Debt

3 Months Ended

Mar. 31, 2026

Note 7. Debt

The Company's debt, net of unamortized discounts, premiums, and debt issuance costs totaling $26.5 million and $28.0 million at March 31, 2026 and December 31, 2025, respectively, consists of the following.


In thousands	March 31, 2026		December 31, 2025
2.268% Senior Notes due 2026 (1)	$	799,003	$	798,609
4.375% Senior Notes due 2028		997,357		997,005
5.75% Senior Notes due 2031		1,489,467		1,488,995
2.875% Senior Notes due 2032		794,725		794,525
4.9% Senior Notes due 2044		692,972		692,912
Note Payable		142,265		—
Total debt	$	4,915,789	$	4,772,046
Less: Current portion of long-term debt		799,003		798,609
Long-term debt, net of current portion	$	4,116,786	$	3,973,437

(1) The Company’s 2026 Notes, which have a face value of $800 million at March 31, 2026, are scheduled to mature on November 15, 2026 and, accordingly, are included as a current liability in the caption “Current portion of long-term debt” in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

Credit Facility

The Company has a credit facility, maturing in October 2029, with aggregate lender commitments totaling $1.8 billion. The Company has the option to extend the October 2029 maturity date by up to two additional one-year periods subject to lender consent. 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 March 31, 2026 and December 31, 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, 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 March 31, 2026.

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 March 31, 2026.

           
          2026 Notes

          2028 Notes

          2031 Notes

          2032 Notes

          2044 Notes

Face value (in thousands)

800,000

1,000,000

1,500,000

800,000

700,000

          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, Jul 15

          April 1, Oct 1

          June 1, Dec 1

          Make-whole redemption period (1)

          Nov 15, 2023

          Oct 15, 2027

          Jul 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 March 31, 2026.

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, Parsley SoDe Water LLC, and Continental Pecos Power, LLC) fully

and unconditionally guarantee or will guarantee the senior notes on a joint and several basis. The Company's subsidiaries formed under the laws of foreign jurisdictions (Continental Resources Argentina S.A.U. and Continental Resources Turkey Petrol Arama ve Üretim Limited Şirketi) are not currently required to guarantee the senior notes under the terms of the indentures governing such notes. The financial information of the guarantor group is not materially different from the consolidated financial statements of the Company. The Company’s other subsidiaries, whose assets, equity, and results of operations attributable to the Company are not material, do not guarantee the senior notes.

Note payable

See Note 10. Equity Investment for discussion of a promissory note entered into by the Company in March 2026.

CONTINENTAL RESOURCES, INC 10-Q