Continental Resources Declares Force Majeure as Coronavirus Tanks Oil Prices [TheStreet.com]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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Source: TheStreet.com
Continental Resources Inc.(CLRGet ReportShares of the Oklahoma City company at last check were 4.3% higher at $13.80.Continental said that it could not have predicted the unprecedented retreat in energy prices caused by the coronavirus pandemic and that selling oil at a negative price would be futile, Bloomberg reported.A representative for the company said it continued to honor its commitments and is working closely with refiners."Certainly this pandemic has brought about conditions under which force majeure applies," the company said in a statement.Continental Resources has halted most of its production in North Dakota and notified some customers it would not supply crude after prices tumbled into negative territory, according to news reports.The company, the largest oil producer in North Dakota, stopped all drilling and shut in most of its wells in the state's Bakken shale field, Reuters reported, citing three people familiar with production in North Dakota.Global oil pricesreturne
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