{"id":23002,"date":"2017-02-25T19:25:43","date_gmt":"2017-02-26T00:25:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23002"},"modified":"2017-02-25T19:25:43","modified_gmt":"2017-02-26T00:25:43","slug":"continental-resources-example-of-what-is-horribly-wrong-with-the-u-s-shale-oil-industry","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23002","title":{"rendered":"CONTINENTAL RESOURCES: Example Of What Is Horribly Wrong With The U.S. Shale Oil Industry"},"content":{"rendered":"

CONTINENTAL RESOURCES: Example Of What Is Horribly Wrong With The U.S. Shale Oil Industry<\/a><\/h3>\n
According to Continental Resources website, it labels itself as America\u2019s oil champion.\u00a0 To be a champion, one is supposed to be winner.\u00a0 Unfortunately for Continental, it\u2019s taking a serious beating and is a perfect example of what is horribly wrong with the U.S. Shale Oil Industry.<\/div>\n

During the beginning of the U.S. shale energy revolution, the industry stated it would make the United States energy independent.\u00a0 The mainstream media picked up this positive theme and ran with it.\u00a0 Americans who wanted to believe in this \u201cGrowth forever\u201d notion, had no problem going further into debt to buy as much crap as they could to fill their homes with and additional rental storage units.<\/p>\n

For several years, the U.S. Shale Revolution seemed like it was going to defy the laws of gravity (and finance) to provide the country with limitless oil production forever.\u00a0\u00a0However, something started to go seriously wrong as these shale oil companies reported their financial earnings.<\/strong>\u00a0 One by one, these oil companies financial losses and debts continued to pile up.<\/p>\n

And a perfect example, or the \u201cPoster child\u201d, of what is horribly wrong with the U.S. Shale Oil Industry is none other than Continental Resources.<\/p>\n

Again, if you go to\u00a0Continental Resources website<\/strong><\/em><\/a>, they proudly label themselves as \u201cAmerica\u2019s Champion Oil Company\u201d:<\/p>\n

<\/p>\n

(courtesy of Continental Resources)<\/em><\/p>\n

Maybe Continental was America\u2019s oil champion at one time, however if we look at their financial results, they have been receiving some serious blows to their mid section.\u00a0 Looking at the company\u2019s free cash flow since 2010, it isn\u2019t a pretty picture:<\/p>\n

<\/p>\n

From 2010 to 2016 YTD (year to date \u2013 Q3 2016), Continental (ticker CLR) has spent a stunning $7.6 billion more on capital expenditures (CAPEX) than they made in operating cash.\u00a0 Of course this had a negative impact on their balance sheet.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

CONTINENTAL RESOURCES: Example Of What Is Horribly Wrong With The U.S. Shale Oil Industry According to Continental Resources website, it labels itself as America\u2019s oil champion.\u00a0 To be a champion, one is supposed to be winner.\u00a0 Unfortunately for Continental, it\u2019s taking a serious beating and is a perfect example of what is horribly wrong with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[11319,1278,681,14206,846],"class_list":["post-23002","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-continental-resources","tag-oil-industry","tag-resources","tag-srsrocco","tag-us-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23002"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23002\/revisions"}],"predecessor-version":[{"id":23003,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23002\/revisions\/23003"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}