Oil tycoon Harold Hamm got $2 billion richer in just one day

Billionaire oil baron Harold Hamm just had a very big day.

Shares of his Continental Resources Inc. surged 22 per cent Monday, the most since 2016, adding US$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 per cent of the world’s supply. A return to full operating capacity could take weeks or months.

Shares of Continental had tumbled 20 per cent 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 US$11.6 billion. He owns 77 per cent 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.

Bloomberg.com

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