Continental announces more Bakken oil exports

By Patrick C. Miller | December 05, 2017

In October, Continental Resources Inc. chairman and CEO Harold Hamm said the export of 1 million barrels of Bakken crude to China was “the first of many similar transactions.”

That proved to be the case in November when the Oklahoma City-based company announced that it was exporting another 430,000 barrels of North Dakota oil to international markets. The sale transaction took place in Cushing, Oklahoma.

"International markets are demonstrating accelerated interest in American light sweet oil, and Continental is currently negotiating additional potential sales," Hamm said. "This is the new reality of the United States as a world energy leader."

In December 2015, the U.S. lifted its ban on oil exports, allowing foreign sales to be transacted without a license. Oil exports have grown steadily in the past two years, primarily to foreign refineries configured specifically to process light sweet crude oil.

"We expect steady U.S. production and increasing international sales will drive down U.S. inventories and help correct the recent disparity between Brent and WTI prices," Hamm said. "Increasing export volumes will also help reduce America's foreign trade deficit."

Continental is the largest leaseholder and the largest producer in the Bakken play of North Dakota and Montana. It also has significant positions in Oklahoma’s STACK and SCOOP plays.