Lower 48 exploration and production firms must stay disciplined amid current high oil and natural gas prices, Continental Resources Inc. management said recently.

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“While we remain bullish on commodity prices, given the volatility of price cycles and potential impact of, and government reaction to, the Covid variants, we continue to believe it is inappropriate for the industry to overproduce into a potentially oversupplied market, particularly with respect to crude oil,” CEO Bill Berry told analysts Tuesday (Aug. 3) during a second-quarter earnings conference call.

Continental operates primarily in the Bakken Shale, where it is the largest producer and leaseholder, and in Oklahoma’s South Central Oklahoma Oil Province (SCOOP) and Sooner Trend of the Anadarko Basin, mostly...