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West Texas billionaire Tim Dunn, who has used his oil wealth to fuel the state's far-right political movement, sold his oil company on Monday in a deal worth about $12 billion.
Occidental Petroleum Corporation said in a statement that it has entered into a purchase agreement to acquire Midland-based Crown Rock LP, a joint venture held by Mr. Dunn's company, Crown Quest Operating LLC, and Lime Rock Partners. He said that. The $12 billion deal, which includes cash and stock, is expected to close in early 2024.
The sale comes at a time of consolidation in the Permian Basin, an oil-rich tract of land in West Texas and New Mexico, and follows weeks of reports about a possible sale of the drilling company. Ta.
Brandon Rottinghaus, a political science professor at the University of Houston, said the wealthiest people in the state have a big say in shaping policy. Dan is a prime example.
“Money is power in Texas politics,” Rottinghaus said. “Mr. Dunn has already shown a willingness to spend significant amounts of money to imprint his own ideological and religious beliefs on the Republican Party. With more money, he is likely to add fuel to the fire. ”
Dunn is one of the state's most prolific and influential Republican megadonors, funneling tens of millions of dollars to a vast network of political action committees, agencies, campaigns and media websites. Since the mid-2000s, he has been a major funder of groups such as Texans for Fiscal Responsibility and Empower Texans, supporting them to advance libertarian economic policies and fuel the state's nascent Tea Party movement. is used.
Since then, Dunn-funded organizations have increasingly aggressively promoted Dunn's ultra-conservative social and religious views. Taken together, this amounts to funding primary challengers who accuse Republicans of not being conservative enough and, in some cases, attack incumbents as being too soft on immigration, LGBTQ+ rights, and other far-right positions. has pushed the state further to the right.
Key to that effort is Save Texas Liberty, a political action committee that has donated nearly $15 million to right-wing candidates since 2021 and has been making headlines regularly this year. . In October, the Texas Tribune reported that Nick Fuentes, a well-known white supremacist and admirer of Adolf Hitler, met with Defend Texas Liberty's then-president Jonathan Stickland. It sparked a political firestorm in the state.
Mr. Dunn reportedly said that hosting Mr. Fuentes was a “serious lapse,” but neither Mr. Dunn nor his organization explained the meeting, and Defend Texas Liberty and other protesters He also did not respond to a subsequent Tribune report that revealed deep ties to Semites and white supremacists.
And this summer, “Defend Texas Freedom” is back in the spotlight with a $3 million donation to Lieutenant Governor Dan Patrick before Patrick presides over the impeachment trial and acquittal of Attorney General Ken Paxton in the Texas Senate. caused controversy. Paxton is a longtime ally of the state's far right, and his political work has been heavily aided by Dunn and two other West Texas oilmen. He receives nearly twice the amount from the trio and his family as he receives from the second-largest donor, Texans for Litigation Reform.
It's unclear what role Mr. Dunn will play in the 2024 election, but Mr. Rottinghaus said Mr. Dunn is in a better position than his wealthy backers in Texas.
“His influence has varied and taken many forms, but the end result is the same,” Rottinghaus said. “And that's his brand of politics, and that's what makes it the dominant force in the Republican Party.”
Crown Rock is the third-largest private oil producer in the Permian Basin, according to Bloomberg, which first reported the sale.
“Occidental's acquisition of Crown Rock is a win-win proposition,” Dunn said in a statement. “Occidental is committed to the Permian Basin and intends to provide employment to all qualified Crown Rock employees, including It’s good for our community.”
Disclosure: Texans for Litigation Reform and the University of Houston have financially supported the Texas Tribune, a nonprofit, nonpartisan news organization funded in part by contributions from members, foundations, and corporate sponsors. Financial supporters play no role in the Tribune's journalism. See the complete list of them here.
