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Shale Pioneer Hamm: Output Growth Could Fall By 50%

January 26, 2019

Shale Pioneer Hamm: Output Growth Could Fall By 50%

Harold Hamm

U.S. shale production growth could slow by as much as half this year, according to one industry titan.

Continental Resources’ Harold Hamm said that shale growth could decline by as much as 50 percent this year compared to 2018, although he added that it was just a “wild guess.” Hamm said that a lot of shale E&Ps are trying to keep spending within cash flow. This newfound mantra of capital discipline has been imposed on the shale industry after a decade or so of a debt-fueled drilling frenzy.

“Producers have become more disciplined in their approach to capex,” Hamm said at the Argus Americas Crude Summit in Houston this week. “Several years back growth was a huge consideration. That consideration has been much less. The peak consideration now has been — are you overspending cash flow. Are you living within cash flow?”

The signs of a shale slowdown have been mounting. The rig count fell sharply in recent weeks. Production growth has already begun to slow. Schlumberger, the world’s largest oilfield services company, has warned that it is already seeing shale companies pulling back on drilling activity.

In the latest Drilling Productivity Report, the EIA forecasts that U.S. shale production will grow by 62,000 bpd in February compared to a month earlier. That is the slowest rate of growth in nearly a year, and down from the prior monthly production increases that have consistently exceeded 100,000 bpd. 

Argus, using Barclays data, points out that North American onshore might only tick up by about 9 percent this year, down from the 18 percent jump in 2018. That could quickly translate into slower output growth. “Production is a direct response of capex today with this industry,” Hamm said at the Argus summit.

 …click on the above link to read the rest of the article…

“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports

December 29, 2015

“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports

A document published by the Public Relations Society of America, discovered by DeSmog, reveals that from the onset of its public relations campaign, the oil industry courted mainstream media reporters to help it sell the idea of lifting the ban on crude oil exports to the American public and policymakers.

Calling its campaign the “Miracle of American Oil,” the successful PR effort to push for Congress and the White House to lift the oil exports ban was spearheaded by Continental Resources, a company known as the “King of the Bakken” shale oil basin and founded by Harold Hamm. Hamm served as energy advisor to 2012 Republican Party presidential candidate Mitt Romney.

Miracle of American Oil

Image Credit: Public Relations Society of America

The campaign launched on December 16, 2013, the 40th anniversary of the Organization of the Petroleum Exporting Countries (OPEC) oil embargo, and won the prestigious PRSA Silver Anvil Award.

According to the document, submitted to PRSA to detail the logistics and reach of the PR effort, it was “designed to influence public policy and/or affect legislation, regulations, political activities or candidacies — at the local, state or federal government levels.”

And it all began with a kick-off dinner in Washington, D.C., hosted by Continental Resources and attended by some of the most influential mainstream media energy reporters in the United States.

Regular readers of the Washington oil and gas industry beat will find the names of the dinner attendees, disclosed in the document, familiar.

Miracle of American Oil

Image Credit: Public Relations Society of America

“The campaign not only served as a catalyst to correct public misconceptions, but it also propelled crude oil exports to the top of the U.S. Senate’s agenda,” Continental boasted on the PRSA document.

…click on the above link to read the rest of the article…

Ivy League Universities Pushing Oil Industry Agenda With No Accountability

October 23, 2015

Ivy League Universities Pushing Oil Industry Agenda With No Accountability

Harold Hamm isn’t the kind of guy you’d expect to be name dropping Ivy League schools. Born in Oklahoma, his education ended with his graduation from high school. Which didn’t stop him from becoming a multi-billionaire by building his own oil and gas fracking company, Continental Resources — a company that bills itself as “America’s Oil Champion.”

So for a self-made man from oil country, it wasn’t surprising to see a PowerPoint slide with the bullet points “Rigs, Rednecks, and Royalties” during his presentationthis June at the annual Energy Information Administration conference in Washington, D.C. Although when he referred to the oil producing sections of the U.S. as “Cowboyistan” it didn’t get the laugh he was probably expecting.

What was a bit surprising was to see him touting the work of Columbia and Harvard to support his argument to lift the ban on exporting crude oil produced in the US.

“There have been a dozen studies so far, everyone of them come[sic] out with the same thing – lower gasoline prices….These are not folks who write about our industry all the time. We’re talking Columbia, we’re talking Harvard…”

Now, Hamm’s attempt to distance Columbia and Harvard from the oil industry was probably a clever tactic and not based on ignorance. Hamm has probably spent more time in D.C. this year than some members of Congress.

From the EIA conference to multiple appearances before congressional committees, Hamm has been pushing to get the oil export ban lifted.

Either way, he is wrong to say that Columbia and Harvard don’t write about the oil industry all of the time.

At Columbia University there is a rather new division of the school that does just that called the Center on Global Energy Policy(CGEP).

…click on the above link to read the rest of the article…

 

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