- When one remembers there are CEOs of XOM, COP, CVX, and others, it is amazing to think that the CEO of a relatively small company (CLR) is the richest oil man in the US. Hamm is a self-made billionaire with a high-school diploma.
- When one sees those stones (shale), it's hard to believe they get any oil out of shale.
- The "Bakken" may hold eight (8) billion bbls of recoverable oil; easily twice "official" estimates.
- Oil at $50 is problematic. Bakken drillers are making money at $60/bbl.
- In five (5) years or less, US will be importing less than 50% of its oil.
- Many very strong comments about North Dakota.
- Says economy in North Dakota is due to the oil; doesn't water down commentary by getting off-point (agriculture, strong work ethic, banking industry, fiscal conservatism).
- Taking away tax incentives for oil industry: "It would be terrible."
- Independents like CLR produce 90% of American oil.
- Price of oil: range-bound between $75 and $90. It will take the economy to "get rolling" to get out of this range.
Wednesday, September 1, 2010
CLR and CNBC This Morning
Harold Hamm, CLR/CEO, on CNBC this morning.
