March 14, 2023      10:08 AM

Texas Monthly report reveals the Craddicks made roughly $10 million last year from oil and gas rights

From the report in Texas Monthly by reporter Russell Gold:

Craddick owns slivers of approximately six hundred oil and gas leases and receives a percentage of the value of the fossil fuels produced from them. Much of his family is involved, and some of Tom Craddick’s holdings are co-owned by his daughter, Christi Craddick. That’s notable because Christi has been an elected member of the Railroad Commission since 2012, and currently serves as its chairman, which makes her the state’s top oil and gas regulator.

The family business mixes oil and politics, and business is good. Last year, the Craddicks’ mineral interests in hundreds of wells across seventeen counties entitled them to profits from an ocean of oil that, based on prevailing prices, generated about $10 million. What’s more, the appraised value of the family’s mineral holdings—based on anticipated future royalty payments—totaled more than $20 million. That doesn’t include royalties from wells that have yet to be drilled, which may be substantial.

The full report is here.

Copyright March 14, 2023, Harvey Kronberg, www.quorumreport.com, All rights are reserved