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Nov. 3, 2021, 6:12 a.m. EDT

The Energy Crunch Is Adding Billions To Oil Tycoons' Net Worth

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Nov 03, 2021 (Baystreet.ca via COMTEX) -- As the surge in oil prices continues amid increasing demand and a supply crunch, energy stocks have been soaring-and the world's oil tycoons are laughing all the way to the bank.

According to the Bloomberg Billionaires Index, energy billionaires globally have seen their combined net worth jump more than 20 percent in the first half of the year alone, the highest growth in wealth of any group of billionaires in the index compiled by Bloomberg.

Here's a rundown of how the world's richest energy billionaires have seen their fortunes multiply in this epic oil and gas bull market. The list only includes people who have primarily made their money in oil and gas and does not include clean energy investors.

#1. Mukesh Ambani

Country:India

Industry: Oil, Downstream

Net Worth: $95.8B

YTD Change: +$19.1B (+24.9%)

With a net worth approaching $100B, Mukesh Ambani is the world's 11th richest man and the richest energy investor.

Ambani controls India's Reliance Industries (nse:RELIANCE), the world's largest oil refining complex. The Mumbai-based conglomerate's other businesses include a 4G wireless network across India.

Last year, Reliance Industries overtook ExxonMobil /zigman2/quotes/204455864/composite XOM -1.50% to become the world's largest publicly traded energy company. However, an epic 56.4% YTD run by XOM has seen it reclaim its position as top dog with a market cap of $272.9B vs. $229.4B by Reliance. RIL shares have climbed at a less torrid pace of 27.7% over the timeframe.

RIL's energy business accounts for ~80% of the company's revenue. However, investors have chosen to focus on Chairman Mukesh Ambani's plan to grow the company's digital and retail arms. Reliance's big bet in non-energy businesses such as telecom, retail, and digital services has helped it to vastly expand its revenue base, clocking in a net profit of Rs 39,588 crore (about $5.3B) in FY19, making it by far India's most profitable company. For perspective, second-placed Indian Oil Corp. finished the year with a net profit of Rs 17,274 crore ($2.3B).

#2. Leonid Mikhelson

Country: Russia

Industry: Natural Gas

Net Worth: $33.3B

YTD Change: +$8.6B (+34.6%)

Leonid Mikhelson is the chief executive officer of Novatek, Russia's largest non-state-owned natural gas provider. The billionaire owns about one-quarter of the publicly traded company, which produces about 10% of the country's gas. He also holds a 36% stake in closely held petrochemical producer Sibur.

#3. Harold Hamm

Country: United States

Industry: Oil & Gas

Net Worth: $14.8B

YTD Change: +$9.8B (+190.7%)

Harold Hamm is chairman of Continental Resources /zigman2/quotes/200740136/composite CLR -4.40% , the biggest oil producer in the Bakken oil basin in North Dakota and Montana. The Oklahoma City-based publicly traded company has seen its shares climb a blistering 199.4% in the year-to-date hence the massive jump in Hamm's net worth.

As of December 31, 2020, CLR's proved reserves were 1,104 million barrels of crude oil equivalent (MMBoe) with proved developed reserves of 627 MMBoe. The company pumped more than 300,000 barrels of oil or the equivalent per day in 2020, with around two-thirds of that coming from its operations in the Bakken. CLR has a market cap of $17.6B.

/zigman2/quotes/204455864/composite
US : U.S.: NYSE
$ 72.17
-1.10 -1.50%
Volume: 35.12M
Jan. 21, 2022 4:02p
P/E Ratio
N/A
Dividend Yield
4.88%
Market Cap
$305.54 billion
Rev. per Employee
$3.40M
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/zigman2/quotes/200740136/composite
US : U.S.: NYSE
$ 48.19
-2.22 -4.40%
Volume: 2.00M
Jan. 21, 2022 4:00p
P/E Ratio
21.22
Dividend Yield
1.27%
Market Cap
$17.62 billion
Rev. per Employee
$4.02M
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