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Back to #427 How Raymond Plank Built a $50 Billion Oil Company, with David Senra.

Why Is Raymond Plank's Memoir Called a Small Difference?

David Senra reads the introduction of Raymond Plank's memoir A Small Difference. Plank writes that at about age 10, on a walk, his father dropped his hand, put an arm around his shoulder, and said he had found it very useful to try to make a very small difference on behalf of others. They never discussed it again. Looking back from his 90th year, Plank says the line was still fresh nearly 80 years later.

The second cornerstone was a postcard his mother wrote a few days before she died at age 47, when he was 15. She wrote that the 15 years they shared had been glorious, that he was fine and unselfish, and that her pride would go on if he kept his head up and his courage and faith high. She died of a blood clot to the brain after a routine appendectomy, only hours before he was to drive his father to the hospital and bring her home.

The book's account, as Senra reads it, says the two cornerstones had much to do with the career Plank chose: self-employed, on a smaller and riskier initiative, rather than work for a large company. The same introduction says Apache Corporation was founded with $250,000 in 1954, and by mid-2008 the $250,000 had become $50 billion.

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#427 How Raymond Plank Built a $50 Billion Oil Company ·

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More from this episode

  1. Why Did World War II Make Risk Feel Small to Raymond Plank?David Senra says Raymond Plank's World War II service, as a young man in his early 20s, made the business risks he took later seem small by comparison.
  2. How Did Apache Corporation Begin in 1954?David Senra says Raymond Plank founded Apache Corporation in 1954 with $250,000 after Minneapolis oil investors told him he must take over and manage their…
  3. How Much Did an Apache Oil Bet Really Cost?David Senra says the book's example of a $200,000 check for an Apache drilling program cost the investor about $56,000 out of pocket.
  4. How Did New Drilling Methods Revive Apache's Old Wells?David Senra says Apache's old oil wells paid off decades later because people outside the company invented drilling techniques that made land Raymond Plank…
  5. Why Would Oil Majors Sell Small Wells to Apache?David Senra says major integrated oil companies would sell smaller wells to Apache while they sought cost reduction, cash to redeploy, and larger reserves.

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