Harold Hamm said increasing his holdings in Continental Resources stock underscored his confidence in the company, the value of which he believes is currently undervalued due to the COVID-19 pandemic.
There’s a new crude benchmark in town. Harold Hamm, founder and executive chairman of Continental Resources, joined Hart Energy to explain how American GulfCoast Select will help producers in the oil industry.
Chesapeake Energy separately said in a filing it plans to operate six to eight drilling rigs for the next two years, about half the 14 rigs active on average in the first quarter, as it battles a historic downturn in oil prices.
The restructuring is expected to reduce Lilis Energy debt obligations by more than $34.9 million, rightsizing its bank indebtedness for future operations focused in the Permian Basin.
Rig count, oil production falls over the past week.
The Trump administration has slashed amounts oil and gas companies must pay for access on government-owned land during the COVID-19 pandemic.
“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” CEO Doug Lawler said in a statement.
Wolfcamp-Spraberry Trend wells completed by Earthstone Energy in the Permian Basin plus four strong Haynesville Shale discoveries from two separate pads in Louisiana’s Sabine Parish top this week’s drilling activity highlights from around the world.