HOUSTON, Aug 9 (Reuters) - Continental Resources Inc , one of the largest U.S. shale oil producers, will fund new wells from cash flow and not take on any new debt, Chief Executive Harold Hamm said on Wednesday.
“Absolutely no new debt. That’s part of our plan, the strategic plan going forward to knock our debt down,” Hamm said on a conference call with investors.
Hamm also said he sees the U.S. West Texas Intermediate (WTI) crude oil contract regaining “dominance” over Brent , the global benchmark. He cited rising U.S. crude exports and refiners’ increasing ability to process the type of crude produced from shale. (Reporting by Ernest Scheyder; Editing by Paul Simao)