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Business News/ Markets / Stock Markets/  Oil tycoon gets $2 billion richer in a day as prices shoot up
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Oil tycoon gets $2 billion richer in a day as prices shoot up

Global oil prices surged the most on record on Monday
  • Attacks 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 (Reuters)Premium
    A return to full operating capacity could take weeks or months (Reuters)

    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.

    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.

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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    Published: 17 Sep 2019, 11:25 AM IST
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