High stakes divorce settlement in flux
Sixty-nine-year-old Oklahoma oil magnate Harold Hamm, pioneer of Continental Resources, one of the largest producers of oil in the North Dakota Bakken formation, said that the divorce settlement debacle with his ex-wife contributed to the loss of his millions, the Chicago Tribune reported on January 3.
Hamm’s ex-wife, Sue Ann Arnall, said that her $1-billion award was too small compared to what she is entitled from Hamm’s fortune. Hamm, on the other hand, complained that the alimony settlement was already too much, as Continental Resources’ profits have declined due to the oil price decreases.
Continental Resources’ shares decreased by 30%, reaching a five-year low, since the divorce trial ended November 10 of last year.
Hamm said that with his wealth reduced to $10.6 billion, a third of his previous wealth as computed by the Bloomberg Billionaires Index, Arnall got a larger share of their combined wealth than she should have.
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