US shale pioneer sees slowdown in drilling amid oil slide

Houston

BILLIONAIRE wildcatter Harold Hamm, a founding father of the US shale boom whose personal fortune has fallen by more than half in the past three months, said that US drilling will slow as producers cut back amid falling oil prices.

Declining activity from Texas to North Dakota won't be as harmful to the industry as some have feared, the chairman and chief executive officer of Continental Resources Inc said. Opec's refusal to curb output last week bodes well for US producers that can outlast countries in the cartel, which depend on higher oil prices.