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Continental CEO Hamm sees U.S. shale production growth slowing

Jan. 23, 2019 6:45 PM ETContinental Resources, Inc. (CLR) StockHAL, SLB, CLRBy: Carl Surran, SA News Editor18 Comments
  • U.S. shale production growth could slow by as much as 50% at the start of this year vs. 2018 if producers continue to pull back activity in the volatile oil market, Continental Resources (NYSE:CLR) CEO Harold Hamm said today at the Argus Americas Crude Summit in Houston.
  • "Producers have become more disciplined in their approach to capex," Hamm said. "Several years back growth was a huge consideration [but] the peak consideration now has been - are you overspending cash flow. Are you living within cash flow?"
  • While Hamm said he does not expect every company to stop half of its rigs, drilling activity will be considerably less than last year, echoing recent comments by oilfield service giants Schlumberger (NYSE:SLB) and Halliburton (NYSE:HAL) who expect subdued spending by North American producers amid an uncertain oil price outlook.
  • About his own company, Hamm said CLR is in a different position than many peers because of its large low-cost production base.
  • "It is pretty easy to stay within cash flow and basically service all of our needs," the CEO said.

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