Date
24 September 2017
It is estimated that Harold Hamm owns more oil under the ground than any other American. Photo: Bloomberg
It is estimated that Harold Hamm owns more oil under the ground than any other American. Photo: Bloomberg

Oil mogul must pay ex-wife US$1 bln

A US court has ordered oil tycoon Harold Hamm to pay nearly US$1 billion to his ex-wife after a divorce trial that lasted nine weeks.

Sue Ann Hamm, 58, would now become one of the 100 richest women in the United States, Reuters reported. 

The US$995.5 million award is much smaller than what she had asked for.

Harold Hamm, 68, founder and chief executive of Continental Resources, one of the country’s most successful oil companies, owns a 68 percent stake, worth nearly US$14 billion, in the Nasdaq-listed firm. 

The court did not require him to sell any of his shares.

The Hamms, who married in 1988, had no prenuptial agreement.

The ruling is a positive one for Harold Hamm and the rest of Continental’s shareholders, who may have been worried that the court could have forced him to sell enough shares to dilute his stake below 50 per cent, Forbes magazine said.

It said that was never a likely outcome, however, as private bankers have been lining up to lend him whatever he would need.

– Contact us at [email protected]

CG/FL

EJI Weekly Newsletter

Please click here to unsubscribe