The crisis over the power supply challenges in Oklahoma has the attention of Continental Resources CEO Bill Berry who told investors on Wednesday the company is producing about half of the natural gas it normally does.
During a conference call to discuss the company’s fourth quarter 2020 earnings report, he told listeners and viewers, “As you know, we’re getting pretty well stressed here with our electric grids power system. We and our company are producing about 50% of our gas.”
Berry said the company is working every day with the government agencies and regulators and that Continental teams are working 24-hour shifts to keep everything up and running.
“As I said, we’ve got about 50% on understanding from talking to the utilities that most of the other operators of 5% to 25% is what they’ve been able to keep on.”
Berry went on to say that Continental is working with the pipeline companies to keep their compressors online and also collaborating with the power companies.
“— so that we make sure that we’re getting power delivered to the wells so that we can produce all the gas that we can to be able to end up generating power that this state as well as Texas and the other states are needing with this cold blast that’s coming through.”
The company CEO called it a “real challenge” but as the largest gas producer in Oklahoma, “we felt that this is something that we just need to put every bit of effort possible into making sure we load all the gas that we could.”