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Oil Capital: The History of American Oil, Wildcatters, Independents and Their Bankers Paperback – June 1, 2016

by Bernard F Clark (Author)

4.5 28 ratings

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Oil Capital: The History of American Oil, Wildcatters, Independents and Their Bankers

The history of oilmen and the energy bankers who loan them capital is inextricably bound together. Energy bankers have reacted, adjusted and evolved alongside the same business cycles, regulatory changes and commodity-price gyrations that have challenged the generations of oilmen they banked. In many respects, however, it is remarkable how little has changed during the past 100 years in the fundamentals of lending against collateral that has been hidden underground for millions of years. Nor has there been much change in the relationship between the early wildcatters willing to risk their—and their banker’s—last dime and the bankers who cautiously evaluate the oilmen and their collateral.

Along with manpower, rigs and drill pipe, capital has always been a critical tool in the exploration for and development of oil and gas. From the earliest days of the industry, producers have required more start-up capital for acquisition, drilling and development of oil fields than can be generated out of cash flow from existing production. The accomplishments of oil companies were and are as dependent upon access to capital as access to the hydrocarbons they seek to exploit. This book tells the story of the enduring relationship of oil and gas producers and oil and gas bankers in the context of the evolution of the two industries.

Print length

446 pages
Language

English
Publisher

Bernard F. Clark, Jr.
Publication date

June 1, 2016
Dimensions

6 x 0.99 x 9 inches
ISBN-10

0692817328
ISBN-13

978-0692817322
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Editorial Reviews

Review

"Oil Capital is a well told and thoroughly researched history of the evolving relationship between American oil and gas producers and their lenders. Mr. Clark's legal training and 30 years of experience in petroleum finance give him a unique ability to crystallize this only-in-America story. This book is a must read and will remain an authoritative reference for serious students of oil and gas finance." -Owen L. Anderson, Professor and Distinguished Oil and Gas Scholar, The University of Texas School of Law, and Kuntz Chair Emeritus and Cross Research Professor Emeritus, The University of Oklahoma College of Law "Mr. Clark's book should be required reading for finance professionals in the energy business. He explains a century of evolution that allowed U.S. independents in the past decade to scale up tight oil and gas production and transform the global energy market." -Bill White, Senior Advisor, Lazard Ltd.; Former Mayor of Houston and U.S. Deputy Secretary of Energy "Mr. Clark's fast-paced, keenly interesting Oil Capital is the first book to tell the whole story of the intrepid wildcatters and the methodical bankers to whom they turn to satisfy their insatiable need for capital. It gets to the heart of one of the reasons why America continues to be among the largest suppliers of oil and gas in the world: energy finance. Told with a deep understanding of financial markets, corporate law and the oil business, Oil Capital belongs in the collection of anyone interested in American energy." -Chris Kulander, Ph.D., Director, Oil & Gas Law Institute, South Texas College of Law "Oil Capital is the definitive book on the history and evolution of financing the oil and gas industry by one of the foremost experts active in the business. This book should be required reading by anyone involved in the industry." -Tim Murray, Managing Director and Head of Energy Origination, Benefit Street Partners LLC

Product details

Publisher ‏ : ‎ Bernard F. Clark, Jr. (June 1, 2016)
Language ‏ : ‎ English
Paperback ‏ : ‎ 446 pages
ISBN-10 ‏ : ‎ 0692817328
ISBN-13 ‏ : ‎ 978-0692817322
Item Weight ‏ : ‎ 1.43 pounds
Dimensions ‏ : ‎ 6 x 0.99 x 9 inches

Best Sellers Rank: #488,844 in Books (See Top 100 in Books)
- #158 in Commodities Trading (Books)
- #324 in Banks & Banking (Books)
- #5,600 in Law (Books)

Customer Reviews:
4.5 28 ratings

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Stuart turley

This is an excellent walk through time for folks in the capital markets

Reviewed in the United States 🇺🇸 on July 14, 2020

Verified Purchase

Buddy puts a great story together of the early days of the oil fields and their bankers. It took him 5 years to write and it shows as the details are in the foot notes. Starting on the history of law, through today's royalties has information applicable to today's difficult oil and gas environment.

I enjoyed talking with Buddy about Oil Capital and his passion for our industry and the United States.

Helpful

Bryan Michael Clinton

Banking and energy go up (and down) together

Reviewed in the United States 🇺🇸 on July 13, 2017

Verified Purchase

I know Buddy by reputation as one of the industry's best energy finance attorneys. This book is an excellent chronology of the symbiosis between banking interests and their wildcatting clients in Texas, Oklahoma and other resource rich states. There are many interesting historical anecdotes and well-researched explanations of the lending practices that fund independent producer's operations. I found the genealogy of mineral law going back to spanish and english common law to be especially interesting. I would recommend this book to anyone interested in the financial structure and evolution of the US energy industry.

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Mark R.

A Unique and Robust Look at the Ugly History of Oil and Gas Financing

Reviewed in the United States 🇺🇸 on June 7, 2016

Verified Purchase

Clark's book fills a huge hole in the literature. A must read for any oilfield history buff. It can be read from either a scholarly or casual perspective. Debt is the crack cocaine of the upstream oil and gas business and there are always plenty of banking dealers available to support the addiction. Only in this case, the dealer is usually left holding the bag while the addict walks away with full pockets.

3 people found this helpful

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Matthew Rountree

Great Resource

Reviewed in the United States 🇺🇸 on October 31, 2016

Verified Purchase

Oil Capital is an incredible resource for energy lenders and their attorneys to learn about the history of the industry. It's a great blend of history, technical aspects of energy lending from a financial and legal perspective, and dry wit. A must read for anyone involved with energy lending.

One person found this helpful

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Lee Bassett

Five Stars

Reviewed in the United States 🇺🇸 on May 19, 2018

Verified Purchase

Excellent history of Americana in the oil patch.

Reviewed in the United States 🇺🇸 on September 20, 2016

Verified Purchase

Great book. Well researched. Well written.

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Frank C. Turner

Buddy Pen's A Page Turner...Great book.

Reviewed in the United States 🇺🇸 on July 3, 2016

I enjoyed Buddy's book. I have been a part of the independent oil and gas business since 1990 as Controller and CFO and as I read Oil and Capital I could see myself living the ups and downs of the oil business. The book does a great job of describing how capital flowed to the independent's in the boom and busts. Living the carnage in 2015-2016 that was brought on by easy money, my mouth became dry when I read the line in Chapter 8 that Buddy wrote " No one gave much thought to how difficult it would be to untangle the producer's complicated capital structures if oil prices were to fall before all the debt was repaid." No truer words have been spoken.

The book is full of Buddy's original thoughts and reflect his wit and humor which is worth 5 stars at any time and place. Buddy's phrases like "..somewhere between the stuffed turkey and pumpkin pie the price of oil dropped more than 10%" and "Producers ... will be unable to reach escape velocity and will remain in a terminal orbit of intercreditor bankruptcy disputes.." were a delight to read. Maybe Buddy will write another book--fiction this time!!

3 people found this helpful

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Robert D. Wagner Jr.

Buddy Clark's "Oil Capital" is the best analysis of the experiences of the oil and gas ...

Reviewed in the United States 🇺🇸 on June 7, 2016

I was a banker to the oil and gas businesses of Texas for 40 years, beginning in 1974. It was a helluva ride, working with some of the most engaging and exciting entrepreneurs in American business history. Buddy Clark's "Oil Capital" is the best analysis of the experiences of the oil and gas independents and their voracious need for capital that exists today. Exhaustively researched, incredibly informative, and down-right enjoyable. I found myself living vicariously, again, in the stories of Texas and Oil that is as much a part of American History as the development of the Automobile or the race to the Moon.

6 people found this helpful

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Top reviews from other countries

CaptainPL

Great perspective

Reviewed in Canada 🇨🇦 on August 8, 2022

Verified Purchase

Clark's research and distillation of five years' worth of information is amazing to read. For anyone interested in the industry as a financial professional or technical professional, this should be a must read. Beyond speaking to the humble beginnings, it's size and scope for the US and political affects on the rest, e.g. OPEC, as well as how the GFC's ripple effect looked like through the eyes of corporate executives in the O&G space.

Would love to have his commentary as an update to the book based upon the current environment as a result of underinvestment.

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Oil Capital: The History of American Oil, Wildcatters, Independents and Their Bankers Paperback – June 1, 2016

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