Monday, June 18, 2018

Smart Decision -- Hamm Pulls Out -- June 18, 2018

From SeekingAlpha:
  • Continental Resources says CEO and founder Harold Hamm has canceled a scheduled appearance at this week's OPEC meeting in Vienna, leaving only two U.S. shale executives set to speak at the event out of an original five
  • Hamm's withdrawal comes days after trade tensions between the U.S. and China intensified, with China imposing $50B in retaliatory tariffs on U.S. crude oil and other goods; CLR has been a key supplier of crude oil to China, shipping more than 1M barrels to the country since a U.S. crude export ban was lifted in 2015
  • Centennial Resource Development  CEO Mark Papa and ConocoPhillips CEO Ryan Lance earlier withdrew from the OPEC event; Pioneer Natural Resources  Executive Chairman Scott Sheffield and Hess CEO John Hess are still scheduled to attend

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