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Continental Resources to buy FireBird Energy II to grow Permian footprint
The deal would add about 32,000 barrels of oil equivalent per day, with roughly 69% expected to be oil, and most of the acquired acreage would be operated by Continental.
Continental Resources agreed to acquire FireBird Energy II, a move aimed at expanding its presence in the Permian Basin. OilPrice reports that the transaction adds about 54,000 net acres in the Midland Basin, along with roughly 32,000 barrels of oil equivalent per day, with about 69% of the output expected to be oil.
The FireBird assets include approximately 147,000 net resource acres spread across more than six stacked-pay reservoirs and 307 gross operated development locations, according to OilPrice. Continental will operate about 95% of the acquired acreage.
The acquisition is positioned as part of a broader push to scale the company’s Permian portfolio, a basin Continental says has become more central to its strategy. OilPrice notes that including FireBird, Continental has increased its Permian acreage by more than 40% over the past 14 months, reflecting an effort to hold larger contiguous positions and consolidate development planning.
Continental’s CEO Doug Lawler said the Permian is integral to the portfolio, pointing to the acquired inventory and its proximity to existing operations, OilPrice reports. FireBird is backed by Quantum Capital Group, which partnered with Continental in 2023 to build a scaled Midland Basin position.