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Oklahoma - Continental Resources chief executive officer Harold Hamm has been ordered to pay nearly $1bn to his ex-wife in one of the largest-ever US divorce judgments, according to a court filing on Monday.
In an 80-page ruling following a more than nine-week divorce trial that ended last month, Oklahoma Special Judge Howard Haralson ruled that oil magnate Hamm should pay his ex-wife a total of $995.5m.
Although the 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 and does not require Harold Hamm to sell shares of Continental.
He holds 68% of the firm, a stake worth nearly $14bn.
The ruling is subject to appeal, but if accepted by both parties it would allow Continental's CEO to put a contentious and time-consuming divorce behind him, without eroding his control of one of America's most successful oil companies.
Neither Continental nor lawyers for Sue Ann Hamm immediately responded to a request for comment.
Following news of the judgment, Continental shares fell 1.6% to $54.22 per share. The shares have lost around 30% since July 1, in step with tumbling world oil prices.
Oklahoma City-based Continental is a leading driller in the key Bakken Shale play of North Dakota and Montana, the largest US oil discovery in decades. Through his stake in Continental, Harold Hamm is believed to own more oil underground than any other American.
The Hamms wed in 1988 and had no prenuptial agreement. For years, Sue Ann Hamm was also an executive at Continental.
In a 2010 divorce settlement, casino magnate Steve Wynn agreed to transfer 11 million shares in Wynn Resorts, then worth $741m, to his ex-wife Elaine, according to filings with the US 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 Continental Resources, which he founded.
To secure the judgment, Judge Haralson placed a lien on 20 million shares of Continental stock. That decision does not require Hamm to sell shares.
Judge Haralson ordered Hamm, 68, to pay his ex-wife about one-third of the funds, or $322.7m, by the end of 2014, the filing says.
Hamm will be required to pay the rest of the judgment, about $650m, in installments worth at least $7m per month, according to the filing. Sue Ann Hamm has already been awarded around $25m since the case was filed in 2012, the court said.
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."
Under Oklahoma law, the enhancement of wealth that comes as a result of the efforts, skills or funds of either spouse is subject to "equitable distribution."
Over the 26-year marriage, the value of Continental soared some 400-fold. During the trial, Harold Hamm's legal team contended that Continental's wealth was mostly due to passive or market factors such as the rising price of oil.
Seeking a larger judgment, Sue Ann Hamm's lawyers called expert witnesses who contended that most of Continental's rising value was attributable to Harold Hamm's deft management and decisions at the helm of the company.
Judge Haralson found that Harold Hamm played a central role in his company, but the ruling also shows that he did not agree with the massive dollar values that Sue Ann's expert witnesses placed on the CEO's contributions to Continental's weatlh.
For instance, Haralson wrote that the experts had not established exactly how much value was attributed solely to Harold Hamm and not to other managers at Continental, and that passive factors like oil prices and new technologies helped to propel the firm's value.
Among the assets that will go to Sue Ann Hamm, according to Haralson's judgment, are the couple's $17.5m ranch in Carmel, California, and a home worth $4.7m in Oklahoma City.
