As the founder of Oklahoma City-based Continental Resources, CEO Harold Hamm has had a long working relationship with North Dakota. After all, he was one of the early explorers to bring his horizontal-drilling technology to the state, turning the Bakken shale play into what it is today.
And he’s defending its production even after some industry watchers claimed the wells were running dry too quickly.
“Its demise was overexaggerated,” said Hamm in a recent interview on CNBC’s “Squawk on the Street.“The Bakken is back stronger than ever.”
He should defend it because that’s where he made a fortune. Thanks to the technology he brought to the state, the amount of oil produced by the Bakken drillers is rebounding.
“The technology’s worked better than it has anywhere else. We’re still in the third inning of the Bakken development,” added Hamm in the tv interview.
It’s common knowledge in the industry that shale wells often have high production initially then fall off after the first year.
“Sure, these wells fall off the first year, but let me tell you, they level out and make a lot of oil,” he said. “1.1 million barrels per well isn’t bad in the Bakken, so those are great ultimate recovery numbers.”