CLR and CNBC This Morning

Harold Hamm, CLR/CEO, on CNBC this morning.

• 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. 

In addition, CLR made the top 15 list for insider buying this past week. The CEO, Harold Hamm, bought $391,200 worth of stock on August 25.