Billionaire Shale Pioneer to Cut Spending by 41%

Billionaire Harold Hamm plans to reduce spending by 41% at his company following a significant drop in oil prices. He believes that his company, Continental Resources, along with other US producers, can quickly adapt to the market collapse and endure the downturn better than many oil-producing countries. Hamm highlights the economic challenges faced by these countries and notes that several competitors are also planning to cut spending and relocate rigs to more profitable areas due to the pressure on oil prices.

What percentage does Harold Hamm plan to slash spending by at his company?

How does Harold Hamm believe US producers can respond to the downturn in oil prices?

What does Hamm say about the economic situation faced by other producing countries?

What actions do several rivals plan to take in response to the oil price situation?

What is the current state of oil prices according to the text?