Continental Resources to Cease Drilling in North Dakota

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According to Harold Hamm, current oil prices have made drilling in the Bakken uneconomic. He told Bloomberg yesterday that he’s ceasing drilling operations in North Dakota because the “margins are basically gone”. This article cites analysis from BloombergNEF which puts the break-even for Bakken production at about $58/bbl. State Economic Watch will continue to monitor developments in the oil patch, as the knock-on effects of sustained low oil prices on the economies of energy producing states could be significant.

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