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Tag Archives: continental resources

Again? Continental Resources cuts budget, Bakken rig count

Continental Resources, North Dakota’s second largest oil producer, announced that it will be cutting its budget for 2015 yet again amidst the persisting slump in oil prices. However, the company does anticipate continued production growth. As reported by Reuters, last year Continental CEO Harold Hamm cancelled all of the company’s oil hedges. He called Saudi Arabia, the de facto leader ...

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Bakken crude: Could pipelines replace the need for oil-by-rail?

The transportation of Bakken crude is beginning to shift away from the railways and into pipelines as production levels off in the wake of last year’s price collapse and more oil and gas pipelines are brought online. Rusty Braziel, analyst with RBN Energy, explained, “Since 2012 a combination of rail and pipeline has given Bakken producers ample crude takeaway capacity, ...

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Top 5 Bakken stories of the week

In case you missed them, here are the top five stories from Bakken.com for the week of August 1st through August 8th. Enjoy! 5. With crude at $50, oil firms fear deeper crisis than in 1980s LONDON – After slashing spending by $180 billion to deal with one of the worst industry downturns in decades, oil companies are still bleeding cash ...

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Hamm is certain the export ban will be lifted by October just as OPEC reduces output

Harold Hamm

The global oil market is in for some big changes this fall if oil tycoon Harold Hamm’s crystal ball proves accurate. During a quarterly update conference call on Aug. 6, the Continental Resources Chairman and Chief Executive Officer predicted an “energy paradigm shift will have profound long-term consequences worldwide starting with the U.S. crude export ban being lifted so America ...

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Continental Resources profit beats as cost cuts offset cheap oil

Continental Resources Inc, the second-largest oil producer in North Dakota’s Bakken shale formation, posted a better-than-expected quarterly profit on Wednesday as the company slashed costs to offset plunging crude prices. In a bet on the ability to keep costs low, Chief Executive Harold Hamm boosted Continental’s 2015 production guidance. “Our teams are performing very efficiently,” Hamm said in a statement, ...

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NDIC aims for consistency with Bakken flaring exemptions

A second operator in the Bakken was granted a flaring exemption today due to a pipeline that Oneok was unable to complete due to right-of-way constraints. The North Dakota Industrial Commission voted unanimously to “stay consistent” and allow Oxy USA to avoid penalties due to its flared gas on wells affected by Oneok’s cancelled gas pipeline project on the Fort ...

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