U.S. oil firm Continental Resources halts shale output, seeks to cancel sales [Reuters]
Continental Resources, Inc. (CLR)
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Source: Reuters
U.S. oil firm Continental Resources halts shale output, seeks to cancel sales (Reuters) - The largest oil producer in North Dakota has halted most of its production in the U.S. state and notified some customers it would not supply crude after prices dived into negative territory this week, people familiar with the matter said. Continental Resources Inc ( CLR.N ), the company controlled by billionaire Harold Hamm, stopped all drilling and shut in most of its wells in the state’s Bakken shale field, three people familiar with production in the state said on Thursday. Global oil prices have plunged because of excess supplies and tumbling demand due to the coronavirus crisis. U.S. crude prices plunged into negative territory this week - meaning suppliers had to pay people to take oil - due to lack of storage space, prompting moves by operators to halt output. Shut-ins have been particularly swift in North Dakota, which produced more than 1.4 million barrels per day (bpd) of oil in 2019,
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