Founders: Raymond Plank's Scrappy Oil Fortune in Big Oil's Scraps

**David Senra** (0:01)
When a founder looks back from age 90, the story can become more than a business memoir. It becomes a map of character.
Today, we're diving into Raymond Plank's life and his unusual book, A Small Difference, a diary-like account of the man who built Apache Corporation from a modest start into a giant energy company.

**SPEAKER_2** (0:25)
What's fascinating is how Plank traces everything back to two family moments. His father told him, Son, over my life, I found it very useful to try to make a very small difference on behalf of others.
And then his mother, shortly before her death, wrote, My son, the 15 years of my life which you have shared have been such glorious ones.

**David Senra** (0:49)
Those words grounded him in duty, humility, and resilience. That grounding started early on a farm, where he learned work was expected, privileges had to be earned, and responsibility came first. He sold eggs, sawed wood, made syrup.
He also carried the pain of losing his mother at 15, and later served as a fighter pilot in World War II, flying 40 missions, 19 in heavy combat.

**SPEAKER_2** (1:19)
After the war, Plank chose independence over a large company. He believed the post-war economy would boom, so he and partners launched a tax and accounting business, then found oil and gas through client relationships. But here's where it gets interesting.

**David Senra** (1:36)
Right. He noticed investors were being cheated by promoters with hidden drilling charges and kickbacks. When he reported it, the investors asked him to manage their assets instead.

**SPEAKER_2** (1:48)
That led to Apache, founded in 1954 with just $250,000.
Plank understood the industry's tax advantages and used them to raise capital without huge bank loans. Apache's formula was simple but powerful. Do more with less. Keep costs tight and build a culture of discipline.

**David Senra** (2:10)
The story also includes serious conflict. His co-founder Truman Anderson wanted flash, not long-term building. And the feud ended in a dramatic ouster after Anderson was caught bugging company offices.
Plank's lesson was blunt. Ego can quickly outstrip one's competence, and fat heads get flattened.

**SPEAKER_2** (2:32)
Through the hard years, Plank stayed obsessively transparent, keeping the board informed with daily reports. He used a small plane to stay agile, but charged the company only commercial airfare rates.
He even pinned competitors' annual reports behind his desk to study them.

**David Senra** (2:50)
Apache kept changing with the market. When oil cycled down, Plank diversified into dozens of businesses, then later sold them off, and returned to energy when conditions improved.
Decades later, technology made old wells valuable again.

**SPEAKER_2** (3:06)
His philosophy came through in one unforgettable line. We're a bit like pigs following cows through a cornfield. The scraps are pretty good for a company with our particular strategy.
He saw opportunity where others saw leftovers.

**David Senra** (3:22)
In the end, his lack of formal industry training became an advantage. Plank believed beaten paths are for beaten men, and the book closes with a son's tribute to his moral standards, integrity, and compassion.