CIR Afternoon Update — April 6, 2026

Continental Resources founder Harold Hamm signaled a major shift in domestic drilling strategy Monday, telling Hart Energy the company intends to deploy additional rigs across Lower 48 oil plays — including the Permian Basin — citing a duty to support U.S. allies amid elevated geopolitical uncertainty. According to Hart Energy, Hamm said Continental would "rig up" across multiple basins as WTI continues to trade above $110/bbl.

The announcement comes as crude markets remained in choppy territory on Monday. According to Reuters, Brent crude futures settled at $109.77/bbl, up $0.74 (+0.68%), while U.S. West Texas Intermediate settled at $112.40/bbl, up $0.87 (+0.78%). Rising tensions between the U.S. and Iran continued to provide a geopolitical floor under prices, with both sides escalating rhetoric through the weekend.

Continental's move stands in contrast to the broader E&P posture reported elsewhere in the sector. According to Hart Energy, operators such as EOG Resources and APA Corporation are largely holding firm on existing activity levels despite the elevated oil price environment, reflecting persistent investor pressure to maintain capital discipline rather than chase production growth at current strip prices.

The Dallas Fed's Q1 2026 E&P survey, also published Monday, painted a picture of sustained uncertainty across the basin — with respondents citing tariff exposure, global demand risk, and OPEC+ policy ambiguity as key headwinds even at current price levels.

Continental's willingness to counter that trend could signal a tipping point: if higher-conviction operators begin adding iron, service sector utilization — already elevated in West Texas — may tighten further into Q2.

Disclaimer: This update is produced for informational purposes only and does not constitute investment advice. CIR sources publicly available data and industry reporting. All figures attributed to third-party sources as noted.