Month: January 2015

“We spent a lot of money to go out and drill and use new technologies just to stop production from depleting in our mature fields. It took us a lot

“You can never have an agreement whereby everybody cuts production. We can’t trust all OPEC countries. And we can’t trust the non-OPEC countries. So it’s not on the table because

“Sweet crude from the Bakken fetched less than $32 per barrel on Jan 6, and sour crudes were worth less than $23, according to posted prices from Plains Marketing.  At

“Saudi Arabia and their allies have been very clear about not giving up market share.  It’s making development in the U.S. and other places sub-economic. There’s not much in the world

“If prices go down, we are going to cut back to save our wealth—which is oil in the ground.  I’ve seen this six or seven times.  We have ample liquidity, our total revolver available, no near-term debt, a lean organization with just 1,100 people, production of 200,000 barrels per day, and a low-cost, high-margin operation.  We’re going to navigate right through it.”  

—   Bravado from Harold Hamm, CEO Continental Resource.