Seeking Alpha

Continental's Hamm warns Bakken oil success threatened by safety missteps

  • Continental Resources (CLR) CEO Harold Hamm predicts North Dakota’s crude oil production will double to 2M bbl/daily by decade’s end but warns that future safety missteps would pose a major threat.
  • The state’s unprecedented oil boom has been marred by a massive oil pipeline rupture last fall and a fiery oil train derailment in December - another incident and opponents are "going to shut us down," Hamm says. “So many people want to stop fossil fuel use and production. They don’t have anything to take its place, but they want to stop it."
  • CLR is the biggest producer and largest leaseholder in the Bakken shale formation, with more than 1M acres in North Dakota and Montana.
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Comments (5)
  • DAVE22Q
    , contributor
    Comments (292) | Send Message
     
    so quit whining, buy some insurance and invest in a serous safety program. just who does Hamm expect to cover the costs of his carelessness?
    22 May, 06:41 PM Reply Like
  • 745
    , contributor
    Comments (242) | Send Message
     
    I don't see how you can blame Hamm for the train derailments and subsequent outcome. That is unless you are blaming him for producing that black gold in the first place. The railroads, at least the large ones anyway, are self insured and these things just happen to be the cost of doing business for them. Like it or not, incidents will always happen, Hamm's point is that the industry doesn't need any more negative publicity than what they've already gotten.
    22 May, 07:45 PM Reply Like
  • fresbrg
    , contributor
    Comments (11) | Send Message
     
    We are generations away from removing oil from global energy, industrial and transportation needs. The collective morons in Congress need to realize that fact and develop comprehensive laws that will allow for safe production, transport and use of the oil and gas in this country and the world. We all know there is reasonable middle ground to address this and many other pressing issues the United States faces. However, until pols are forced to quit kissing the feet of their radical 'base', nothing will change. Until the true 'Silent Majority' - the masses of us who only want a functional leadership - take to the streets and pulpits, nothing will change. It makes me sick to see where the political extremists have taken this country.
    22 May, 11:44 PM Reply Like
  • bgold1955
    , contributor
    Comments (2095) | Send Message
     
    He sounds paranoid. Time for a drug test.
    23 May, 08:54 AM Reply Like
  • brucesemi
    , contributor
    Comments (3) | Send Message
     
    Thank you Mr. Hamm for your entrepreneurship. Without oil and related energy resources we would not be able to communicate via this blog. Not to mention eat, travel, work, recreate,etc.
    23 May, 09:17 AM Reply Like
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