The Net Worth of Harold Hamm

Harold Hamm’s net worth is $9 Billion

Biography of Harold Hamm

Harold Glenn Hamm was born on 11 December 1945, in Lexington, Oklahoma USA, into a family of poor sharecroppers. He is now recognized for his involvement in the development of the shale oil industry, establishing himself as one of the modern-day oil tycoons. Harold has also been in the spotlight due to his highly publicized divorce proceedings with his ex-wife, but his wealth still places him among the top 50 richest people in the USA.

Forbes magazine estimates Harold’s net worth, as of 2015, to be over $9 billion. The drop in the price of oil, and to a lesser extent gas, has reduced his fortune by around $11 billion in the last 12 months, with his divorce settlement further decreasing his wealth by another $1 billion. Nonetheless, Hamm is ranked very highly by Forbes magazine at the top of the list of self-made billionaires. He was included in a 2014 article, “Harold Hamm: The Billionaire Oilman Fueling America’s Recovery”.

Harold Hamm’s Net Worth $9 Billion

Harold, the youngest of 13 children, did not pursue further education beyond Enid High School. However, he was later honored with honorary degrees by both the University of Oklahoma and Northwestern Oklahoma State University. He started his career in the oil industry by working in various roles such as pumping gas, and changing and repairing tires and cars. He founded Hamm Tank Trucks in 1966, subsequently establishing the Shelley Dean Oil Company in 1967, which is now known as Continental Resources. Within a few years, he discovered oil reserves in an unexplored area of Oklahoma, known as the Oswego Oakdale Field, significantly boosting his net worth.

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Hamm continued to successfully explore Oklahoma, but it was the Bakken Field in North Dakota that accelerated his wealth the most. His exploration in the area, especially through fracture stimulation of the shale rock, known as ‘fracking’, significantly increased the reserves of oil in the US by around 50%. This dramatically increased the value of Continental’s stock after the company was listed in 2007. By 2012, Hamm’s shares were worth upwards of $20 billion, which were later reduced by the falling price of oil in 2013-15. He was inducted into the Oklahoma Hall of Fame in 2014.

In his personal life, Harold Hamm was married to Judith Ann, with whom he had three children, before divorcing in 1987. He then married lawyer and economist Sue Ann Arnall in 1988, with whom he has two daughters. Sue Ann held executive roles in Continental, and when they separated in 2005, Sue Ann demanded half of Harold’s wealth during their 2012 divorce proceedings. In 2014, a judge ordered Hamm to pay over $1 billion, based on Harold’s reduced wealth, $320 million immediately and the rest by installments of about $7 million a month. In the settlement, Sue Ann accepted $1 billion, making it one of the largest divorce settlements.

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Harold Hamm is also a philanthropist, particularly known for establishing the Harold and Sue Ann Hamm Diabetes Center at the University of Oklahoma with an initial donation of $10 million. He is also a strong supporter of the Republican party.