How Raymond Plank Made a Fortune in Big Oil's Scraps
Founders Podcast tells the story of Raymond Plank, who turned a $250,000 investment in 1954 into Apache Corporation, a $50 billion oil and gas company, by exploiting inefficiencies larger rivals ignored.
The gist
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Plank had no oil expertise but used rare tax knowledge to offer investors 80% upfront deductions, solving his capital problem.
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His strategy was to acquire depleted wells majors discarded, treating their scraps as a reliable, low-competition source of returns.
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When oil markets turned in the 1970s, he diversified into 58 businesses, then sold nearly all of them when energy improved.
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During a conflict with his co-founder, Plank wrote daily reports to the board to keep their trust through uncertainty.
Also mentioned
2:56
A Small Difference
· "This is a very unusual book. It reads like a diary. What's so fascinating about this is he's 90 years old,..."
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