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This Article is From Sep 17, 2019

Oil Tycoon Harold Hamm Just Got $2 Billion Richer in One Day

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Nuvama Wealth Management Ltd
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(Bloomberg) -- Billionaire oil baron Harold Hamm just had a very big day.

Shares of his Continental Resources Inc. surged 22% Monday, the most since 2016, adding $2 billion to his net worth, more than anyone else in the 500-member Bloomberg Billionaires Index.

Global oil prices surged the most on record after a weekend aerial attack on Saudi Arabia's Abqaiq oil complex crippled production, knocking out 5% of the world's supply. A return to full operating capacity could take weeks or months.

Read more: Oil jumps most on record after attack cripples Saudi production

Shares of Continental had tumbled 20% on the year through Friday, a decline that was almost erased by Monday's advance. The same is true for Hamm's fortune, which now stands at $11.6 billion. He owns 77% of the Oklahoma City-based oil exploration and production firm.

Hamm, 73, said Thursday in an interview with Bloomberg Television that he has no intention of taking Continental private, a month after he mused during a conference call whether remaining a public company was worth it.

--With assistance from Jack Witzig.

To contact the reporter on this story: Emma Vickers in New York at evickers4@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net;Pierre Paulden at ppaulden@bloomberg.net

©2019 Bloomberg L.P.

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