Environment & Energy Report

Trump’s Big Oil Buy Could Benefit Hundreds of Shale Drillers

March 20, 2020, 10:00 AM

The Trump administration’s plan to aid struggling American shale drillers involves buying as much as $3 billion worth of oil from domestic producers who employ 5,000 people or less.

About 300 publicly traded U.S. explorers meet the criteria, including Continental Resources Inc., the shale company owned by billionaire Trump supporter Harold Hamm, according to data compiled by Bloomberg. Other potential beneficiaries include Chesapeake Energy Corp., Whiting Petroleum Corp. and California Resources Corp., all of which are trading at distressed levels.

The Energy Department will initially purchase 30 million barrels of sweet and sour crude for...

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