• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 6 hours L.A. Mayor Ditches Gas Plant Plans
  • 3 hours Prospective Cause of Little Ice Age
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 12 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 9 hours students walk out of school in protest of climate change
  • 1 day Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 13 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 2 days And the War on LNG is Now On
  • 13 hours Why Is Japan Not a Leader in Renewables?
  • 10 hours Is the Green race a race from energy dependence.
  • 1 day And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
Alt Text

Maduro Says Oil Output Will Rise By 1 Million Bpd

Venezuela’s President Nicolas Maduro has…

Alt Text

Oil Jumps As Saudis Plan Further Production Cuts

Oil prices rose on Tuesday…

Alt Text

Russian Energy Minister: We Avoided $25 Oil With OPEC Deal

Russian Energy Minister Novak has…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Trending Discussions

$3 Billion In 3 Hours: Energy Mogul Hamm Cashes In On OPEC Deal

Harold Hamm, the wealthiest American energy mogul, earned $3 billion on Wednesday morning, when the Organization of Petroleum Exporting Countries (OPEC) announced an oil production cut that would cap the bloc’s output at 32.5 million barrels per day.

Hamm’s shares of Continental Resources Inc. rose 22 percent in value to $10.58 a piece during early morning trading hours in the New York Stock Exchange.

 

The $13.8-billionare, who currently serves as an energy advisor to President-elect Donald Trump, is on the shortlist to be U.S. Energy Secretary, according to a document procured by the Associated Press.

Like Trump, Harold Hamm has shown himself to be a skeptic about current fracking regulations. Ahead of the U.S. elections he stated: “There's so many of these overreaching regulations that have gone on. My goodness. We called it death by a thousand cuts, and that's exactly what it was intended to do”.

For the oil and gas industry, the Trump presidency will likely be beneficial, as Trump seems positive towards natural gas production and consumption and has, ever since he got nominated, stressed the importance of U.S. energy independence.

Crude oil prices had been volatile since the end of September, when OPEC said it would agree on the terms of a freeze by its November 30th meeting, but conflicting political and economic agendas between the cartel’s members led speculation regarding the deal’s feasibility to run amok.

“This should be a wake-up call for skeptics who have argued the death of OPEC,” Amrita Sen, an oil analyst at Energy Aspects Ltd told Bloomberg. “The group wants to push inventories down.”

Despite the deal-driven boost, barrel prices remain less than half their 2014 highs, which topped $100 a piece.

At the time of this article’s writing, Brent had risen 9.15 percent to $51.65 and West Texas Intermediate had jumped 8.82 percent to $49.22, since trading opened Wednesday morning.

Continental Resources (NYSE: CLR) is a top 10 independent oil producer in the U.S. Lower 48 based in Oklahoma City. It is the largest leaseholder and one of the largest producers in the Bakken, and has SCOOP and STACK plays in Oklahoma.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • cowboybob on December 01 2016 said:
    uhhhhhh...unless Mr. Hamm actually sold his shares, he didn't actually "make" any money yesterday. Amateur hour mistake in the markets to stock-watch and equate that to profit...until you sell something. Makes a great headline though.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News