(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.
Also see: Shale Giants Clash Over Oil-Production Cap to Survive Rout
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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