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Wednesday, September 20, 2017

After Short-Seller Bashes Shale Companies, Harold Hamm Strikes Back

From CNBC:
Continental Resources Chairman and CEO Harold Hamm on Thursday fired back at renowned short-seller Jim Chanos after he revealed he is betting that shares of Hamm's Oklahoma-based drilling company will fall. 
"Well, first of all, I can say almost, who is this guy?" Hamm told CNBC's "Squawk on the Street." 

Hamm speculated that Chanos — who is known for shorting stocks, or betting that their price will decline — got caught on the wrong side of the trade and is trying to mitigate the damage by talking down shale oil drillers.

Company executives are held to a higher standard of honesty by the Securities and Exchange Commission than short-sellers like Chanos, Hamm claimed. 
"For anyone to even put forth the suggestion that we haven't had great expansion and wealth creation in this industry with horizontal drilling and all the technology that's come about the last 10 years, I mean, it's totally ridiculous for anybody to make those types of statements," he said.
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