Harold Hamm sees long oil future for North Dakota; promotes book in Bismarck - Bismarck Tribune

Harold Hamm sees long oil future for North Dakota; promotes book in Bismarck

North Dakota’s oil production increased eightfold from 2007 to 2022, thanks in large part to the push of one man.

The oil boom was sparked, in part due to horizontal drilling and advancements in hydraulic fracturing, which enabled producers to access more Bakken oil.

The man who pioneered the advancement and deployment of that technology, Harold Hamm, the founder and chairman of Continental Resources, spoke at the North Dakota Heritage Center & State Museum on Thursday promoting his new book. “Game Changer: Our Fifty-Year Mission to Secure America’s Energy Independence” discusses his life, the history of Continental Resources and his political views on U.S. energy policy, among other topics.

Hamm has long advocated for the U.S. to drill more oil. This has historically put him in contention with those skeptical of U.S. oil and gas abundance, and today with those pushing to decarbonize the economy.

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Hamm said he is optimistic about the future of North Dakota oil production.

“It’s still being drilled and developed, and it’ll be producing for another 50 years, no doubt,” he said.

Hamm said he has appreciated the regulatory environment for oil companies created by the state Industrial Commission.

“It’s really proven that North Dakota is open for business,” he said.

Horizontal drilling today is the preferred method of drilling for most producers, rather than vertical wells. It causes less surface disturbance than other forms of oil extraction due to its ability to cut across a greater amount of land and its increased efficiency.

In recent years, stock market trends have favored renewable energy companies as the technologies become more widespread and large investors face calls to lessen their carbon footprint.

Hamm decided to take Continental Resources’ stock private in 2022.

“You didn’t get paid by the market to be public anymore so we took it private and we have a lot more time as a result of doing that,” he said. “Instead of being on this treadmill of reporting every quarter and all that, our next quarter is 25 years from now.”

Continental Resources continues to be North Dakota’s top oil producer, with six drilling rigs operating as of this week.

“I can’t say enough about some of the people that had that vision to give us the latitude to operate,” Hamm said.

Reach Joey Harris at 701-250-8252 or joseph.harris@bismarcktribune.com.