The oil tycoon that got R29bn richer in a day | Fin24
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Power Cuts

    Wednesday's load shedding has been blamed, in part, on a broken conveyor belt at Medupi.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.


The oil tycoon that got R29bn richer in a day

Sep 19 2019 18:19
Emma Vickers

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

Shares of his Continental Resources surged 22% on Monday, the most since 2016, adding $2bn (over R29bn) 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 $11.6bn (R170bn). 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.

wealth  |  oil  |  billionaires


Company Snapshot


Struggling power utility Eskom will take centre stage at this year's mini budget

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote