WTI Crude--
Brent Crude--
Natural Gas--
ND Rig Count--
WTI Crude--
Brent Crude--
Natural Gas--
ND Rig Count--
Continental Resources to Resume Bakken Drilling by Year-End - Bakken Wire
Operator News

Continental Resources to Resume Bakken Drilling by Year-End

Founder Harold Hamm cites higher oil prices, tells Williston Basin conference a "meaningful" rig count is planned.

Bakken Wire Staff·🔆Midday Wire·

Continental Resources Inc. will resume drilling new oil wells in North Dakota before the end of the year, founder Harold Hamm announced Thursday. The move reverses a temporary drilling pause the company initiated in January due to low oil prices, according to the North Dakota Monitor.

Hamm made the announcement at the 2026 Williston Basin Petroleum Conference in Bismarck. He stated that "a great deal has changed" since the pause began, specifically pointing to higher oil prices amid the war with Iran. “We’ll be back to work,” Hamm told attendees. “But we’re not giving it away now.”

The company, North Dakota's No. 2 oil producer, had not had a rig operating in the state since January, marking the first such pause in 30 years. At that time, West Texas Intermediate (WTI) oil prices were around $60 per barrel. On the day of Hamm's announcement, prices were around $100 per barrel.

While Hamm did not provide a firm number of rigs, he said the planned count would be "meaningful." He also expressed a belief that prices would not collapse to pre-conflict levels even if the Strait of Hormuz reopens. “I don’t believe that, at all,” Hamm said. “I think that we’ll get back to realistic values of oil and natural gas.”

He identified a WTI price in the high $70s or low $80s per barrel as a "healthy range" for the industry. “If you get much lower than that, people curtail their activity,” Hamm said. State officials have said the breakeven price for Bakken operators ranges from $50 to $65 per barrel, depending on location.

North Dakota's top oil regulator welcomed the news. “The conflict could end tomorrow, but what it tells me is it signals that there’s some certainty around a little higher price for a little bit longer,” said Department of Mineral Resources Director Nathan Anderson. He added that he has heard from another, unnamed company also planning to add a rig.

The announcement is seen as a significant signal for the Bakken formation, where Continental is credited with advancing the horizontal drilling techniques that spurred the region's oil boom. The state, which relies heavily on oil tax revenue, had been averaging around 25 active rigs. North Dakota produced an average of 1.1 million barrels of oil per day in February, maintaining its status as the nation's No. 3 oil-producing state.

Source

North Dakota Monitor (Source 1), Bing News (Source 2)

continental resourcesharold hammdrillingrig countoil pricesbakkennorth dakotawilliston basin petroleum conference

Share this article

Related Articles

Operator News

Gulf Hurricane Threat Evacuates Workers, Could Tighten Oil Markets

Major oil companies are evacuating workers from the Gulf of Mexico ahead of a strengthening tropical storm, a move that could introduce new volatility to crude markets with potential implications for Bakken producers. Chevron is evacuating workers from all its Gulf platforms, while Shell is pulling non-essential personnel from six offshore platforms and BP is also conducting evacuations, according to reports from Reuters and CNN. While production at the facilities currently remains normal, the storm is forecast to reach the Gulf Coast by Friday, potentially as a Category 2 hurricane. Analysts warn the storm is an "unwelcome complication for crude, raising the prospect of production and refining disruptions at a time when the market already has enough supply-side headaches," KCM Trade chief analyst Tim Waterer told Reuters. The potential impact on Gulf Coast refineries is a primary concern for the broader oil market, including Bakken crude which often flows to...

☀️Morning Wire·Oct 7
Supreme Court Hears Climate Suit, Industry Warns of 'Judicially Ordered Carbon Tax' - Bakken Wire
Operator News

Supreme Court Hears Climate Suit, Industry Warns of 'Judicially Ordered Carbon Tax'

The U.S. Supreme Court heard arguments Monday in a pivotal climate liability case that could open the door to state-level lawsuits against oil and gas companies, a prospect the industry warns could act as a "judicially ordered carbon tax," according to a report from OilPrice.com. The case involves a lawsuit filed by Boulder County, Colorado, against ExxonMobil and Suncor Energy Inc., seeking damages for local climate-change-related impacts. The Canadian-based Suncor and Texas-based ExxonMobil argue that climate policy and alleged damages are exclusively federal matters, and the state suit should be dismissed. Boulder County contends it is only seeking compensation for local damage from decades of emissions, not aiming to change federal policy, OilPrice.com reported. For Bakken operators, the case represents a significant liability threat. The industry argues that a victory for Boulder County would allow a flood of similar lawsuits to proceed, potentially targeting producers based on their historical emissions....

🔆Midday Wire·Oct 5
Operator News

ConocoPhillips Signs 20-Year LNG Supply Deal with Venture Global

ConocoPhillips has entered a 20-year agreement to purchase liquefied natural gas from Venture Global LNG, according to a report from Rigzone. The deal, finalized on October 2, 2026, will see ConocoPhillips buying one million metric tons per year of LNG starting in 2030. For Bakken operators, this long-term LNG offtake agreement by a key player highlights the growing importance of global natural gas markets for the region's production. The Bakken formation is a major oil-producing region, but its operations also yield significant volumes of associated natural gas. Such a deal provides ConocoPhillips, a major operator in the Williston Basin, with a secured outlet for future natural gas production. While the specific source of the LNG is not detailed in the report, long-term contracts like this underpin investment in gas gathering, processing, and transportation infrastructure that can benefit the broader Bakken region. The move aligns with industry trends of securing stable...

☀️Morning Wire·Oct 5