Just a month after labeling the outcome of his divorce “fair,” billionaire oilman Harold Hamm appears to have changed his mind.
The news agency Reuters reported Tuesday that Hamm’s appeal calls the decision to award his ex-wife $1 billion “erroneous and inequitable.”
His appeal comes at a time when the price of oil has plunged by half, Reuters noted, which has reduced Hamm’s net worth by almost $10 billion.
Hamm owns 68 percent of Continental Resources, an oil exploration company that relocated its headquarters from Enid to Oklahoma City in 2011. Continental is one of the largest oil companies in the world and controls more of North Dakota’s Bakken formation than any other operator, Reuters noted.
During the divorce trial, Hamm argued that the success of his business was due to “passive” factors such as rising oil prices, Reuters reported. His ex-wife, Sue Ann Arnall, said she contributed to the company’s massive growth and deserved a bigger stake. She also has appealed the judge’s ruling.
The court awarded Arnall about $1 billion in cash and assets, according to Reuters. Because the price of oil has dropped so low in recent months, the value of Hamm’s shares has fallen from $19 billion this summer to about $9 billion.
This article was from Enid News & Eagle, Okla. and was legally licensed through the NewsCred publisher network.