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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Energy Billionaires Became $51 Billion Richer From 2021 Oil Rally

The world’s oil billionaires became even richer in the first quarter of 2021, adding a combined net worth of US$51 billion to their fortunes as oil prices rallied and investor confidence in excessively punished oil stocks returned.

According to the Bloomberg Billionaires Index, a daily ranking of the world’s richest people, U.S. oil tycoon Harold Hamm saw his net worth jump by US$3.3 billion year to date to stand at US$8.4 billion as of April 2.

Shares in Continental Resources that Hamm has founded have jumped by 59 percent year to date. 

Indian billionaire Gautam Adani with interests in ports, commodities, and power generation saw his net worth surge by US$23.3 billion to US$57.1 billion in the first quarter. This was the largest increase in a billionaire’s wealth so far this year anywhere in the world, according to the Bloomberg Billionaires Index.

In total, the energy billionaires globally saw their combined net worth jump by around 10 percent in the first quarter, the highest growth in wealth of any group of billionaires in the index compiled by Bloomberg.

Investors have warmed up in recent months to the energy sector, which bore the brunt of last year’s shock of crashing oil prices and oil demand. The energy sector has been the top performer in the S&P 500 index year to date. Some exchange-traded funds (EFTs) tracking oil prices have surged since the start of 2021 as investors turned their attention to industries expected to benefit the most from the economic recovery. Energy is one of those, and analysts still see upsides for energy stocks and ETFs.

Some banks, including JP Morgan and Goldman Sachs, said in February that they expected a new supercycle in oil, with economies rebounding from last year’s pandemic shock.  

The International Energy Agency (IEA), however, does not see a supercycle in oil on the horizon amid plentiful supply and a large global spare capacity. 

By Charles Kennedy for Oilprice.com

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  • Mamdouh Salameh on April 02 2021 said:
    This is another proof if proof is needed that the oil business is the most profitable business in the world. That is why European oil supermajors who are trying to greenwash themselves will soon return to the fold. With prospects for oil prices and global oil demand improving by the day, they will soon return to the core business that has sustained them for decades, namely oil and natural gas.

    The evidence is there for everybody to see. The energy sector is emerging as the top performer in the S&P 500 index year to date and it is one of industries expected to benefit most from the economic recovery in 2021.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Karl Clarke on April 03 2021 said:
    Oil will remain the main resource for enrichment for a long time to come

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