How oil tycoon will pay his $995M divorce settlement

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How an Oil Tycoon Will Pay His $995M Divorce Settlement

It's one of the largest divorce settlements in history. A judge has ordered Oklahoma oil tycoon Harold Hamm to pay his ex-wife Sue Ann Hamm $995.5 million.

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How oil tycoon will pay his $995M divorce settlement
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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)
UNITED STATES - OCTOBER 22: Harold Hamm, chairman of Continental Resources Inc., stands for a photo near an oil rig outside Watonga, Oklahoma, U.S., on Wednesday, Oct. 22, 2008. Hamm, owner of a 150-person oil company in 1988, began leasing 30,000 acres of Montana and North Dakota prairie he knew wouldn't produce oil. For 12 years, he sat back and watched rivals fail to draw from rocky ground. Today, geologists say the area may contain more oil than Saudi Arabia, making him the richest U.S. oilman. (Photo by Larry Smith/Bloomberg via Getty Images)
Harold Hamm, chairman, chief executive officer and founder of Continental Resources Inc,, smiles during a panel discussion at the Bloomberg Link Oil & Gas Conference in Houston, Texas, U.S., on Thursday, Oct. 17, 2013. The first-ever Bloomberg Oil & Gas Conference will explore the global implications of the U.S. on the verge of energy independence, as well as the broader themes in the world of natural resources. Photographer: Aaron M. Sprecher/Bloomberg via Getty Images
Harold Hamm, chairman and chief executive officer of Continental Resources Inc., speaks during an interview in New York, U.S., on Thursday, Nov. 10, 2011. Continental Resources Inc., an Enid, Oklahoma-based oil and gas exploration company, explores, exploits, develops, and acquires oil and gas reserves, primarily in the Rocky Mountains and the Mid-Continent, as well as in the Gulf Coast region of Texas and Louisiana. Photographer: Scott Eells/Bloomberg via Getty Images
NEW YORK, NY - APRIL 24: Harold Hamm attends the TIME 100 Gala celebrating TIME'S 100 Most Infuential People In The World at Jazz at Lincoln Center on April 24, 2012 in New York City. (Photo by Kevin Mazur/WireImage for TIME)
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NBC explained how the massive settlement breaks down:

"One word: installments. According to the filing, just over $322 million must be paid by the end of 2014. The remaining $650 million will be paid out on a monthly basis - at least $7 million a month."

So what to do with all that money? ABC thought it would be fun to find out what one can get for $7 million: "How about 140 2015 BMW convertibles? Seventy Kentucky Derby contenders? Or a little getaway like this in the Hollywood Hills?"

The couple didn't have a prenuptial agreement. The settlement represents just a fraction of the Continental Resources CEO's wealth.

The New York Times reports Harold Hamm is the 24th richest man in the U.S. with his net worth of more than $18 billion.

Forbes' Christopher Helman writes, "This is a very positive outcome for [Harold] ... who may have been somewhat concerned that an adverse ruling could have forced him to sell enough shares to dilute his stake below 50%."

USA Today says this divorce settlement ruling allows Harold Hamm to keep hold of his almost 70 percent stake in Continental Resources.

Sue Ann Hamm is also getting some real estate in the settlement in addition to the cash.

She'll receive a home in Oklahoma that's valued at a little more than $4.6 million, a $17.5 million California ranch, and another home in Oklahoma that she and her ex-husband purchased the year after they were married. It's valued at $800,000.

The couple's divorce settlement looks meager though, next to the roughly $4.5 billion a Russian oligarch was ordered to pay his ex in May.

The media speculated that it was the most expensive divorce ever.

CNN reports that trusts for the Hamms' two daughters won't be affected by the divorce settlement.

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