Continental Resources Inc. expects to generate positive free cash flow (FCF) for a sixth straight year in 2021 amid an improving outlook for oil prices, according to management.

During a Feb. 17 conference call to discuss the firm’s 2020 earnings, Executive Chairman Harold Hamm cited “unprecedented challenges” faced in 2020 due to the Covid-19 pandemic, including U.S. crude oil prices briefly plunging negative for the first time ever in April.

“Despite the dramatic impact of Covid on crude oil demand last year, global inventories now appear to be rebalancing on vaccine optimism and tighter supplies as the U.S. and global producers exhibit capital and market discipline.”

The always outspoken Hamm added that “arbitrary” executive actions by the Biden...