William Berry will take over the role of chief executive officer of Continental Resources on 1 January 2020, succeeding company founder Harold Hamm, who will move to executive chairman, the Oklahoma City independent announced 11 December.
President Jack Stark will also assume the additional role of chief operating officer, also effective 1 January.
Berry has spent more than four decades in the oil and gas business, serving in a variety of roles, including as an executive with ConocoPhillips, where he was responsible for global operations managing more than 10,000 employees and $12 billion in capital expenditures. He has been on the Continental board in a variety of roles since 2014.
Hamm has served as CEO since founding Continental in 1967. “I'm not going anywhere. I'm an oil finder and geologist at heart,” Hamm said in a news release. “Working together, Bill and I will help the company cultivate new strategic opportunities."
Continental, a major operator in the Bakken Shale of North Dakota and SCOOP and STACK plays of Oklahoma, produced in the third quarter 332,300 BOE/D, up 12% year-over-year. Companywide oil production during the quarter was 198,100 BOE/D, up 20% year-over-year.
However, like many shale producers, Continental’s share price has dived over the past 14 months as investors have shunned US exploration and production stocks given the sector’s traditional lack of capital discipline.