Burrough - The big rich: the rise and fall of the greatest texas oil fortunes

Table of Contents

ALSO BY BRYAN BURROUGH

Barbarians at the Gate: The Fall of RJR Nabisco (with John Helyar)
Dragonfly: An Epic Adventure of Survival in Outer Space
Vendetta: American Express and the Smearing of Banking Rival Edmond Safra
Public Enemies: Americas Greatest Crime Wave and the Birth of the FBI, 1933-1934

To Marla, and to Griffin and Dane

INTRODUCTION

Its hard to tell people about Texas. It is. Its hard to explain what it means to be a Texan. To anyone who grew up in the North, it probably means nothing. The idea of a state identity, or that a states citizens might adopt it as part of their own self-image, seems a quaint, almost antebellum notion. Folks in Iowa dont strut around introducing themselves as Iowans, at least none I know.

But if you grew up in Texas, as I did, it becomes a part of you, as if youre a member of a club. Its a product of the states enduring, and to my mind endearing, parochialism, a genetic tie to the days when Texas was a stand-alone nation born of its own fight for independence, which produced its own set of national myths. Ohio doesnt have an Alamo. Im not sure Ohioans, as wonderful as they are, have a distinct culture. As a child I was always vaguely ashamed I wasnt born in Texas. Ill never forget the day a boy in my fifth-grade class actually called me a carpetbagger. How on earth would he even know what that was?

The myths about Texas die so hard, mostly because Texans love them so. So much of it is wrapped up in oil. Non-Texans probably think its all-pervasive; its not. The fact is, growing up in Central Texas during the 1970s, I never met an actual oilman. There were a few pump jacks out in the fields around our little town, but we never gave a thought to who owned them. It wasnt until I was sixteen, the weekend I served as an escort at Wacos Cotton Palace debutante ball, that I was introduced to the class of Texans known as the Big Rich: boys from Highland Park and River Oaks in white dinner jackets and gleaming hair, willowy Hockaday girls with enormous eyes and glistening jewels. Ogling them from within my rumpled rented tux, they seemed like royalty.

And they were, Texas royalty at least. They had flasks in their pockets and talked of boarding schools and weekends in Las Vegas and the wine in Paris and jetting to London and my head just spun and spun and spun. It wasnt for another five years that, as a cub reporter for the Wall Street Journal in Dallas and later in Houston, I began to readand write a littleabout the Big Rich. Though I didnt realize it at the time, those were the years, the early and mid-1980s, when their era was ending. The fathers of those boys from River Oaks were going bankrupt; their buildings were being sold or torn down. The state was completing a decades-long maturation, and the new Texas, chockablock with northern-owned corporations and Yankee executives and their shimmering office parks, was fast becoming something different and somehow artificial, a Texas-flavored Ohio. Something was being lost.

I havent lived in Texas for twenty years, but in some ways Ive never left. My parents are still there. I visit often. Still, when my editor suggested some kind of book on Texas oil, I was surprised how quickly a structure sprang to mind. It took barely thirty seconds, in fact. It would be not about the oil industry per se but about the great Texas oil families, the ones who generated all those myths. The Hunts. The Basses. The Murchisons. The Cullens. I thought of them as the Big Four, though it wasnt until I began my research that I found they had been called exactly that, although not since the 1950s.

This book is built on three years of research, during which I plunged into dozens of Texas and out-of-state archives, interviewed surviving members of the Big Four families, and read more than two hundred books and thousands of newspaper and magazine articles. Some of the choicest information I found in county courthouses, in the mammoth, musty suitcase-sized ledger books where Texas clerks for decades scrawled out the minutiae of land records, oil leases, and lawsuits. The published literature is hefty but uneven, and hasnt been refreshed since the great bankruptcies of the 1980s. There have been four books published on the Hunts, two on the Murchisons, one on Roy Cullen, and nothing but bits of journalism on the Basses and their paterfamilias, Sid Richardson. The best of these are Harry Hurt IIIs 1981 history of the Hunts, Texas Rich, and Jane Wolfes 1989 The Murchisons. Both books are definitive; Ive done my best to add new material to their stories despite having far fewer pages to use, a product of telling all four families tales at once. Also of great help were books written by the foremost historian of the Texas oil industry, Roger Olien.

These and other histories served as a starting point to explore the rise and fall of the greatest Texas oilmen, many of whom are fast being forgotten. Theres never been anything lasting written about Houstons flamboyant Glenn McCarthy, though there should be; its hard to find anyone under sixty who remembers a Texas legend so famous in his day he adorned the cover of Time. Theres been even less written about the secretive Sid Richardson, once the richest man in America. My research led into areas other historians have downplayed or ignored, notably the Big Fours involvement in national politics. Texas Oils contribution to Americas rightward shift in recent decades became a major theme for me. I mean, the Bushes had to come from somewhere.

This book is what you might call an engineered history; that is, Ive superimposed a narrative framework onto disparate events that may be familiar to Texans of a certain age. There are concepts introduced here with which some academic historians may disagree, such as the idea that Texas oil wealth was discovered by the national press in 1948. The story of the Big Fours introduction to, and ignominious departure from, Washington politics during the 1950s has likewise never been told; few realized what was happening at the time, and even fewer wrote about it afterward. In fact, the very idea that the highwater years of the Big Four constituted an era from 1920 until about 1986 is likely to be challenged in a state where, when I was growing up at least, every student took a year of Texas history in the seventh grade.

The joys of writing this book were multitude. Theres nothing I love more than cruising the Texas back country. Its beautiful land, calming, serene. Before working on this book, I thought I knew the state well. Then one morning in 2005 I was in far West Texas heading out of Midland on Rural Route 91, out toward the states most remote corner, Winkler County, in the crook of the elbow where southeastern New Mexico tucks into the Texas border. Theres nothing but barbed wire and blue sky for miles around, or so I thought, until I crested a rise, just east of Kermit, and entered a tableland whose view was so breathtaking I had to pull to the side.

There, as far as the eye could see, were oil wells. Hundreds, maybe thousands, of robotic pump jacks, their metal heads bobbing up and down like metronomes, laid out from my windshield to every horizon. It was like something out of Edgar Rice Burroughs, a lost plateau, filled not with dinosaurs but with the steel and wire and sweat of American industry. Men had been out here for years, I realized, mapping the land, drilling holes in the earth, and, I imagined, returning home to Dallas and Houston and Fort Worth with millions of dollars in their pockets. This was a Texas, an America, I had never seen, and I suddenly needed to know what became of these men and their fortunes. Their stories, it turned out, were everything I had imagined and more.