Harold Hamm, the oil billionaire and a founder of Continental Resources, told Bloomberg News in an interview on Friday that Continental Resources is set to halt drilling in the Bakken formation as low oil prices have eroded profit margins.
According to the article, this will be the first time in over 30 years that Hamm will not have active drilling rigs in North Dakota.
Breakevens in the play average around $58/bbl, according to a report by BloombergNEF, very close to where current prices sit.
“There’s no need to drill it when margins are basically gone,” Hamm told Bloomberg.
Hamm did not rule out a return to drilling if market conditions improve.