BUSINESS

Harold Hamm Divorce Settlement: Oil Tycoon Ordered To Pay Nearly $1 Billion

11/10/2014 07:29 EST | Updated 01/10/2015 05:59 EST
ASSOCIATED PRESS
Continental Resources CEO Harold Hamm and his wife Sue Ann Hamm attend the TIME 100 gala, celebrating the 100 most influential people in the world, at the Frederick P. Rose Hall on Tuesday, April 24, 2012 in New York. (AP Photo/Evan Agostini)
OKLAHOMA CITY - The chairman and CEO of energy giant Continental Resources Inc. must pay his ex-wife nearly $1 billion as part of a divorce settlement, an Oklahoma judge ruled Monday.

Oklahoma County District Judge Howard Haralson's order directs Harold Hamm to pay his ex-wife, Sue Ann Hamm, $995.4 million for "property division alimony."

Harold Hamm was directed to pay $322 million to Sue Ann Hamm by the end of the year, with minimum payments of $7 million each month starting in January to pay off the remaining balance.

Telephone messages left Monday with attorneys for each side were not immediately returned.

A spokeswoman for the Oklahoma City-based company said the couple's divorce is a private matter that will not have any effect on Continental Resources' business operations.

"Out of respect for this private matter that has now been concluded, the company will have no further comment," Continental spokeswoman Kristin Miskovsky said in a statement.

The judge's order states that marital assets awarded to Harold Hamm totalled more than $2 billion. The judge also ordered most of the transcripts and court filings in the divorce case to remain sealed.

The couple has been married since 1988. Sue Ann Hamm filed for divorce in 2012.

Sue Ann Hamm was awarded the couple's $4.6 million marital home in Nichols Hills, Oklahoma, an $800,000 home in Enid, Oklahoma, and a $17.4 million home in Carmel Valley, California.

Harold Hamm was awarded a $750,000 home in Branson, Missouri, along with a log cabin and 154 acres in Major County, Oklahoma, valued at about $300,000.