OKLAHOMA CITY, Nov. 15, 2017 /PRNewswire/ — Continental Resources, Inc. (NYSE: CLR) (the Company) today announced its second international sale of Bakken crude oil. The Company plans to sell 430,000 barrels of oil (Bo) for January delivery to international markets. The sale transaction will take place in Cushing, Oklahoma.
This follows Continental’s October announcement of the sale of 1,005,000 barrels of Bakken crude oil to Atlantic Trading and Marketing, which intends to export the oil to China.
“International markets are demonstrating accelerated interest in American light sweet oil, and Continental is currently negotiating additional potential sales,” said Harold Hamm, Continental’s Chairman and Chief Executive Officer. “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,” Mr. Hamm said. “Increasing export volumes will also help reduce America’s foreign trade deficit.”
About Continental Resources
Continental Resources (NYSE: CLR) is a top 15 independent oil producer in the U.S. Lower 48 and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation’s premier oil field, the Bakken play of North Dakota and Montana. The Company also has significant positions in Oklahoma, including its SCOOP Woodford, SCOOP Springer and SCOOP Sycamore discoveries and the STACK plays. With a focus on the exploration and production of oil, Continental has unlocked the technology and resources vital to American energy independence and our nation’s leadership in the new world oil market. In 2017, the Company will celebrate 50 years of operations. For more information, please visit www.CLR.com.