On Tuesday, January 3, 2006, William Alban “Tex” Moncrief Jr., the head of the Moncrief Oil family, will take a photo in Fort Worth, Texas. Texas wildcatter Moncrief died at the age of 101, helping build a father and son venture into a multi-billion dollar business in the oil and gas industry for over 70 years. Please press Wednesday, December 29, 2021. (Roger Marison / Star Telegram via AP)
Dallas (AP) — Texas wildcatter William Alban Monkleaf Jr., who has helped build a father and son venture into an oil and gas empire in the industry for over 70 years, has died. He was 101 years old.
A Monk Leaf Oil spokesman confirmed his death to the Associated Press on Wednesday, but could not immediately provide further details.
According to Texas Monthly, Moncrief, nicknamed “Tex,” was born in 1920 in Arkansas at a family kitchen table. ..
The young Moncrief lived his life on that tradition, not only gaining a reputation as a generous philanthropist, but also gaining property under the supervision of tax authorities.
At the age of 10, Moncrief witnessed his father open a “squirt” well at Gregton, 128 miles (206 km) east of Dallas. People were gathering to see the excavation, but were initially disappointed when the well pushed only muddy water, a young Monk Reef told the Longview News Journal last year.
But then he recalled, “It shot about 90 to 100 feet.” “When it fired 100 feet, it made solid oil.”
When he was young, Moncrief considered leaving school to pursue golf professionally. However, his father talked about him and graduated from the University of Texas with a degree in petroleum engineering in 1942.
After the United States entered World War II, Moncrief enlisted and served as a naval officer in the Pacific Ocean. Upon returning to Texas, he began trading with his father, and the pair gained major oil and gas outlook across the country.
Bruce Brock, director of the Magwire Energy Institute at Southern Methodist University in Dallas, told Fort Worth Star Telegram in 2015:
Forbes magazine named Moncrif as a billionaire in 2006, listing net worth of $ 1 billion in 2014, and his career’s greatest discovery was known four years ago in the discovery of deep-sea gas reserves off Louisiana. I wrote that it came to be. As a “Davie Jones” field.
In 1994, Moncrief’s wealth caught the attention of tax authorities. Internal Revenue Service agents raided his Fort Worth office and later accused his family and company of charging the government for more than $ 100 million in taxes. Moncrief eventually disputed the tax proceedings and paid the IRS $ 23 million, but blamed the agency’s aggressive tactics.
Moncrief was a major donor to Texas Christian University, the University of Texas, and the UT Southwestern Medical Center, named after the Fort Worth Medical Complex and Cancer Center. He also participated in the Board of Directors of the University of Texas System.
Fort Worth Republican Charlie Geren, a member of the state legislature, said Moncrief’s philanthropy improved many lives.
“He was an incredibly generous man and a true legend in Texas’ oil and gas industry,” Geren said.
Texas Oil Billionaire William’Tex’ Moncrief Jr. Died at the age of 101 | WGN Radio 720
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