daily production: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil (Bbl per day) | 260441 | 218196 | 245346 | 229210 |
| &nbsp;&nbsp;&nbsp;Natural gas (Mcf per day) (1) | 1318435 | 1147213 | 1228426 | 1187829 |
| &nbsp;&nbsp;&nbsp;Crude oil equivalents (Boe per day) | 480181 | 409398 | 450083 | 427181 |
| Average sales prices: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil ($/Bbl) | $65.11 | $74.80 | $65.89 | $77.02 |
| &nbsp;&nbsp;&nbsp;Natural gas ($/Mcf) (1) | $2.10 | $1.75 | $2.74 | $2.01 |
| Production expenses ($/Boe) | $5.00 | $5.10 | $5.06 | $4.81 |
| Production and ad valorem taxes (% of net crude oil and natural gas sales) | 7.7% | 8.1% | 7.6% | 8.2% |
| Depreciation, depletion, amortization and accretion ($/Boe) | $15.74 | $16.15 | $15.80 | $15.94 |
| Total general and administrative expenses ($/Boe) | $1.43 | $1.70 | $1.52 | $1.80 |

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(1)Natural gas production volumes, sales volumes, and sales prices presented throughout management's discussion and analysis reflect the combined value for natural gas and natural gas liquids.

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**Three months ended September 30, 2025 compared to the three months ended September 30, 2024** 

***Results of Operations***

The following table presents selected financial and operating information for the periods presented.

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| | | |
|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** |
| ***In thousands*** | **2025** | **2024** |
| Crude oil, natural gas, and natural gas liquids sales | $1824572 | $1711932 |
| Gain on derivative instruments, net | 184195 | 270001 |
| Crude oil and natural gas service operations | 36976 | 24207 |
| Total revenues | 2045743 | 2006140 |
| Operating costs and expenses | (1253705) | (1133556) |
| Other expenses, net | (46015) | (14228) |
| Income before income taxes | 746023 | 858356 |
| Provision for income taxes | (188400) | (138470) |
| Income before equity in net loss of affiliate | 557623 | 719886 |
| Equity in net loss of affiliate | (32) | (769) |
| Net income | 557591 | 719117 |
| Net income attributable to noncontrolling interests | 1625 | 60 |
| Net income attributable to Continental Resources | $555966 | $719057 |
| Production volumes: |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil (MBbl) | 23960 | 20074 |
| &nbsp;&nbsp;&nbsp;Natural gas (MMcf) | 121296 | 105544 |
| &nbsp;&nbsp;&nbsp;Crude oil equivalents (MBoe) | 44177 | 37665 |
| Sales volumes: |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil (MBbl) | 24107 | 20424 |
| &nbsp;&nbsp;&nbsp;Natural gas (MMcf) | 121296 | 105544 |
| &nbsp;&nbsp;&nbsp;Crude oil equivalents (MBoe) | 44324 | 38014 |

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***Production***

The following table summarizes the changes in our average daily Boe production by major operating area for the third quarter period.

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| | | | |
|:---|:---|:---|:---|
| ***Boe production per day*** | **3Q 2025** | **3Q 2024** | **% Change** |
| Bakken | 209741 | 191784 | 9% |
| Anadarko Basin | 132210 | 121578 | 9% |
| Powder River Basin | 26101 | 22273 | 17% |
| Permian Basin | 107295 | 68562 | 56% |
| All other | 4834 | 5201 | (7)% |
| Total | 480181 | 409398 | 17% |

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The following table summarizes the changes in our production by product for the third quarter period.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** |  | **Volume** |
|  | **2025** | **2025** | **2024** | **2024** | **Volume** | **percent** |
|  | **Volume** | **Percent** | **Volume** | **Percent** | **change** | **change** |
| Crude oil (MBbl) | 23960 | 54% | 20074 | 53% | 3886 | 19% |
| Natural gas (MMcf) | 121296 | 46% | 105544 | 47% | 15752 | 15% |
| Total (MBoe) | 44177 | 100% | 37665 | 100% | 6512 | 17% |

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The 19% increase in crude oil production and 15% increase in natural gas production in the 2025 third quarter compared to the 2024 third quarter was driven by variation in the timing of new well completions between years and improvements in well productivity.

***Revenues***

Our revenues consist of sales of crude oil, natural gas, and natural gas liquids, gains and losses resulting from changes in the fair value of our derivative instruments, and revenues associated with crude oil and natural gas service operations.

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*Crude oil, natural gas, and natural gas liquids sales.* Sales totaled $1.82 billion for the third quarter of 2025, a 7% increase compared to sales of $1.71 billion for the third quarter of 2024 due to an increase in sales volumes as discussed below, coupled with an increase in natural gas sales prices, partially offset by a decrease in crude oil sales prices.

Total sales volumes for the third quarter of 2025 increased 6,310 MBoe, or 17%, compared to the third quarter of 2024 due to the previously described increases in crude oil and natural gas production volumes. For the third quarter of 2025, our crude oil sales volumes increased 18% and our natural gas sales volumes increased 15% compared to the third quarter of 2024.

Our crude oil sales prices averaged $65.11 per barrel in the third quarter of 2025 compared to $74.80 per barrel for the third quarter of 2024. Our natural gas sales prices averaged $2.10 per Mcf for the third quarter of 2025 compared to $1.75 per Mcf for the third quarter of 2024.

*Derivatives.* Changes in settled and future commodity prices during the third quarter of 2025 had a net favorable impact on the fair value of our derivatives, which resulted in positive revenue adjustments totaling $184.2 million for the period, representing $108.6 million of cash gains and $75.6 million of unsettled non-cash gains, compared to positive revenue adjustments totaling $270.0 million in the third quarter of 2024.

***Operating Costs and Expenses***

*Production Expenses*. Production expenses increased $27.8 million, or 14%, to $221.6 million for the third quarter of 2025 compared to $193.8 million for the third quarter of 2024 due to an increase in the number of producing wells from drilling and completion activities and higher workover-related activities aimed at enhancing production from producing properties. Production expenses on a per-Boe basis averaged $5.00 per Boe for the third quarter of 2025 compared to $5.10 per Boe for the third quarter of 2024.

*Production and Ad Valorem Taxes.* Production and ad valorem taxes increased $2.5 million, or 2%, to $134.2 million for the third quarter of 2025 compared to $131.8 million for the third quarter of 2024 primarily due to an increase in crude oil and natural gas revenues. Our production taxes as a percentage of net sales averaged 7.7% for the third quarter of 2025 compared to 8.1% for the third quarter of 2024, the decrease of which resulted from changes in sales mix of crude oil and natural gas in our operating areas between periods.

*Transportation, gathering, processing, and compression.* These charges decreased $1.2 million, or 1%, to $88.0 million for the third quarter of 2025 compared to $89.2 million for the third quarter of 2024 due to changes in marketing terms and arrangements utilized between periods and changes in our working interest share of cost burdens in certain operating areas.

*Depreciation, Depletion, Amortization and Accretion.* Total DD&A increased $83.5 million, or 14%, to $697.5 million for the third quarter of 2025 compared to $613.9 million for the third quarter of 2024 due to the previously described 17% increase in total sales volumes. The following table shows the components of our DD&A on a unit of sales basis for the periods presented.

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| | | |
|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** |
| ***<u>$/Boe</u>*** | **2025** | **2024** |
| Crude oil and natural gas | $15.06 | $15.48 |
| Other equipment | 0.53 | 0.53 |
| Asset retirement obligation accretion | 0.15 | 0.14 |
| Depreciation, depletion, amortization and accretion | $15.74 | $16.15 |

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*General and Administrative Expenses.* Total G&A expenses decreased $1.0 million, or 2%, to $63.6 million for the third quarter of 2025 compared to $64.6 million for the third quarter of 2024. Such expenses include charges for incentive compensation awards of $18.1 million and $15.9 million for the third quarters of 2025 and 2024, respectively. This increase was driven by changes in the remeasurement of outstanding award liabilities resulting from variation in the value of the Company between periods, which led to changes in the magnitude of expense recognized. G&A expenses other than incentive compensation awards totaled $45.5 million for the third quarter of 2025, a decrease of $3.2 million compared to $48.7 million recognized for the third quarter of 2024 primarily due to higher overhead recoveries from joint interest owners associated with our drilling, completion, and production activities compared to the prior period.

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The following table shows the components of G&A expenses on a unit of sales basis for the periods presented.

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| | | |
|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** |
| ***<u>$/Boe</u>*** | **2025** | **2024** |
| General and administrative expenses | $1.02 | $1.28 |
| Long-term incentive compensation awards | 0.41 | 0.42 |
| Total general and administrative expenses | $1.43 | $1.70 |

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*Interest Expense.* Interest expense decreased $9.5 million, or 15%, to $54.2 million for the third quarter of 2025 compared to $63.7 million for the third quarter of 2024 due to a decrease in our weighted average outstanding debt balance from $5.3 billion for the third quarter of 2024 to $4.8 billion for the third quarter of 2025.

*Other income (expense)*—*Other.* See *Note 8. Commitments and Contingencies*—*Stock Redemption Agreement* in *Notes to Unaudited Condensed Consolidated Financial Statements*.

*Income Taxes.* For the third quarters of 2025 and 2024 we provided for income taxes at a combined federal and state tax rate of 23.5% of our pre-tax income. We recorded income tax provisions of $188.4 million and $138.5 million for the third quarters of 2025 and 2024, respectively, which resulted in effective tax rates of 25.3% and 16.1%, respectively, after taking into account the application of statutory tax rates, permanent taxable differences, estimated tax credits, and other items.

**Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024** 

***Results of Operations***

The following table presents selected financial and operating information for the periods presented.

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| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| ***In thousands*** | **2025** | **2024** |
| Crude oil, natural gas, and natural gas liquids sales | $5341153 | $5523563 |
| Gain on derivative instruments, net | 319447 | 161536 |
| Crude oil and natural gas service operations | 106974 | 68532 |
| Total revenues | 5767574 | 5753631 |
| Operating costs and expenses | (3528191) | (3520255) |
| Other expenses, net | (144319) | (548545) |
| Income before income taxes | 2095064 | 1684831 |
| Provision for income taxes | (469971) | (401059) |
| Income before equity in net loss of affiliate | 1625093 | 1283772 |
| Equity in net loss of affiliate | (14447) | (2981) |
| Net income | 1610646 | 1280791 |
| Net income attributable to noncontrolling interests | 11475 | 333 |
| Net income attributable to Continental Resources | $1599171 | $1280458 |
| Production volumes: |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil (MBbl) | 66979 | 62803 |
| &nbsp;&nbsp;&nbsp;Natural gas (MMcf) | 335360 | 325465 |
| &nbsp;&nbsp;&nbsp;Crude oil equivalents (MBoe) | 122873 | 117048 |
| Sales volumes: |  |  |
| &nbsp;&nbsp;&nbsp;Crude oil (MBbl) | 67112 | 63242 |
| &nbsp;&nbsp;&nbsp;Natural gas (MMcf) | 335360 | 325465 |
| &nbsp;&nbsp;&nbsp;Crude oil equivalents (MBoe) | 123006 | 117486 |

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***Production***

The following table summarizes the changes in our average daily Boe production by major operating area for the year to date period.

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| | | | |
|:---|:---|:---|:---|
| ***Boe production per day*** | **YTD 9/30/2025** | **YTD 9/30/2024** | **% Change** |
| Bakken | 197706 | 196224 | 1% |
| Anadarko Basin | 128630 | 134737 | (5)% |
| Powder River Basin | 26648 | 24228 | 10% |
| Permian Basin | 92206 | 66660 | 38% |
| All other | 4893 | 5332 | (8)% |
| Total | 450083 | 427181 | 5% |

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The following table summarizes the changes in our production by product for the year to date period.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |  | **Volume** |
|  | **2025** | **2025** | **2024** | **2024** | **Volume** | **percent** |
|  | **Volume** | **Percent** | **Volume** | **Percent** | **change** | **change** |
| Crude oil (MBbl) | 66979 | 55% | 62803 | 54% | 4176 | 7% |
| Natural gas (MMcf) | 335360 | 45% | 325465 | 46% | 9895 | 3% |
| Total (MBoe) | 122873 | 100% | 117048 | 100% | 5825 | 5% |

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The 7% increase in crude oil production and 3% increase in natural gas production for year to date 2025 compared to year to date 2024 was driven by variation in the timing of new well completions between years and improvements in well productivity.

***Revenues***

*Crude oil, natural gas, and natural gas liquids sales.* Sales for year to date 2025 totaled $5.34 billion, a 3% decrease compared to $5.52 billion for the comparable 2024 period driven by a decrease in crude oil sales prices, partially offset by increases in sales volumes and natural gas sales prices as discussed below.

Total sales volumes for year to date 2025 increased 5,520 MBoe, or 5%, compared to year to date 2024 primarily due to the previously described increases in crude oil and natural gas production volumes. For year to date 2025, our crude oil sales volumes increased 6% and our natural gas sales volumes increased 3% compared to year to date 2024.

Our crude oil sales prices averaged $65.89 per barrel for year to date 2025 compared to $77.02 per barrel for year to date 2024. Our natural gas sales prices averaged $2.74 per Mcf for year to date 2025 compared to $2.01 per Mcf for year to date 2024.

*Derivatives.* Changes in settled and future commodity prices during the nine months ended September 30, 2025 had a net favorable impact on the fair value of our derivatives, which resulted in positive revenue adjustments totaling $319.4 million for the period, representing $213.7 million of cash gains and $105.8 million of unsettled non-cash gains, compared to positive revenue adjustments totaling $161.5 million in the comparable 2024 period.

***Operating Costs and Expenses***

*Production Expenses*. Production expenses increased $57.2 million, or 10%, to $622.4 million for year to date 2025 compared to $565.2 million for year to date 2024 due to an increase in the number of producing wells from drilling and completion activities and higher workover-related activities aimed at enhancing production from producing properties. Production expenses on a per-Boe basis averaged $5.06 per Boe for year to date 2025 compared to $4.81 per Boe for year to date 2024.

*Production and Ad Valorem Taxes.* Production and ad valorem taxes decreased $39.2 million, or 9%, to $389.0 million for year to date 2025 compared to $428.3 million for year to date 2024 primarily due to a decrease in crude oil revenues. Our production taxes as a percentage of net sales averaged 7.6% for year to date 2025 compared to 8.2% for year to date 2024, the decrease of which resulted from changes in sales mix of crude oil and natural gas in our operating areas between periods.

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*Transportation, gathering, processing, and compression.* These charges decreased $45.9 million, or 16%, to $242.7 million for year to date 2025 compared to $288.6 million for year to date 2024 due to changes in marketing terms and arrangements utilized between periods and changes in our working interest share of cost burdens in certain operating areas.

*Depreciation, Depletion, Amortization and Accretion.* Total DD&A increased $70.3 million, or 4%, to $1.94 billion for year to date 2025 compared to $1.87 billion for year to date 2024 due to the previously described 5% increase in total sales volumes. The following table shows the components of our DD&A on a unit of sales basis for the periods presented.

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| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| ***$/Boe*** | **2025** | **2024** |
| Crude oil and natural gas | $15.09 | $15.29 |
| Other equipment | 0.56 | 0.51 |
| Asset retirement obligation accretion | 0.15 | 0.14 |
| Depreciation, depletion, amortization and accretion | $15.80 | $15.94 |

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*General and Administrative Expenses.* Total G&A expenses decreased $24.4 million, or 12%, to $187.1 million for year to date 2025 compared to $211.6 million for year to date 2024. Such expenses include charges for incentive compensation awards of $54.9 million and $69.2 million for the year to date periods of 2025 and 2024, respectively. This decrease was driven by changes in the remeasurement of outstanding award liabilities resulting from variation in the value of the Company between periods, which led to changes in the magnitude of expense recognized. G&A expenses other than incentive compensation awards totaled $132.2 million for year to date 2025, a decrease of $10.2 million compared to $142.4 million for year to date 2024 primarily due to higher overhead recoveries from joint interest owners associated with our drilling, completion, and production activities compared to the prior period.

The following table shows the components of G&A expenses on a unit of sales basis for the periods presented.

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| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| ***$/Boe*** | **2025** | **2024** |
| General and administrative expenses | $1.07 | $1.21 |
| Long-term incentive compensation awards | 0.45 | 0.59 |
| Total general and administrative expenses | $1.52 | $1.80 |

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*Interest Expense.* Interest expense decreased $51.7 million, or 24%, to $163.6 million for year to date 2025 compared to $215.3 million for year to date 2024 due to a decrease in our weighted average outstanding debt balance from $6.0 billion for year to date 2024 to $4.8 billion for year to date 2025.

*Other income (expense)*—*Other.* See *Note 8. Commitments and Contingencies*—*Stock Redemption Agreement* in *Notes to Unaudited Condensed Consolidated Financial Statements*.

*Income Taxes.* For the nine months ended September 30, 2025 and 2024 we provided for income taxes at a combined federal and state tax rate of 23.5% of our pre-tax income. We recorded income tax provisions of $470.0 million and $401.1 million for the year to date periods of 2025 and 2024, respectively, which resulted in effective tax rates of 22.4% and 23.8%, respectively, after taking into account the application of statutory tax rates, permanent taxable differences, estimated tax credits, and other items.

**Liquidity and Capital Resources**

Our primary sources of liquidity have historically been cash flows generated from operating activities, financing provided by our credit facility, and the issuance of debt securities. Additionally, asset dispositions and joint development arrangements have provided a source of cash flow for use in reducing debt and enhancing liquidity.

At September 30, 2025, we had $1.8 billion of borrowing availability with no outstanding borrowings under our credit facility, along with $1.1 billion of cash on hand. Our credit facility, which is unsecured and has no borrowing base subject to redetermination, does not mature until October 2029. The Company has been able to build its cash reserves due to a combination of its focus on debt reduction and improving its overall operational efficiency. The Company anticipates using a substantial majority of its current cash reserves to repay its senior notes maturing in 2026 and to acquire additional operating assets.

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Based on our planned capital spending, our forecasted cash flows and projected levels of indebtedness, we expect to maintain compliance with the covenants under our credit facility and senior note indentures. Further, based on current market indications, we expect to meet our contractual cash commitments to third parties as of September 30, 2025, including those subsequently described under the heading *Future Capital Requirements*, recognizing we may be required to meet such commitments even if our business plan assumptions were to change. We monitor our capital spending closely based on actual and projected cash flows and have the ability to reduce spending or dispose of assets if needed to preserve liquidity and financial flexibility to fund our operations.

**Cash Flows**

***Cash flows from operating activities***

Net cash provided by operating activities increased $146 million, or 4%, to $3.68 billion for year to date 2025 compared to $3.53 billion for year to date 2024. The increase was primarily driven by a $299 million decrease in cash payments for income taxes, a $59 million decrease in cash paid for interest, a $46 million decrease in transportation, gathering, processing, and compression expenses, a $39 million decrease in production and ad valorem taxes, and a $60 million decrease in cash payments for incentive compensation compared to the prior year to date period. These improvements in operating cash flows were partially offset by a $182 million decrease in crude oil, natural gas and NGL revenues, a $73 million decrease in realized cash gains on matured commodity derivatives, and a $57 million increase in production expenses, along with changes in working capital items from period to period.

***Cash flows from investing activities***

Net cash used in investing activities totaled $2.56 billion for year to date 2025 compared to $1.86 billion for year to date 2024. Our investing cash flows for year to date 2025 included $2.45 billion of exploration and development costs compared to $2.14 billion for year to date 2024, the increase of which reflects changes in the planned timing of our annual capital spending between periods. In addition, proceeds received from the sale of assets decreased by $441 million for year to date 2025 compared to the prior year to date period.

***Cash flows from financing activities***

Net cash used in financing activities for year to date 2025 totaled $52.3 million, primarily consisting of $35.2 million of net repayments on outstanding debt and $16.3 million of net distributions to noncontrolling interests. Net cash used in financing activities for year to date 2024 totaled $1.67 billion due to $1.67 billion of net repayments on outstanding debt.

**Future Sources of Financing**

Although we cannot provide any assurance, we believe funds from operating cash flows, our cash balance, and availability under our credit facility should be sufficient to meet our normal operating needs, debt service obligations, budgeted capital expenditures, and cash payments for income taxes for at least the next 12 months and to meet our contractual cash commitments to third parties described under the heading *Future Capital Requirements* beyond 12 months.

Based on current market indications supported by cash flow protection provided by our hedge portfolio against commodity price declines, our budgeted capital spending plans over the next 12 months are expected to be funded from operating cash flows. Any deficiencies in operating cash flows relative to budgeted spending are expected to be funded by our cash balance and borrowings under our credit facility. If cash flows are materially impacted by declines in commodity prices or an increase in costs, we have the ability to reduce our capital expenditures or utilize the availability of our credit facility if needed to fund our operations.

We may choose to access banking or debt capital markets for additional financing or capital to fund our operations or take advantage of business opportunities that may arise. Further, we may sell assets or enter into strategic joint development opportunities in order to obtain funding if such transactions can be executed on satisfactory terms. However, no assurance can be given that such transactions will occur.

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***Credit facility***

We have an unsecured credit facility, maturing in October 2029, with aggregate lender commitments totaling $1.8 billion. The commitments are from a syndicate of 14 banks and financial institutions. We believe each member of the current syndicate has the capability to fund its commitment.

The commitments under our credit facility are not dependent on a borrowing base calculation subject to periodic redetermination based on changes in commodity prices and proved reserves. Additionally, downgrades or other negative rating actions with respect to our credit rating do not trigger a reduction in our current credit facility commitments, nor do such actions trigger a security requirement or change in covenants.

Our credit facility contains restrictive covenants that may limit our ability to, among other things, incur additional indebtedness, incur liens, engage in sale and leaseback transactions, or merge, consolidate or sell all or substantially all of our assets. Our credit facility also contains a requirement that we maintain a consolidated net debt to total capitalization ratio of no greater than 0.65 to 1.00. See *Notes to Unaudited Condensed Consolidated Financial Statements–Note 7. Debt* for a discussion of how this ratio is calculated pursuant to our credit agreement.

We were in compliance with our credit facility covenants at September 30, 2025 and expect to maintain compliance. At September 30, 2025, our consolidated net debt to total capitalization ratio was 0.20. We do not believe the credit facility covenants are reasonably likely to limit our ability to undertake additional debt financing if needed to support our business.

**Future Capital Requirements**

Our material future cash requirements are summarized below. Based on current market indications, we expect to meet our contractual cash commitments to third parties as of September 30, 2025, recognizing we may be required to meet such commitments even if our business plan assumptions were to change.

***Senior notes***

Our debt includes outstanding senior note obligations totaling $4.8 billion at October 31, 2025, exclusive of interest payment obligations thereon. Our senior notes are not subject to any mandatory redemption or sinking fund requirements. The earliest scheduled senior note maturity is our $800 million of 2026 Notes due in November 2026. For further information on the face values, maturity dates, semi-annual interest payment dates, optional redemption periods and covenant restrictions related to our senior notes, refer to *Note 7. Debt* in *Notes to Unaudited Condensed Consolidated Financial Statements*.

We were in compliance with our senior note covenants at September 30, 2025 and expect to maintain compliance. We do not believe the senior note covenants will materially limit our ability to undertake additional debt financing. Downgrades or other negative rating actions with respect to the credit ratings assigned to our senior unsecured debt do not trigger additional senior note covenants.

***Credit facility borrowings***

As of October 31, 2025, we had no outstanding borrowings on our credit facility. Our credit facility matures in October 2029.

***Transportation, gathering, and processing commitments***

We have entered into transportation, gathering, and processing commitments to guarantee capacity on crude oil and natural gas pipelines and natural gas processing facilities that require us to pay per-unit charges regardless of the amount of capacity used. Future commitments remaining as of September 30, 2025 under the arrangements amount to approximately $579 million. See *Note 8. Commitments and Contingencies* in *Notes to Unaudited Condensed Consolidated Financial Statements* for additional information.

***Capital expenditures***

Our capital expenditures excluding acquisitions are forecasted to be approximately $3.0 billion to $3.1 billion for 2025. For the nine months ended September 30, 2025, we invested $2.5 billion in our capital program.

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Our drilling and completion activities and the actual amount and timing of our capital expenditures may differ materially from our budget as a result of, among other things, available cash flows, unbudgeted acquisitions, actual drilling and completion results, operational process improvements, the availability of drilling and completion rigs and other services and equipment, cost inflation, the impact of tariffs or trade restrictions, the availability of transportation, gathering and processing capacity, changes in commodity prices, and regulatory, technological and competitive developments. We monitor our capital spending closely based on actual and projected cash flows and may adjust our spending should commodity prices materially change from current levels. We expect to continue participating as a buyer of properties when and if we have the ability to increase our position in strategic plays at attractive terms.

***Stock redemption agreement***

See *Note 8. Commitments and Contingencies*—*Stock Redemption Agreement* in *Notes to Unaudited Condensed Consolidated Financial Statements.* 

**Critical Accounting Policies and Estimates**

There have been no changes in our critical accounting policies and estimates from those disclosed in our 2024 Form 10-K.

**Inflation**

Inflationary pressures experienced in recent years may persist or worsen over the next 12 months. Some of the underlying factors impacting inflation may include, but are not limited to, global supply chain disruptions, trade restrictions or other governmental actions related to tariffs or trade policies, shipping bottlenecks, labor market constraints, increased competition for goods and services, and side effects from monetary and fiscal policies. It is uncertain at this time to what extent recent changes in trade restrictions and tariffs will have on our business. Tariffs on foreign goods and services could result in reciprocal tariffs on U.S. goods and services, which could impact the demand for and price of crude oil, natural gas, and natural gas liquids and increase inflationary pressures on, or impact the availability of, certain supplies, equipment and materials that we use to conduct our business. If inflationary pressures persist or worsen, we may incur additional costs for equipment and materials and from service providers. Our budgeted expenditures include an estimate for the potential impact of cost inflation and increased costs resulting from tariffs and, despite inflationary pressures, we expect to continue generating significant amounts of free cash flow at current commodity price levels.

**Legislative and Regulatory Developments**

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the "Act"), which includes a broad range of tax reform provisions affecting businesses. Below is a summary of notable changes included in the Act.

*Bonus depreciation* – The Act permanently restored 100% immediate expensing for qualifying tangible property placed into service after January 19, 2025.

*Research and development (R&D) costs* – The Act repealed a provision that required domestic R&D costs to be capitalized and amortized over five years. Companies can now immediately expense R&D costs incurred in tax years beginning after December 31, 2024. In addition, companies are permitted to make an election to accelerate the deductions for unamortized R&D costs that were previously capitalized from 2022 to 2024 effective for tax years beginning after December 31, 2024.

*Intangible drilling and development costs* – The Act introduced a new adjustment for intangible drilling and development costs that will be included in the computation of adjusted financial statement income to determine liability for the corporate minimum tax effective for tax years beginning after December 31, 2025.

In accordance with US GAAP, we recognized the tax effects from the Act in the third quarter of 2025, the reporting period that included the enactment date, which did not have a material impact on our condensed consolidated financial statements at September 30, 2025 or for the three and nine month periods then ended.

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**ITEM 3. Quantitative and Qualitative Disclosures About Market Risk** 

*General.* We are exposed to a variety of market risks including commodity price risk, credit risk, and interest rate risk. We seek to address these risks through a program of risk management which may include the use of derivative instruments.

*Commodity Price Risk.* Our primary market risk exposure is in the prices we receive from sales of crude oil, natural gas, and natural gas liquids. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot market prices applicable to our natural gas and natural gas liquids production. Commodity prices have been volatile and unpredictable for several years, and we expect this volatility to continue in the future. The prices we receive for production depend on many factors outside of our control, including differences between product prices at sales points and the applicable index prices. Based on our average daily production for the nine months ended September 30, 2025, and excluding the effect of derivative instruments in place, our annual revenue would increase or decrease by approximately $896 million for each $10.00 per barrel change in crude oil prices at September 30, 2025 and $448 million for each $1.00 per Mcf change in natural gas prices at September 30, 2025.

To reduce price risk caused by market fluctuations in commodity prices, from time to time we economically hedge a portion of our anticipated production as part of our risk management program. In addition, we may utilize basis contracts to hedge the differential between derivative contract index prices and those of our physical pricing points. Reducing our exposure to price volatility helps secure funds to be used for our capital program and general corporate purposes. Our decision on the quantity and price at which we choose to hedge our production is based in part on our view of current and future market conditions. We may choose not to hedge future production if the price environment for certain time periods is deemed to be unfavorable. Additionally, we may choose to settle existing derivative positions prior to the expiration of their contractual maturities. While hedging, if utilized, limits the downside risk of adverse price movements, it also limits future revenues from upward price movements.

The fair value of our derivative instruments at September 30, 2025 was a net asset of $263.3 million, which is comprised of a $137.8 million net asset associated with our natural gas derivatives and a $125.5 million net asset associated with our crude oil derivatives. The following table shows how a hypothetical +/- 10% change in the underlying forward prices used to calculate the fair value of our derivatives would impact the fair value estimates as of September 30, 2025.

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| | | |
|:---|:---|:---|
|  |  | **Hypothetical Fair Value** |
| ***In thousands*** | **Change in Forward Price** | **Asset (Liability)** |
| Crude Oil | -10% | $392585 |
| Crude Oil | +10% | $(137138) |
| Natural Gas | -10% | $345486 |
| Natural Gas | +10% | $(68619) |

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Changes in the fair value of our derivatives from the above price sensitivities would produce a corresponding change in our total revenues.

*Credit Risk.* We monitor our risk of loss due to non-performance by counterparties of their contractual obligations. Our principal exposure to credit risk is through the sale of our production, which we market to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies ($1.0 billion in receivables at September 30, 2025), and our joint interest and other receivables ($419.6 million at September 30, 2025).

We monitor our exposure to counterparties on our commodity sales primarily by reviewing credit ratings, financial statements and payment history. We extend credit terms based on our evaluation of each counterparty's credit worthiness. We have not generally required our counterparties to provide collateral to secure commodity sales receivables owed to us. Historically, our credit losses on commodity sales receivables have been immaterial.

Joint interest receivables arise from billing the individuals and entities who own a partial interest in the wells we operate. These individuals and entities participate in our wells primarily based on their ownership in leases included in units on which we wish to drill. We can do very little to choose who participates in our wells. In order to minimize our exposure to this credit risk we generally request prepayment of drilling costs where it is allowed by contract or state law. For such prepayments, a liability is recorded and subsequently reduced as the associated work is performed. This liability was $42.3 million at September 30, 2025, which will be used

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to offset future capital costs when billed. In this manner, we reduce credit risk. We may have the right to place a lien on a co-owner's interest in the well, to net production proceeds against amounts owed in order to secure payment or, if necessary, foreclose on the interest. Historically, our credit losses on joint interest receivables have been immaterial.

*Interest Rate Risk.* Our exposure to changes in interest rates relates primarily to variable-rate borrowings we have outstanding from time to time under our credit facility. Credit facility borrowings bear interest at market-based interest rates plus a margin based on the terms of the borrowing and the credit ratings assigned to our senior, unsecured, long-term indebtedness. All of our other long-term indebtedness is fixed rate and does not expose us to the risk of cash flow loss due to changes in market interest rates.

We had no variable rate borrowings outstanding on our credit facility at October 31, 2025.

We manage our interest rate exposure by monitoring both the effects of market changes in interest rates and the proportion of our debt portfolio that is variable-rate versus fixed-rate debt. We may utilize interest rate derivatives to alter interest rate exposure in an attempt to reduce interest rate expense related to existing debt issues. Interest rate derivatives may be used solely to modify interest rate exposure and not to modify the overall leverage of the debt portfolio. We currently have no interest rate derivatives.

**ITEM 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

As of the end of the period covered by this report, an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) was performed under the supervision and with the participation of the Company's management, including its Chief Executive Officer and Chief Financial Officer. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded the Company's disclosure controls and procedures were effective as of September 30, 2025 to ensure information required to be disclosed in the reports it files and submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and information required to be disclosed under the Exchange Act is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

During the three months ended September 30, 2025, there were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Inherent Limitations on Controls and Procedures**

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Accordingly, even an effective system of internal control will provide only reasonable assurance that the objectives of the internal control system are met.

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**PART II. Other Information**

**ITEM 1. Legal Proceedings**

We are involved in various legal proceedings including, but not limited to, commercial disputes, claims from royalty and surface owners, property damage claims, claims made by former shareholders in connection with our take-private transaction, antitrust claims related to the market price of hydrocarbons, personal injury claims, regulatory compliance matters, disputes with tax authorities and other matters. While the outcome of these legal matters cannot be predicted with certainty, we do not expect them to have a material adverse effect on our financial condition, results of operations or cash flows.

**ITEM 1A. Risk Factors**

In addition to the information set forth in this Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in our 2024 Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this Form 10-Q, if any, and in our 2024 Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

There have been no material changes in our risk factors from those disclosed in our 2024 Form 10-K.

**ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds**

Not applicable.

**ITEM 3. Defaults Upon Senior Securities**

Not applicable.

**ITEM 4. Mine Safety Disclosures**

Not applicable.

**ITEM 5. Other Information**

Not applicable.

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**ITEM 6. Exhibits**

The exhibits required to be filed pursuant to Item 601 of Regulation S-K are set forth below.

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| | |
|:---|:---|
| 3.1 | [<u>Conformed version of Seventh Amended and Restated Certificate of Incorporation of Continental Resources, Inc. filed as Exhibit 3.1 to the Company's Form 10-K for the year ended December 31, 2024 (Commission File No. 001-32886) filed February 24, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/732834/000095017025025741/ck0000732834-ex3_1.htm) |
| 3.2 | [<u>Sixth Amended and Restated Bylaws of Continental Resources, Inc. filed as Exhibit 3.2 to the Company's Form 10-Q for the quarter ended September 30, 2024 (Commission File No. 001-32886) filed November 12, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/732834/000095017024124720/ck0000732834-ex3_2.htm) |
| 31.1\* | [<u>Certification of the Company's Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. Section 7241).</u>](ck0000732834-ex31_1.htm) |
| 31.2\* | [<u>Certification of the Company's Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. Section 7241).</u>](ck0000732834-ex31_2.htm) |
| 101.INS\* | Inline XBRL Instance Document - the Inline XBRL Instance Document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbases Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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\* Filed herewith

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  | CONTINENTAL RESOURCES, INC. | CONTINENTAL RESOURCES, INC. |
| Date: | November 4, 2025 | By: | /s/ John D. Hart |
|  |  |  | John D. Hart |
|  |  |  | Chief Financial Officer and Executive Vice President of Strategic Planning<br>(Duly Authorized Officer and Principal Financial Officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**Certification of the Company's Chief Executive Officer Pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. Section 7241)**

I, Robert D. Lawler, certify that:

1. I have reviewed this report on Form 10-Q for the period ended September 30, 2025 of Continental Resources, Inc. ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 4, 2025

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| |
|:---|
| /s/ Robert D. Lawler |
| **Robert D. Lawler** |
| **President and Chief Executive Officer** |

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## Exhibit 31.2

**Exhibit 31.2**

**Certification of the Company's Chief Financial Officer Pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. Section 7241)**

I, John D. Hart, certify that:

1. I have reviewed this report on Form 10-Q for the period ended September 30, 2025 of Continental Resources, Inc. ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 4, 2025

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| |
|:---|
| /s/ John D. Hart |
| **John D. Hart** |
| **Chief Financial Officer and Executive Vice President of Strategic Planning** |

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