The Big Rich
Bryan Burrough
19 min
7 Key Points
4.5 RateWhat's inside?
Explore the dramatic journey of Texas oil fortunes, from their incredible rise to their spectacular fall, and learn about the influential families behind them.
You'll learn
1. How Texas oil industry came to be2. The rise and crash of Texas' richest oil families3. How oil money changed American politics and society4. Tricks used by oil bigwigs to get rich5. What we can learn from the fall of oil fortunes6. How oil money shaped modern Texas.Key points
01The Birth of the Oil Barons
The early 20th century marked a significant turning point in the American economy, with the discovery of vast oil fields in Texas. This period saw the rise of four individuals who would come to be known as the Oil Barons of Texas: H.L. Hunt, Roy Cullen, Clint Murchison, and Sid Richardson. Each of these men, coming from diverse backgrounds, ventured into the oil industry and, despite initial struggles, made significant discoveries that would change their fortunes and shape the future of the American oil industry. H.L. Hunt, a professional gambler from Illinois, entered the oil industry in 1930, purchasing a small oil company in East Texas with his poker winnings. Despite the company's debts and the economic challenges of the Great Depression, Hunt's fortunes took a turn for the better in 1931 with the discovery of the East Texas Oil Field. This discovery marked one of the largest oil deposits in the United States, catapulting Hunt into the realm of the oil magnates. Similarly, Roy Cullen, a Texas-born cotton broker, ventured into the oil industry in 1911 by investing in a small oil drilling company. Despite the volatile oil market and the financial instability of his company, Cullen's fortunes changed dramatically in 1928 with the discovery of the Tom O'Connor field in Texas. This field was one of the largest in the state, marking a significant milestone in Cullen's career and the Texas oil industry. Clint Murchison, a real estate investor, also from Texas, entered the oil industry in 1921 by investing in an oil drilling company in East Texas. Despite the company's debts and the economic challenges of the Great Depression, Murchison's fortunes changed in 1930 with the discovery of the Hawkins Oil Field. This discovery, one of the largest oil deposits in East Texas, marked a significant turning point in Murchison's career and the Texas oil industry. Lastly, Sid Richardson, a Texas-born cattle trader, ventured into the oil industry in 1919 by investing in a small oil drilling company. Despite the volatile oil market and the financial instability of his company, Richardson's fortunes changed dramatically in 1928 with the discovery of the Keystone Field in West Texas. This field was one of the largest in the state, marking a significant milestone in Richardson's career and the Texas oil industry. These four men, each with their unique backgrounds and initial struggles, made significant contributions to the American oil industry. Their discoveries not only changed their personal fortunes but also had a profound impact on the economy of Texas and the United States as a whole. Their stories serve as a testament to the transformative power of the oil industry and the significant role it played in shaping the economic landscape of the 20th century.
02The Rise of the Titans
The dawn of the 20th century witnessed a transformative event that would forever alter the economic landscape of Texas and the United States at large. The discovery of oil in the Spindletop field in 1901 by Patillo Higgins and Anthony F. Lucas ignited the Texas oil boom, a period of rapid growth and prosperity that would give rise to a new breed of American tycoons. Among these were four men who would come to be known as the Titans of Texas oil: H.L. Hunt, Roy Cullen, Clint Murchison, and Sid Richardson. H.L. Hunt, a former poker player, was quick to seize the opportunities presented by the oil boom. His strategy of buying low and selling high, a tactic honed at the poker table, proved to be a winning hand in the oil business. Hunt's eccentric lifestyle and unconventional family life, which included fifteen children from three different women, added a layer of intrigue to his persona. His wealth not only allowed him to live a life of luxury but also to exert considerable influence in his community and beyond. Roy Cullen, the son of a cotton broker, took a different approach. He invested in the Humble Oil Company and chose to reinvest profits back into the company, a strategy that led to rapid growth and expansion. Despite his immense wealth, Cullen was a private man, choosing to keep his personal life away from the public eye. His philanthropic efforts, however, were well-known, with significant donations to the University of Houston and the Texas Medical Center, demonstrating the positive impact of his success on his community. Clint Murchison, a risk-taker by nature, made his fortune by investing in undervalued oil fields. His strategy of taking calculated risks and leveraging his assets to fund his ventures paid off handsomely. Murchison's personal life was a whirlwind of lavish parties and high-profile friendships, including a close relationship with President Lyndon B. Johnson. His wealth allowed him to live a life of opulence and to wield significant political influence. Sid Richardson, a bachelor, made his fortune by investing in the oil fields of West Texas. His strategy was to buy oil leases and then sell them at a profit. Known for his generosity, Richardson often lent money to friends and family. His love for hunting and fishing, as well as his close friendship with fellow oil tycoon, Clint Murchison, painted a picture of a man who enjoyed the simpler pleasures of life, despite his immense wealth. The rise of these Titans had a profound impact on their families, communities, and the nation. Their wealth allowed them to fund philanthropic efforts, build lavish homes, and influence politics. By the end of this stage, these four men had become some of the richest men in America, their fortunes built on the black gold of Texas. Their stories serve as a testament to the transformative power of the Texas oil boom and the enduring influence of these Titans on the American landscape.
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03The Golden Era
04The Cracks Begin to Show
05The Fall of the Giants
06The Aftermath
07Conclusion
About Bryan Burrough
Bryan Burrough is an American author and correspondent for Vanity Fair. He has written several books, including "Public Enemies" and "Barbarians at the Gate". Prior to Vanity Fair, he worked as a reporter for the Wall Street Journal. His work often focuses on business and financial history.