Shale Billionaire Harold Hamm Sees Oklahoma Limiting Oil Output

(Bloomberg) -- Continental Resources Inc. founder Harold Hamm told Texas oil regulators he expects neighboring Oklahoma to adopt crude-production limits in a bid to bolster energy prices.

Hamm’s comments came during a marathon hearing Tuesday of the Texas Railroad Commission on whether to enact quotas amid the worst crude-market crash on record. Oklahoma, the fourth-largest U.S. oil-producing state, plans to consider imposing caps on May 11.

Hamm said he expects the Oklahoma Corporation Commission to restrict crude output in a manner similar to how it already has limited natural gas production.

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While some smaller drillers in Oklahoma support curtailments, not everyone is on board. An industry group known as the Petroleum Alliance of Oklahoma has called such requests “naive.”

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