Host Jim Cramer pointed out that while the company’s earnings missed expectations last week, production was up sharply, topping 100,000 barrels per day.
It’s beyond our imagination for sure,” Hamm said. “Those numbers have come pretty quickly. We should see more expansion coming from here.”
One of the biggest factors holding back growth in the Bakken formation of North Dakota is the limited pipeline infrastructure in the area, Hamm said.
The Bakken is the largest oilfield in the world that doesn’t have a primary pipeline serving it. That puts us at a severe disadvantage,” he said.
Hamm has been a strong supporter of North American energy independence, saying the country should invest its money on oil and natural gas production in North Dakota, Oklahoma and other parts of the country instead of in the Middle East.
Cramer asked if North America could produce all its own energy within five years.
We’re getting close to that,” Hamm said. “I have said that within 10 years, North America could be energy independent. In five years, I don’t think we’ll be using a whole lot of Mideast oil if we don’t want to, and we will be more secure.”