Continental Resources Halts drilling in North Dakota

[trd1zz]

I don't know about you, but I don't think prices are "going back to normal" anytime soon.

Regardless, this is another blank statement from you. The company has 10+ years of low breakeven inventory, again, disclosed in official filings.

https://www.chordenergy.com/wp-content/uploads/2026/02/CHRD-4Q25-Earnings-Presentation.pdf

 

[Snagglefoot]

I don't know about you, but I don't think prices are "going back to normal" anytime soon.

Regardless, this is another blank statement from you. The company has 10+ years of low breakeven inventory, again, disclosed in official filings.

https://www.chordenergy.com/wp-content/uploads/2026/02/CHRD-4Q25-Earnings-Presentation.pdf

Yep. I’m the guy who posted “ we’ll never see $70 oil again “. It’s all a matter of how much they’ll get per bbl for the “low breakeven inventory” That’s the beauty of the oil industry, you can get rich from “ Black Swan “ events.

 

[trd1zz]

I bet Harold Hamm will soon be revisiting his decision to halt new drilling, if not done so already.

 

[Snagglefoot]

Here is the report for drilling activity in North Dakota

https://www.dmr.nd.gov/oilgas/riglist.asp

There are currently 24 rigs running in North Dakota They have to drill the well, and then a frac spread shows up and fracs the well. The oil then starts flowing. It is entirely possible to do a contract to get today's price on oil produced a month from now. Once his people see the ability to write a contract like that, they'll recommence drilling.

Right now Continental is not drilling. Harold Hamm took Continental private so he does not have to answer to shareholders. It will be very notable when they start drilling again. Look for Continental in the list.

Meanwhile the others are drilling to fullfill their contracts. Some of them will be selling their production for a much lower amount than today's spot price because they wrote these contracts months ago when the price was lower than it is today. Any contract written for their legacy production will be the price of the contract regardless of todays price. Any contracts that were based on the spot price will get today's price. There are all sorts of variations in the contracts and Chord is very active in writing hedging contracts.

 

[Snagglefoot]

It’s March 31 and oil is above $100. Continental has not resumed drilling yet. The Administration is still telling people this will be over soon.

 

[4wd]

Harold Hamm, CEO of Continental Resorces with over 30 years experience in the Williston Basin.
If Harold says it doesn’t work….it doesn’t work.

Mods, I posted a screen shot of Harold Hamm from Wiki so Bittogers would know who he was.

View attachment 329150

Continental just announced a revised budget to ramp up production … (details at 10 pm?) …

 

[Snagglefoot]

Continental just announced a revised budget to ramp up production … (details at 10 pm?) …

Old Harold is probably bringing out frac spreads for oil behind pipe. No drilling commenced yet.

 

[4wd]

Old Harold is probably bring out frac spreads for oil behind pipe. No drilling commenced yet.

They can likely do allot with work-over and intervention …

 

[Snagglefoot]

I can’t speak for Continental’s Permian properties. I was referring to their North Dakota properties and will see when they start driving there again. Kinda like a Canary in a coal mine.

 

[nickaluch]

Harry is full speed ahead this is the barrel price he dreams of

 

[Hohn]

The fact the low prices is causing lowered production - while increased production is always touted as the way to lower prices ... is as ironic as referring to it as "Our oil."
Drill baby Drill!

I don’t see irony in, I only see basic economics.