An American entrepreneur, Harold Ham is also the owner of a large oil and gas business, popularly known for thrusting the development of the large shale oil resources of the Bakken formation. His net worth is estimated to be $14. 2 billion as of January 2018, making him the 79th richest person in the US.
Hamm was born in Lexington, Oklahoma on 11th December 1945. He is the main player in Hiland Partners and Hiland Holdings as well as in Continental Resource, which is a shale oil exploration company.
Hamm was introduced to the Oklahoma Hall of Fame in 2011. Initially, he began working from pumping gas to repairing cars. At a young age, in 1967, he went to work in the oil patch and from there he founded his own company, Continental Resources. Both Hamm and his company steered the growth of the Bakken Oil Field in Montana and North Dakota using Hydraulic fracturing and horizontally drilled wells.
It was not late for Hamm to become a billionaire as Continental Resources soon became a major oil producer owing to its modernized machinery, improved infrastructure and advanced degree of management. From the University of Oklahoma and Northwestern Oklahoma State University, Hamm was rewarded honorary degrees.
Inside the University of Oklahoma, the Harold Hamm Diabetes Centre has been named after Hamm for people having type 2 diabetes. A sum of $10 million was donated to this Centre from Harold and Sue Ann Hamm Foundation.
Hamm is a member at the Concordia College in global leadership council. He also appeared in the cover of Forbes in 2014. His company, Continental Resource owns around one million acres in North Dakota’s Bakken oil field. This has helped the oil production business in the US rise to unseen levels.
7 years after founding his company, Hamm operated a trucking subsidiary called Hamm and Philips. Hamm as acquired Petro-Lewis and over 500 oil and gas wells. In 2011, a treaty was signed between Hamm and Mitt Romney for an advisory campaign on energy. Today, Hamm is not only the 50th richest person in the world but also the Bloomberg record shows that his net worth is around $16 billion.
Hamm was often called the Shale Pioneer. By 2016, Hamm’s company’s net worth was more than any other in the 500-member Bloomberg’s Billionaire Index. Along with his company, Hamm decided to explore his drilling services and expand his business in the prolific Cedar Hills Field. It turned out to be the 7th largest on-shore discovery and was remarkably known to all for its horizontal drilling mechanism.
The value of Continental Resource’s stock price has grown so big that its production and reserves have added a financial boost to the oil development industry. Hamm played a significant role in getting a long-time US ban on the services of oil exports lifted up by the end of 2015. This step changed the entire phase of the US global markets.