Roy Cullen

Don't conform to industry convention if you believe a different approach is more effective. Question inherited wisdom and test your own theories.

Roy Cullen observed that most oilmen expected to find oil near the surface and quit drilling if they found nothing shallow. He believed oil required deeper drilling and proven correct. When others were using psychic powers and supernatural claims to locate oil, he used geological study. His willingness to disagree with industry consensus was foundational to his advantage.

“The trouble with this business is that everybody expects to find oil on the surface. If it was up near the top, there wouldn't be any trick to it. You've got to drill deep for oil.”

Pursue independent ownership and control over greater wealth under someone else's direction. Maintain intellectual independence even when offered substantial financial backing.

Roy Cullen rejected a $3 million investment offer that would have given him only 25 percent interest and president status because he would not have full control. Instead, he proposed a 50/50 partnership with only $5,000 initial capital each, choosing independence over money. He later said, 'I won't be working for you,' demonstrating that control of his destiny mattered more than immediate wealth.

“I won't be working for you.”

Hard work and honesty build a reputation that enables future opportunity. A track record of reliability makes partners and creditors willing to take risks on you.

Roy Cullen built a reputation for hard work and honesty through years of cotton trading and real estate struggles. When he finally had the capital and knowledge to drill for oil independently, his reputation allowed him to attract investors willing to fund his wells. Without that reputation built over decades, he would not have had access to capital.

Self-education through books and deep study can compensate for lack of formal training. Teach yourself what you need to know before committing resources.

Roy Cullen, offered a chance to work in oil but knowing nothing about it, went to the Houston Public Library and read every book he could find on oil geology before accepting the opportunity. Later, he used the same approach as a child, hanging a blanket over his head with a lantern to read by night about geography, history, and business. Self-directed learning preceded and enabled his success.

Philanthropic giving away of wealth while you are alive may be superior to leaving enormous fortunes to heirs who lack the ability to steward them.

Roy Cullen gave away 93 percent of his fortune before his death. This prevented the problems that plagued other fortunes: Clint's son squandered his inheritance through cocaine and poor decisions, losing $1.5 billion. H.L. Hunt's son tried to corner the silver market on margin and bankrupted the family. Cullen's generous giving avoided generational wealth collapse.

When others quit, dig deeper. Success often comes not from finding new ground but from persisting where others have abandoned their efforts.

Roy Cullen spent three years drilling dry wells at Damon's Mound while sleeping on the ground beside rigs and struggling to support his family. His breakthrough came when he realized that while competitors drilled shallow wells expecting to find oil near the surface, success required drilling much deeper than conventional wisdom suggested. This became his mantra: 'Drill deeper.'

“Boys, let's go a little deeper.”