Oil baron Harold Hamm appeals divorce ruling

Upon further reflection, Oklahoma oil billionaire Harold Hamm feels the November divorce ruling that awarded nearly $1 billion to his ex-wife wasn't as "fair and equitable" as he previously stated.

The fracking pioneer and CEO of energy giant Continental Resources (CLR) argues in a Dec. 16 appeal that the award to Sue Ann Hamm resulted from "erroneous and inequitable" court rulings during the battling couple's more than two-month divorce trial.

The legal challenge tees up a potentially acrimonious new legal battle even as a sharp drop in oil prices has eroded Hamm's riches by making his estimated 68% Continental Resources less valuable.

He filed the challenge weeks after his ex-spouse, who has resumed using her birth name Sue Ann Arnall, filed her own appeal of the divorce ruling. Arnall argued she should have been awarded even more from the dissolution of the 26-year marriage.

The new development in the case, first reported by Reuters, is expected to be heard by the Oklahoma Supreme Court.

Hamm's appeal focuses in part on Oklahoma statutes that say assets amassed by the skill and efforts of either spouse are subject to division as marital property in divorce proceedings. He argued that Arnall failed to quantify how much of the enhanced value of his Continental shares resulted from his "personal skills and efforts."

Citing the sharp recent drop in oil prices, Hamm contended that "the clear weight of the evidence" in the divorce case "showed the vast majority of the enhanced valued of the CLR stock was due to market forces and contributions of third parties" beyond his control.

The appeal seeks to overturn one of the largest divorce outcomes on record.

Oklahoma County Court Judge Howard Haralson's ruling ordered Hamm to pay Arnall $995.4 million in "property division alimony." The ruling required Hamm, 68, to pay $322.7 million to Arnall, 58, by the end of the year, with minimum payments of $7 million in succeeding months starting in January to pay off the remaining balance.

However, the payment schedule has been at least temporarily delayed amid legal challenges, court records show.

Harold Hamm was awarded more than $2 billion in marital assets, including more than 122 million shares of Continental stock at the time valued at nearly $1.3 billion.

Arnall got the couple's marital home in Oklahoma and most of its contents, with a combined value of more than $4.9 million, and a Carmel Valley, Calif., ranch valued at nearly $17.5 million.