Oil billionaire Harold Hamm was spotted celebrating with Donald Trump at Mar-a-Lago as the 2024 election results rolled in, according to reporting from The Wall Street Journal.
Harold is the founder of Continental Resources, and he pumped millions into Trump’s campaign, along with many other energy executives.
Their goal was simply to kill the momentum behind clean energy, make drilling easier, and lock in fossil fuels as the core of U.S. energy policy. Within months of Trump returning to the White House, that investment was already being repaid.
Trump’s administration quickly moved to open up federal land and offshore waters for drilling. He authorized new natural gas export terminals and gutted several regulations, including the Obama-era EPA rule that allowed the government to regulate emissions from vehicles, power plants, and oil-and-gas operations.
His “One Big Beautiful Bill” wiped out tax credits for EVs and added tax cuts for fossil fuel companies. The new law is expected to stall renewable energy projects and make it harder for clean energy to compete.
Executives drive policy from inside the room
Of course the top energy executives got seats at the table. Harold, Energy Transfer Executive Chairman Kelcy Warren, and then-Liberty Energy CEO Chris Wright helped raise millions for Trump’s campaign.
After the election, Warren gave $12.5 million more to MAGA Inc. His company also received a key permit extension for the Lake Charles LNG terminal, something the Biden administration had blocked.
Chris Wright, after hosting Trump at his Montana mansion, was tapped as Energy Secretary. Harold personally introduced Wright to Trump during a Mar-a-Lago roundtable. Wright wasn’t the only executive who got a new job.
At least a dozen former oil lobbyists and company heads are now scattered across federal agencies, including the Interior Department and Trump’s National Energy Dominance Council. The council’s mission is to speed up fossil fuel production, with the help of people who’ve spent decades in the industry.
The American Petroleum Institute, which couldn’t even schedule a meeting with the previous administration, is now back in daily contact. Mike Sommers, API’s chief, said, “We outlined a clear policy road map well before the last election, and they’ve advanced those issues at every turn.”
Trump met personally with API leaders in March. He told them oil and gas was his favorite industry. That same month, global tariffs were announced, but oil and gas products were excluded.
Exxon CEO Darren Woods, former Hess Corporation CEO John Hess, and Harold have all spoken directly to Trump by phone since the election. Many executives have Chris Wright’s number saved.
Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Interior Secretary Doug Burgum, Trade Representative Jamieson Greer, and EPA Administrator Lee Zeldin have also met with energy executives multiple times since January.
Lower profits, more influence
The gains in access haven’t led to gains in profits. Oil is stuck around $62 a barrel, well below the $76 level it hit when Trump first entered office in 2017. That’s beneath the break-even point for many producers.
New tariffs on steel and aluminum, which Trump doubled in June, are raising drilling costs. Diamondback Energy says well construction costs are expected to jump by 25% this year. The company told investors that nearly every new well will be more expensive in 2025.
The financial pain is real. ConocoPhillips is cutting up to 25% of its workforce after its acquisition of Marathon Oil. Chevron is trimming 20% of its staff. Overall oil-and-gas extraction jobs dropped more than 3% from January through August, hitting a two-year low.
Still, many companies see this as a short-term cost for a long-term gain. Devon Energy, ConocoPhillips, EOG Resources, and Occidental Petroleum told investors they expect to save over $1.2 billion next year because of new tax breaks. BP, which also operates in the U.S., said those savings will offset the extra cost of tariffs.
At a Trump fundraiser in Midland, Texas, the president repeated his campaign line: “Drill, baby, drill.” Curtis Leonard, one of the executives in the crowd, recalled someone shouting back, “We decide if we drill, not the government.” Still, most companies are playing along.
Taylor Sell, CEO of Element Petroleum, summed it up: “We all voted for this.”
In April, Wright, Burgum, Zeldin, and Secretary of Agriculture Brooke Rollins gathered in Oklahoma City to talk about how the industry can meet rising energy demand from artificial intelligence.
The meeting, arranged by Harold, had so many high-level officials that attendees apparently joked about how many showed up without being invited together.
