Continental Resources, Inc. recently announced its first-ever sale of Bakken oil specifically for delivery overseas. Continental Resources has sold 1,005,000 barrels of crude oil for November delivery to Atlantic Trading and Marketing (“ATMI”), which intends to export the oil to China.
“This is a historic day for Continental and begins a new chapter in our long-term strategy to establish multiple international markets for American light sweet oil,” said Harold Hamm, Continental’s Chairman and Chief Executive Officer. “This new normal was created by the American shale energy revolution and the lifting of the 1977 crude oil export ban. We expect to see many similar industry transactions in coming months and years.”
Continental Resources is a top 15 independent oil producer in the U.S. Lower 48 and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and one of the largest producers in the nation’s premier oil field, the Bakken play of North Dakota and Montana. The Company also has significant positions in Oklahoma, including its SCOOP Woodford, SCOOP Springer and SCOOP Sycamore discoveries and the STACK plays.
According to Continental Resources, the daily November sales transactions of 33,500 barrels-per-day, will take place in Cushing, Oklahoma. ATMI then plans to transport the oil for loading on tankers at Texas ports.
This export of crude oil overseas marks another chapter in a long story of creating an American energy market for the planet.
In December 2015 the U.S. lifted its ban on oil exports, allowing foreign sales to be transacted without a license. Oil exports have grown steadily in the past two years, primarily to foreign refineries configured specifically to process light sweet crude oil. “We recognized back in 2015, when we were working to lift the export ban,