One of the Largest American Shale Oil Companies Will Reduce Production by 30 %
OREANDA-NEWS. MarketWatch reports that Continental Resources, one of the largest shale oil producers in the United States, has decided to abandon quarterly dividend payments due to the global drop in oil prices amid the coronavirus epidemic. The company’s management also said that since global oil consumption fell by about 30 %, Continental Resources will reduce production by about the same level in April and May.
Over the past three months, the company’s shares fell by 73 %, and S&P downgraded its rating to BB+.Head of Continental Resources Harold Hamm expressed hope that the company will be able to restore positions in the third and fourth quarters of 2020, and now it is important to maintain the industry.