Continental Resources

Continental Resources CEO Harold Hamm
Provided / Continental Resources

An Oklahoma City-based oil and natural gas producer is slashing its 2015 drilling budget by more than 40 percent as crude oil prices continue to tumble.

The Oklahoman reports that Continental Resources Inc. took the action on Monday but said it still plans to increase production 16 percent to 20 percent from 2014 levels.

Continental CEO Harold Hamm says no job losses are expected. Hamm says the company won't be growing as fast as it had originally planned but will still increase production.

The oil price bust has left lots of people licking their financial wounds. Perhaps the biggest one-way bet in the wrong direction came from the oilpatch itself, by a company and its founder at the center of the U.S. oil revolution. Harold Hamm is the $8 billion oilman; the man behind the biggest drilling company in North Dakota, Continental Resources.

With billboards pointing toward Oklahoma City and messages about booming careers and less traffic in Oklahoma City, Continental Resources is promoting itself in Houston. The energy company is making a connection, as revealed on online applications.
Continental Resources / The Journal Record

Oklahoma City made national headlines last week when a few stations on the south side started selling gasoline for less than $2 per gallon.

Friday morning West Texas Intermediate crude oil was trading below $60 per barrel, with Brent crude right around $63.

A crude oil tank farm in Cushing, Okla.
Joe Wertz / StateImpact Oklahoma

A sharp drop in crude prices tugged down shares in oil and gas companies on Friday, leading the Standard & Poor's 500 index to a slight loss in a short trading session.

The index, a benchmark for many investments, still closed out November with its third-best month this year.

"Crude is the big story today," said JJ Kinahan, TD Ameritrade's chief strategist. "There are very clear winners and losers. The Chevrons and Exxons of the world are getting hammered; then on the other side you have the shipping companies — UPS and FedEx — along with the airlines. For them, it's a beautiful story."

Newsok.com reports:

The damage, reflected in stock prices, was widespread this week among our local energy firms. SandRidge Energy shares fell 30 percent; Continental Resources was off 28 percent; Chesapeake dropped 16 percent; and Devon slid 12 percent.

J. Stephen Conn / Flickr Creative Commons

When a city needs $150 million over the next half-century for upgrades and repairs to its aging water infrastructure system, its leaders might have to get creative to find the money.

Close-up of a Pump Jack
neillharmer / Flickr

Executives at Chesapeake Energy, Continental Resources and Devon Energy have proposed a plan for Oklahoma’s taxes on oil and natural gas production.

The proposal comes as legislators are debating state oil and gas taxes, which include an incentive for horizontal drilling that expires next year. The Oklahoman‘sAdam Wilmoth reports:

A series of explosive train accidents has renewed concern about the safety of transporting crude oil by rail, especially the type of crude extracted from the Northern Plains.

The most recent accident was the the fiery crash that occurred on Dec. 30 in North Dakota. No one was injured, but dramatic fireballs erupted when the train with more than 100 cars collided with another train carrying grain in the small town of Casselton.

Continental Resources CEO Harold Hamm
Provided / Continental Resources

Oil billionaire Harold Hamm, the CEO and Chairman of Oklahoma energy giant Continental Resources has been tapped to lead state Attorney General Scott Pruitt’s re-election campaign.

The Associated Press reports:

Pruitt described Hamm as a “dedicated businessman, visionary, and icon here in Oklahoma.”

Continental Resources CEO Harold Hamm
Provided / Continental Resources

Many energy company executives are afraid to talk about oil, according to Continental Resoures CEO Harold Hamm.

“Energy has treated Oklahoma so well,” said Hamm speaking at the Governor’s Energy Conference last fall. “A third of production comes from Oklahoma. That’s tremendous.”