OIL & GAS: Innocents Abroad

OIL & GAS

In a suite in Paris' George V Hotel last week, Texas Oilman Glenn McCarthy, clad in a silk monogrammed shirt and tight-waisted blue slacks, paced the floor. Suddenly the door flew open. In came his lawyer, waving a contract over his head and shouting: "Here, brother, are the crown jewels." Drawled McCarthy to the lawyer: "Another bourbon, and not so much water this time. And a cigarette." Then, glancing at the contract, he added: "I hope it's going to be a big boy when it grows up."

The contract represented the latest gamble in McCarthy's chance-taking career. Under it,...

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