Bloomberg Billionaires Index

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#132 Harold Hamm $11.0B

Random fact: Jobs growing up included picking cotton, pumping gas, fixing tires.

Overview

Hamm is chairman of Continental Resources, the biggest leaseholder in the Bakken oil basin, and the region's top oil producer. The publicly traded company pumps about 79 million barrels of oil and natural gas equivalent annually and has 1.27 billion barrels of oil equivalent in proved reserves, most of which are in the Bakken.

As of Oct. 17, 2017:
Last change +$56.8M (+0.5%)
YTD change -$3.97B (-26.4%)
Industry Energy
Biggest asset CLR US Equity
Citizenship United States
Age 71
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Harold Hamm's net worth of $11.0B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Hamm's fortune is derived from his stake in publicly traded Continental Resources, an oil and gas producer that pumps about 79 million barrels of oil equivalent annually, according to its 2016 annual report. Continental is the Bakken region's top oil producer and had 1.27 billion barrels of oil equivalent at the end of 2016, most of which are in this region, according to the report. It's the largest leaseholder in the Bakken region, according to its website.

Hamm owns 76 percent of the company through a limited liability company created in 2015 and directly, according to the 2017 proxy filed with the Securities and Exchange Commission detailing share ownership as of March 23, 2017.

Hamm divorced his wife Sue Ann Arnall in November 2014. She received more than $1 billion in cash plus some other assets, such as farm equipment, in the separation, based on information in the November 2014 divorce decree in Oklahoma. The decree detailed about $420 million in mostly liquid assets Hamm held, including $224 million with Northern Trust, as well as accounts with J.P. Morgan and Charles Schwab.

In September 2015, Hamm sold more than 180 million Continental shares to the Harold Hamm Family LLC for $19.39, according to a Form 4 filed with the U.S. Securities and Exchange Commission on July 1, 2016. The transaction price was about $10 below Continental's closing price on Sept. 15, 16 and 17. These shares are included as part of Hamm's net worth at full value.

Hamm also owned 61.77 percent of Hiland Partners, an oil and gas pipeline company he founded. In February 2015, he collected about $1.235 billion before capital gains tax on the sale of Hiland to Kinder Morgan.

Continental spokeswoman Kristin Miskovsky in 2012 confirmed his shareholdings and disputed counting shares held by Hamm's children toward his net worth. She has declined to comment since then.

Biography

Birthdate: 12/11/1945
Family: Divorced, 5 children
Education:

The youngest of 13 children born to poor Oklahoma sharecroppers, Harold Hamm got into the oil business at age 18, taking over payments on a used tank truck and borrowing $1,000 to create a one-man oilfield services business in rural Ringwood, Oklahoma. Four years later, in 1967, he incorporated Shelly Dean Oil and started wildcatting for oil. Shelly Dean was the start of what is now Continental Resources, one of the largest independent exploration and production oil firms in the U.S., and the source of Hamm's multi-billion-dollar fortune.

Hamm was quick to recognize the potential of the Bakken oil field in North Dakota. The Bakken, a vast deposit of oil-bearing rock, had been producing oil since the 1950s in relatively small amounts through traditional vertical drilling methods. Hamm was among the first tycoons to utilize horizontal drilling and the fracturing of bedrock to gain access to greater amounts of oil.

He purchased 300,000 acres in the region in 2003. Today, Continental Resources is the largest leaseholder in the Bakken with more than 1 million net acres. Hamm has said that the Bakken field, which stretches into Montana, South Dakota and Canada, will ultimately yield 24 billion barrels.

The billionaire has been active in supporting diabetes research after learning he had Type II diabetes in 2000. He also advocates the humane treatment of pets by breeders. Hamm committed to give the majority of his fortune to charity via a letter to the Giving Pledge.

He and Sue Ann Arnall finalized a divorce on November 10, 2014.

Milestones
  • 1945 Harold G. Hamm is born in rural Oklahoma.
  • 1963 Takes job pumping gas and fixing flats in Enid, Oklahoma.
  • 1967 Forms Shelly Dean Oil to wildcat in Oklahoma.
  • 1985 Buys portion of Petro-Lewis and its 500 wells; his largest purchase.
  • 1993 Expands beyond Oklahoma with purchase in Williston Basin.
  • 2003 Continental buys 300,000 acres in North Dakota's Bakken field.
  • 2007 Sells shares of Continental Resources in an initial public offering.
  • 2014 Hamm divorces wife Sue Ann and ordered to pay $972 million. She appealed.