The Yount-Lee Oil Company, founded in 1914, was the successor to the Yount-Rothwell Oil Company which had been formed earlier by Miles Franklin Yount and Talbot Frederick Rothwell. Yount headed up the new enterprise and counted among his partners Thomas Peter Lee, William Ellsworth Lee, Emerson Francis Woodward, Talbot Frederick Rothwell, John Henry Phelan, Beeman Ewell Strong, Frank E. Thomas, and Maximilian Theodore Schlicher. With a new fusion of capital provided by T. P. Lee, Yount was confident that the Spindletop oil field had not been tapped out, so he set about acquiring large tracts of land in the area. On November 14, 1925, his McFaddin No. 2 well struck oil at about 2,500 feet, sparking a second Spindletop oil boom.
Yount went on to acquire mineral rights in several of the Gulf Coast's major fields, and he built the infrastructure necessary to ship his company's oil to destinations around the world from his headquarters in Beaumont, Texas. Before his death in 1933, Yount, his business partners and associates, had built the company into one of the largest and most successful independent oil operators in the country. Within two years, on July 31, 1935, the stockholders sold Yount-Lee Oil Company for $46.2 million to Houston attorney, Wright Francis Morrow, who immediately began to parcel off the assets. Stanolind Oil, later a part of Amoco, bought most of the oil inventory and oil-producing properties for over $41 million, which at the time represented one of the largest financial transactions in American business history.
Famous quotes containing the words oil and/or company:
“Eat what you can get.
Where’s the salt
in this dump of a village?
And, Lucky Man,
what’s the use
of a salty thing
if there’s no oil in it?”
—Hla Stavhana (c. 50 A.D.)
“The old idea that the joke was not good enough for the company has been superseded by the new aristocratic idea that the company was not worthy of the joke. They have introduced an almost insane individualism into that one form of intercourse which is specially and uproariously communal. They have made even levities into secrets. They have made laughter lonelier than tears.”
—Gilbert Keith Chesterton (1874–1936)