Continental Resources, U.S. Strategic Reserve Oil Release: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CORPORATE
Founder Harold Hamm Offers to Take Continental Resources Private - Continental Resources Incorporated (NYSE:CLR) (Oklahoma City, Oklahoma) said on Tuesday it received an all-cash offer from billionaire founder Harold Hamm's family trust, a deal which could take the U.S. shale producer private at a valuation of $25.41 billion. Hamm is offering $70 per share to those holding the approximately 17% of the company that his family does not already own. The offer represents a nearly 9% premium over Continental's closing price on Monday, but is below the level the producer was trading at as recently as last Thursday. (Reuters)

CRUDE OIL
U.S. to Sell Up to 45 Million Barrels of Oil from Strategic Reserve - The U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve (SPR) as part of the Biden administration's previously announced, largest-ever release from the stockpile. Deliveries of crude from the SPR sale would take place from August 16 through September 30, the Energy Department said. (Reuters)

NATURAL GAS
EU Looks to Israel to Help Reduce Energy Reliance on Russia - The European Union (EU) is looking to Israel to help reduce its energy dependence on Russia following the Russian invasion of Ukraine, European Commission President Ursula von der Leyen said in Jerusalem on Tuesday. The EU was Russia's "biggest, most important client" in energy supplies, she said, but the invasion had spurred the bloc to pivot away from Russian fossil fuels, including by boosting natural gas imports from the eastern Mediterranean. The EU, Israel and Egypt are set to sign a memorandum of understanding on Wednesday, von der Leyen added, according to which Israel will export natural gas in a pipeline to Egypt, where it will be turned into liquefied natural gas, then delivered to EU member states. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.