Amanda
1
All posts from Amanda
Amanda in MUST HAVE,

10 richest oil tycoons in America

Some have seen their fortunes rise as crude oil prices have plunged

While oil prices have plummeted by more than half since June 2014, in part because of increased supply, the fortunes of some of America’s prominent oil industry players have actually risen, according to private wealth consultancy Wealth-X.

In fact, only one of the 10 richest oil tycoons in the U.S. has seen his fortune fall in tandem with oil prices, as five of the others saw more modest losses.

Most of those on the list whose fortunes rose benefited from acquisitions during the year and the fact that their main holding company has a large, diversified investment portfolio in pipelines and refineries — and isn’t just an oil producer.

Harold Hamm, the chief executive of Continental Resources CLR, +2.01% , lost nearly half of his wealth over the last six months due to the fall in oil prices. It was not helped by a long and contentious divorce battle with his ex-wife Sue Anne Arnall, during which he gave her a $975 million settlement check, according to Wealth-X. Hamm and his former wife of 25 years did not sign a prenuptial agreement and it’s not clear whether the divorce case will be settled by the near billion-dollar check.

David Koch, chief executive of global conglomerate Koch Industries

Current net worth: $44.9 billion

Net worth in June 2014: $42 billion

Change: Up $2.9 billion or 7%

Charles Koch, vice president of global conglomerate Koch Industries

Current net worth: $44.8 billion

Net worth in June 2014: $42 billion

Change: Up $2.8 billion or 7%

George Kaiser, chairman of financial services holding firm BOK Financial Corp.

Current net worth: $13.2 billion

Net worth in June 2014: $13.3 billion

Change: Down $0.1 billion or 1%

Richard Kinder, CEO and Chairman of energy and pipeline firm Kinder Morgan Energy Partners

Current net worth: $11.3 billion

Net worth in June 2014: $9.2 billion

Change: Up $2.1 billion or 23%

Harold Hamm, CEO of oil and gas producer Continental Resources

Current net worth: $9.3 billion

Net worth in June 2014: $18.5 billion

Change: Down $9.2 billion or 50%

Elaine Marshall, a stakeholder in Koch Industries through her late husband Pierce Marshall

Current net worth: $8.3 billion

Net worth in June 2014: $7.8 billion

Change: Up $0.5 billion or 6%

Ray Hunt, son of H.L. Hunt, founder of Hunt Oil Co.

Current net worth: $5.6 billion

Net worth in June 2014: $6 billion

Change: Down $0.4 billion or 7%

Milane (née Duncan) Frantz, her late father Dan Duncan co-founded natural gas and crude oil pipeline firm Enterprise Products L.P.

Current net worth: $5.5 billion

Net worth in June 2014: $6.2 billion

Change: Down $0.7 billion or 11%

Randa (née Duncan) Williams, also an heir to the pipeline firm Enterprise Products L.P. fortune through her late father

Current net worth: $5.5 billion

Net worth in June 2014: $6.2 billion

Change: Down $0.7 billion or 11%

Dannine (née Duncan) Avara, sister of Milane and Randa Duncan

Current net worth: $5.5 billion

Net worth in June 2014: $6.2 billion

Change: Down $0.7 billion or 11%

Quentin Fottrell