Waterborne Crude: Setting a New Benchmark | Hart Energy

(Source: Brian Nadurak)

Leslie

Haines

Oil and Gas Investor

Fri, 08/14/2020 - 05:00 PM

Like all oil producers, when the price of WTI plunged way below zero as the May contract expired on April 20, Harold Hamm watched in dismay and disbelief. Something was seriously not right. Something was broken.

But unlike others, the chairman and founder of U.S. shale producer Continental Resources Inc., which bills itself as America’s oil champion, sprang into action. “I’m a very positive person and I look for solutions, so I knew we had to do something to make the market work,” Hamm told Hart Energy in an exclusive interview.

Hamm marshaled his forces and became a founding member of the American GulfCoast Select Best Practices Task Force Association. For two months, the group has been talking to large producers, traders, midstream companies, refiners, consultants, the companies that publish commodity benchmark prices and the commodity exchanges—Intercontinental Exchange and Nymex.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Need more than one account? See Group Subscription options

In this article

Chart reflects yearly performance.

Leslie Haines

Leslie Haines is executive editor-at-large for Oil and Gas Investor. One of the most respected oil and gas industry journalists in the business, she is celebrating her 30th year at the magazine.

Recommended Reading

Devon Energy Cuts Capex Forecast Again on Improved Well Performance

Devon Energy said it now expects exploration and production capex to be between $950 million and $990 million, $10 million lower at the top end of an earlier forecast, its third reduction to the budget since March.

Shell Raises Dividend as CEO Says Oil Output Past Peak

Shell hit record earnings from its vast retail division, despite the impact on demand of the COVID-19 pandemic, which it said continued to generate "significant uncertainty."

Equinor Takes $2.9 Billion Hit in Asset Write-offs

The biggest write-downs stem from Equinor's assets in the Bakken shale field in the U.S. and the Mariner heavy oil field off the coast of Britain, the company said on an analysts call without elaborating.