It goes without saying the soaring price of crude oil and wild price swings have producers rethinking their capital budgets and drilling programs this year. While some operators are focused on capital discipline and shareholder returns amid the Mid-East conflict, others are set to ride the wave of higher prices by expanding operations, boosting production, and adding rigs. Case in point: Diamondback Energy, which earlier this month flipped the red switch on its Permian drilling stoplight to green, raising its total production guidance to 972 MBOED with plans to add two to three rigs this year. But it’s not just the Permian where producers are reconsidering strategies to capitalize on higher prices during a volatile time.

Reese Energy Consulting today is following the latest news from the Williston Basin Petroleum Conference, where a constellation of oil and gas luminaries included Harold Hamm, founder and executive chairman of Okla. City-based Continental Resources. Seriously, who wouldn’t have bought that ticket?

After pausing drilling in the Bakken back in January due to low prices, Hamm brought a big announcement to Bismark, N.D., for all those who attended the conference last Friday. Namely, Continental will resume drilling in the Bakken before the end of the year and you can bet its heavy investment in Unconventional Enhanced Oil Recovery (EOR) will play a big part to squeeze out every molecule.

One other interesting note from Hamm’s delivery at the Williston Basin conference: He doesn’t agree with predictions that oil prices will drop back to where they were after the Strait of Hormuz is open. He calls $70 to $80 per barrel a healthy range for the industry. I think Billy Bob Thorton’s character told us this in Season 1, Episode 1 of Landman.