Aug 11 Oil billionaire Harold Hamm recently sold
his remaining stake in Superior Energy Services, a
Houston-based oil services company, saying the stock wasn't
providing the financial returns he'd hoped for, he told a court
during his divorce trial last week.
Hamm, who controls Oklahoma City-based driller Continental
Resources and has an estimated fortune of more than $19
billion, said he recalled selling the Superior shares for
between $23 and $25 per share -- suggesting he missed out on a
rally that has boosted the stock to as much as $36 this year.
"I didn't feel like I was getting any return," he told an
Oklahoma County Court on Thursday, saying he recalled selling
the shares earlier this year.
Hamm mentioned the sale during testimony in his divorce
trial, when a lawyer for his wife, Sue Ann, asked what he had
done with an estimated 950,225 shares in Superior Energy
Services that he had reported owning as of 2012.
Hamm said he considered Superior to be "a struggling
stock" which hadn't appreciated much between mid-2012 and the
time he divested from the company.
Superior shares closed at $34 on Friday, and last traded
below $26 a share in February.
Superior Energy did not respond to a request for comment.
Hamm previously served on Superior's board of directors and
had owned a greater stake in the company earlier, after Superior
acquired an oilfield services company he controlled. As recently
as late 2011 he owned 2.3 million shares, or 2.85 percent of the
company, according to SEC filings.
Last month, Superior reported second-quarter net income of
$75.2 million, up 9.6 percent from the year-earlier quarter. The
company's activities include drilling and well completion
services for oil companies.
The Oklahoma County court will consider how to divide the
Hamm estate, worth billions. Most of the wealth is tied up in
Hamm's 68 percent stake in Continental, worth more than $19
Last week, Continental reported its second-quarter earnings
fell by almost 68 percent from the year-earlier period on higher
operating costs. Continental shares have risen by more than 30
percent so far in 2014.
(Reporting By Joshua Schneyer; Editing by Jonathan Oatis)