ContinentalReuters’ Brian Grow and Joshua Schneyer broke the news yesterday that oil tycoon Harold Hamm is facing a catastrophic divorce settlement after his wife accused him of infidelity.
It could be the most expensive divorce in history.
Forbes ranks Hamm as the 35th-richest person in the country, with a net worth of $11.3 billion. His company, Continental Resources, owns 1 million acres in North Dakota’s Bakken oil field, the shale play that has helped U.S. oil production rise to levels unseen in decades.
Continental says it does not anticipate any settlement would have a material impact on the company.
But Grow and Schneyer write that a judge could force Hamm to divide his 68 per cent controlling stake in the company. They also talked to legal experts who said the final figure could rival Rupert Murdoch’s unprecedented $1.7 billion settlement with his estranged wife.
Whatever the outcome, the story is a tragic chapter for a man who ranked 5th on our “Horatio Alger Index” of most impressive American rags-to-riches stories.
We wanted to portray the full life-story of a man who went from pumping gas at a corner store to becoming one of the most influential people in the energy industry.
He later signed up for a DECA entrepreneurship program, which allowed him to finish high school and work full time.
An economist and lawyer, Sue Ann has held key posts at Continental, including manager of crude oil marketing.
This is around the time when the company really took off. Hamm renamed it Continental Resources in 1990.
And — in 2003 — it entered North Dakota's Bakken shale play, now one of the country's most productive oil fields.
Today, Hamm is the 35th-richest person in the country, with a net of worth $11.3 billion according to Forbes.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.