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Long-Term Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Debt
The Company's debt, net of unamortized discounts, premiums, and debt issuance costs totaling $48.6 million and $54.2 million at September 30, 2022 and December 31, 2021, respectively, consists of the following.
In thousandsSeptember 30, 2022December 31, 2021
Credit facility$— $500,000 
Notes payable20,627 22,356 
4.5% Senior Notes due 2023 (1)635,351 648,078 
3.8% Senior Notes due 2024891,110 908,061 
2.268% Senior Notes due 2026793,698 792,621 
4.375% Senior Notes due 2028992,772 991,880 
5.75% Senior Notes due 20311,483,453 1,482,319 
2.875% Senior Notes due 2032792,057 791,521 
4.9% Senior Notes due 2044692,204 692,056 
Total debt$6,301,272 $6,828,892 
Less: Current portion of long-term debt (1)637,739 2,326 
Long-term debt, net of current portion$5,663,533 $6,826,566 
(1) The Company's 2023 Notes, which have a face value of $636.0 million at September 30, 2022, are scheduled to mature on April 15, 2023 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 September 30, 2022 along with the current portion of the Company's notes payable.

Credit Facility
On August 24, 2022, the Company amended its credit facility to increase the amount of aggregate commitments by $255 million from $2.0 billion to $2.255 billion and to replace LIBOR as a benchmark reference rate with Term SOFR, with all other terms, conditions, and covenants remaining substantially unchanged. The Company's credit facility, which matures in October 2026, is unsecured and has no borrowing base requirement subject to redetermination.
The Company had no outstanding borrowings on its credit facility at September 30, 2022.
Credit facility borrowings, if any, 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 Company incurs commitment fees based on currently assigned credit ratings of 0.20% per annum on the daily average amount of unused borrowing availability.
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 net debt (calculated as total face value of debt plus outstanding letters of credit less cash and cash equivalents) divided by the sum of net debt plus total shareholders' equity 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. The Company was in compliance with the credit facility covenants at September 30, 2022.
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, 2022. 
2023 Notes2024 Notes2026 Notes2028 Notes2031 Notes2032 Notes2044 Notes
Face value (in thousands)$636,000$893,126$800,000$1,000,000$1,500,000$800,000$700,000
Maturity dateApril 15, 2023June 1, 2024November 15, 2026January 15, 2028January 15, 2031April 1, 2032June 1, 2044
Interest payment datesApril 15, Oct 15June 1, Dec 1May 15, Nov 15Jan 15, July 15Jan 15,
Jul 15		April 1, Oct 1June 1, Dec 1
Make-whole redemption period (1)Jan 15, 2023Mar 1, 2024Nov 15, 2023Oct 15, 2027Jul 15, 2030January 1. 2032Dec 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, 2022.
The senior notes are obligations of Continental Resources, Inc. Additionally, certain of the Company’s wholly-owned subsidiaries (Banner Pipeline Company, L.L.C., CLR Asset Holdings, LLC, The Mineral Resources Company, 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. 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.
Retirement of Senior Notes
2022
In the second quarter of 2022, the Company repurchased a portion of its 2023 Notes and 2024 Notes in open market transactions, including $13.6 million face value of its 2023 Notes at an aggregate cost of $13.9 million and $17.9 million face value of its 2024 Notes at an aggregate cost of $18.3 million, in each case, including accrued and unpaid interest to the repurchase dates. The Company recognized pre-tax losses on extinguishment of debt totaling $0.4 million related to the repurchases, which included the pro-rata write-off of deferred financing costs and unamortized debt discount associated with the repurchased notes. The losses are reflected in the caption “Gain (loss) on extinguishment of debt” in the unaudited condensed consolidated statements of operations.
2021
In January 2021, the Company redeemed $400.0 million principal amount of its outstanding 2022 Notes and subsequently redeemed the remaining $230.8 million principal amount of its 2022 Notes in April 2021. The Company recognized pre-tax losses on extinguishment of debt totaling $0.3 million related to the redemption, which included the pro-rata write-off of deferred financing costs and unamortized debt premium associated with the redeemed notes.
Notes payable
In June 2020, the Company borrowed an aggregate of $26.0 million under two 10-year amortizing term loans secured by the Company’s corporate office building and its interest in parking facilities in Oklahoma City, Oklahoma. The loans mature in May 2030 and bear interest at a fixed rate of 3.50% per annum through June 9, 2025, at which time the interest rate will be reset and fixed through the maturity date. Principal and interest are payable monthly through the maturity date and, accordingly, $2.4 million is included as a current liability in the caption “Current portion of long-term debt” in the condensed consolidated balance sheets as of September 30, 2022 associated with the loans.