OKLAHOMA CITY – Oklahoma billionaire oilman Harold Hamm has filed his response to an appeal by his ex-wife in their divorce case.
Hamm is the founder and CEO of Continental Resources Inc.,
According to USA Today, Hamm’s attorneys say that falling oil prices have lowered his net worth, and the courts should take that into consideration in the divorce ruling appeal.
In November, an Oklahoma court awarded a $1 billion divorce settlement to Hamm’s ex-wife, Sue Ann Arnall, after a very public divorce trial.
At that time, his attorneys said the judgement was fair, but since then, the price of oil has dropped.
USA Today reports Hamm’s attorneys said his company’s stock value has dropped because of the plummeting oil prices.
Arnall’s attorneys said Hamm’s concern over the short-term price of oil and Continental’s stock slide was overblown.
A Dec. 17 court memo stated that a $322.7 million installment payment to Arnall would be postponed pending the outcome of a Jan. 6 hearing.
Arnall’s attorneys also appealed the divorce ruling to the Oklahoma Supreme Court earlier this month because Arnall wanted more marital assests awarded to her.