Michael L. Benedum
The King of the Wildcatters
One of the nation’s richest oilmen was born in Bridgeport, West Virginia, in 1869: Michael L. Benedum. He would come to be known as the Great Wildcatter because of his talent for striking oil in unlikely places.An oil wildcatter is an individual who explores for oil and natural gas in areas where no established production has formerly existed, as opposed to primarily focus on drilling within known producing fields. .
In 1890, he began working for South Penn Oil Company as a landman at age 20. South Penn was one of the original companies of John D. Rockefeller’s Standard Oil Company and ran all of the Standard Oil’s operations in West Virginia. Benedum excelled at South Penn and was promoted to assistant general land agent in 1892. In 1896, he left the company to strike out as an independent producer with his brother Charles. In 1900, he formed the Benedum-Trees Oil Company with Joseph Trees. The company moved from Wheeling to Pittsburgh in 1907. In 1919, Benedum consolidated his holdings to form Transcontinental Oil Company, which included Marathon fueling stations.
Benedum drilled his first well in the Cow Run sands of West Virginia. During his career, Benedum’s search for oil would take him across the country, as well as abroad to Canada, Colombia, Romania and the Philippines. Following his instincts, Benedum’s Transcontinental Oil Company drilled an exploratory well on the Yates Ranch in west Texas, leading to the discovery of the Permian Basin, one of the most productive petroleum-producing regions in the country.
On May 17, 1896, Benedum married Sarah “Sadie” Nancy Lantz in Monongalia County. Their son, Claude Worthington, was born in 1897. Tragically, Claude died of pneumonia in 1918. Together with his wife, Benedum established the Claude Worthington Benedum Foundation in 1944 in memory of their son. The foundation has left a lasting legacy of giving back to their communities, particularly in the areas of educational facilities, scholarships, and community sites.
During his lifetime in the oil and gas business, Michael Benedum amassed a fortune, which granted him the ability to pursure philanthropic activities that have benefited regional communities to this day. Of note are construction projects in his hometown of Bridgeport, West Virginia, which included building the Methodist Church in 1953 and the Benedum Civic Center in 1956.
When Michael Benedum died in 1959 at age 90, half his fortune was willed to his family with the other half left to fund the Benedum Foundation which, based on Benedum’s wishes, directs much of its philanthropy to West Virginia.
“I would rather find an oil field in West Virginia that did not bring me one dollar of profit than to discover one elsewhere that brought millions.”
—Michael Benedum
Of Note
Known as the Great Wildcatter
Oil & Gas Businessman
Philanthropist
Oil & Gas Businessman
Philanthropist
About the Images
A portrait Michael L. Benedum
Benedum found more oil in more places in the world than anyone in history. Because of his unique abilities, he became known as “The Great Wildcatter.” Michael Benedum was known for wearing a three-piece suit, even in the oil field, and was a skilled salesman and negotiator, which served him well in dealing with major oil companies and securing leases.
Benedum-Trees drilled early wells like this one located in Shinnster, West Virginia.
Yates Ranch oil field, and hit a rich productive zone that produced a gusher—an uncontrolled spew of oil into the air. The Yates Field started petroleum production in 1926, and by 1995 had produced over 2 billion barrels of oil.
Benedum found more oil in more places in the world than anyone in history. Because of his unique abilities, he became known as “The Great Wildcatter.” Michael Benedum was known for wearing a three-piece suit, even in the oil field, and was a skilled salesman and negotiator, which served him well in dealing with major oil companies and securing leases.
Benedum-Trees drilled early wells like this one located in Shinnster, West Virginia.
Yates Ranch oil field, and hit a rich productive zone that produced a gusher—an uncontrolled spew of oil into the air. The Yates Field started petroleum production in 1926, and by 1995 had produced over 2 billion barrels of oil.