Continental Resources Announces Return to Bakken Drilling in 2026

Continental Resources will resume drilling new wells in North Dakota before the end of 2026, founder Harold Hamm announced at the Williston Basin Petroleum Conference in Bismarck. The company, North Dakota's No. 2 oil producer, had paused new drilling in January, marking its first break from active rig operations in the state in 30 years.

According to the North Dakota Monitor, Hamm cited higher oil prices amid the war with Iran as a key factor in the decision. "A great deal has changed," Hamm said. "We'll be back to work." He told conference attendees on Thursday, May 21, 2026, that the company did not yet have a firm number of rigs planned but said it would be "meaningful."

Hamm dismissed predictions that oil prices would drop sharply once the Strait of Hormuz reopens. "I don't believe that, at all," he said in an interview. He stated that a minimum oil price in the high $70s or low $80s per barrel is a "healthy range" for the industry, adding, "If you get much lower than that, people curtail their activity." West Texas Intermediate prices were around $100 per barrel at the time of the announcement, compared to around $60 per barrel when the drilling pause began.

State officials welcomed the news as a positive signal for North Dakota's oil-dependent economy. Department of Mineral Resources Director Nathan Anderson said the announcement indicates "some certainty around a little higher price for a little bit longer." According to the North Dakota Monitor, Anderson also noted hearing that another company plans to add a rig. The state has been averaging around 25 active rigs.

The breakeven price for Bakken operators ranges from $50 to $65 per barrel in WTI prices, depending on location, Anderson has said. North Dakota produced an average of 1.1 million barrels of oil per day in February, maintaining its position as the country's No. 3 oil-producing state.

Continental Resources is seen as a leader in the Bakken formation and is credited with advancing horizontal drilling techniques that spurred the region's oil boom. Its return to drilling is viewed as a bellwether for broader operator confidence in the Williston Basin.

Separately, Rigzone reported that ExxonMobil and QatarEnergy signed a memorandum of understanding with Egypt to assess using Egyptian infrastructure for potential natural gas developments in Cyprus. This international activity underscores the global energy market dynamics that influence the price environment for Bakken producers.