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Harold hamm Sue Ann
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Continental CEO Harold Hamm ordered to pay $995 million in divorce

Nov 10 – An Oklahoma County judge has ordered and Continental Resources Chief Executive Officer Harold Hamm to pay nearly $1 billion in a divorce judgment, according to a court filing made public on Monday.

In one of the highest value divorce judgments in U.S. history, Special Judge Howard Haralson found that oil magnate Hamm should pay his ex-wife Sue Ann Hamm a total of $995.5 million.

Although the divorce award could make Sue Ann Hamm, 58, one of the 100 wealthiest women in the United States, according to Forbes’ rankings, it is far smaller than the amount her lawyers sought.

The ruling, which is subject to appeal, comes after a 9-1/2 week divorce trial ended last month.

In a 2010 divorce settlement, casino magnate Steve Wynn agreed to transfer 11 million shares in Wynn Resorts, then worth $741 million, to his ex-wife Elaine, according to filings with the U.S. Securities and Exchange Commission.

Sue Ann Hamm’s lawyers had contended that the court should split up most of the wealth tied up in Harold Hamm’s stake in the Oklahoma City-based company he runs and founded, Continental Resources. His 68 percent stake in the firm is worth about $13.8 billion.

In related news, Long-ago land deal may loom large in Hamm divorce.

An award under the $1 billion mark may allow him to avoid selling any big chunk of equity in the company to fund the divorce.

To secure the judgment, Judge Haralson placed a lien on 20 million shares of Continental stock, or around 1/6th of the shares in Harold Hamm’s name. That decision does not require him to sell shares.

Judge Haralson ordered Hamm, 68, to pay his ex-wife about one-third of the funds, or $322.7 million, by the end of 2014, the filing says.

Hamm will be required to pay the rest of the judgment, about $650 million, in installments worth at least $7 million per month, according to the filing. Sue Ann Hamm has already been awarded around $25 million since the case was filed in 2012, the court said.

After trading slightly higher after news of the judgment came out, Continental shares traded lower, falling 1 percent to $54.58 per share around 3 p.m. in New York.

Analysts who cover the company said the divorce judgment may come as a relief to some of Continental’s other shareholders, who had worried that a multi-billion dollar award could force Hamm to sell a major chunk of the company quickly, potentially depressing the value of the shares or eroding his control of the firm.

“With this rather small settlement, it just removes some of the uncertainty,” said Mike Breard, analyst with Hodges Capital Management in Dallas. “And there’s already enough uncertainty around energy stocks right now with the oil price drop.”

Continental did not immediately respond to a request for comment. (Additional reporting by Brian Grow in Atlanta and Terry Wade in Houston; Editing by Dan Grebler)

43 comments

  1. More than fair why should she feed off his accomplishments when she is very accomplished herself.

  2. She shouldn’t get the money he ear

  3. that is small potatoes for him….

  4. That means he is worth $2 billion

  5. I am glad to see him have to give up part of the money he has stolen from honest working men !

  6. Really Jeff? Do you know how many jobs this man has created at a far greater wage than you can get in the regular work force. I think 1 Billion is fair. She wanted 10 billion. Greed greed greed.

  7. For a guy worth 20 billion, I’d say he got off easy considering his wife was the head of marketing for his company since the mid 90s.

  8. Good for her. That’s not even a fleas ass of what he’s worth.

  9. I dont think its any of our business what he is going to pay or what she gets. How does it effect any of us. DUMB

  10. Jealousy of a man that has succeed in the american dream should not be put down bye the people that don’t have the drive for success.

  11. NOT FAIR,that judge should be TERMINATED.He should not have to pay that much,She Divorced Him just for the $$$$.

  12. Doesn’t she also own half of the wells his company owns as well ?

  13. Why didn’t she get half he is worth a lot more

  14. Hahaha! If Sherry And I Got A Divorce, God Forbid, She Wouldn’t Get Much More Than A Ham Sandwich And A Cup Of Coffee!

  15. I can’t think of anything good to say about anyone with that much money, in a world of turmoil.

  16. The other side of it is she doesn’t deserve all that either and will probably waste it.
    When my wife and I got a divorce after 28 years, I gave her the house we owned so we wouldn’t both end up homeless.

  17. Courts have become nothing but tools for the forced redistribution of wealth.

  18. Has anyone thought what she is worth already

  19. Praying for peace and Grace of God, to enter into each one’s own Heart. Amen!

  20. It’s the deal of the century for Harold

  21. Hi:
    I don’t know what should have brought such a huge dispute, after all these years they suffered together.
    who initiated the devoice is a fool.
    I hope they should ask for forgiveness for each other. What about their children?
    Thanks.
    Roselyn.

  22. May they ask for forgiveness for each other. In Jesus Name Amen.
    Roselyn.

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