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Hamm’s Still Predicting a Rebound of Oil Prices in 2016

Oilman Harold Hamm remains bullish on the oil and gas industry, repeating his prediction that the future still looks bright for the industry and prices will rebound later this year. He first made the prediction earlier in the month during an interview on CNBC then repeated his claims in an interview this week with reporter Adam Wilmoth of The Oklahoman.

“I think the future looks bright for the industry,” Hamm told Wilmoth in an interview at his offices where Hamm commands the Continental Resources company he founded many years ago. “You have to look past today, which is difficult to do, but looking past that and seeing what the industry will look like in the future is quite bright.”

It’s what he said even as his company announced this past week that it was cutting its capital expenditures by two-thirds for the remainder of 2016.

He admitted times are tough for some companies and there are layoffs and bankruptcies.

“It’s very devastating for people who are too far extended,” he lamented. “But it’s not as bad as what was predicted by the Saudis. They thought we were high-cost producers. This was a monulmental mistake by the Saudis.”

The “monumental mistake” comment was the same one he said a few weeks ago in the CNBC interview.

In case you missed Adam Wilmoth’s story, read here.

Read Oklahoman