Oklahoma Oilman Harold Hamm Bets Prices Will Rise, And Loses Big
The oil price bust has left lots of people licking their financial wounds. Perhaps the biggest one-way bet in the wrong direction came from the oilpatch itself, by a company and its founder at the center of the U.S. oil revolution. Harold Hamm is the $8 billion oilman; the man behind the biggest drilling company in North Dakota, Continental Resources.
In an earnings call five weeks ago, he said, "We're at the bottom rung here on prices and we'll see them recover pretty drastically pretty quick. Given our belief the recent pullback in oil prices will be short-lived, we made changes to our existing hedge book by monetizing practically all of our oil contracts."