• 16 mins ConocoPhillips Sets Price Ceiling For New Projects
  • 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 10 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 10 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
Alt Text

The Kurdish Oil Gamble Has Backfired

Kurdistan’s failure to hold the…

Alt Text

What A U.S. Electric Grid Attack Looks Like

The electrical system is the…

Alt Text

Oil Tycoon Hamm Slams EIA’s Overoptimistic Shale Forecasts

Shale billionaire and chief executive…

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

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

Harold Hamm

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:




Back to homepage


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