Oklahoma-based Continental Resources Inc. sold 1,005,000 barrels of Bakken crude oil to Atlantic Trading & Marketing Inc. for delivery to China, marking its first oil sale specifically for export.
Daily transactions of 33,500 barrels per day will occur in Cushing, Okla. throughout November. Atlantic Trading & Marketing will then transport the oil for loading on tankers at Texas ports, according to an Oct. 17 news release.
The U.S. lifted its ban on oil exports in December 2015.
"This is a historic day for Continental and begins a new chapter in our long-term strategy to establish multiple international markets for American light sweet oil," said Continental Chairman and CEO Harold Hamm.
Continental Resources is focused on the exploration and production of oil and is the largest leaseholder and one of the largest producers in the Bakken play of North Dakota and Montana. The company also has significant positions in Oklahoma, including its SCOOP Woodford, SCOOP Springer and SCOOP Sycamore discoveries and the STACK plays.