Texas Tribune / Brett Buchanan
Tim Dunn speaks throughout The Texas Tribune Competition on Sept. 24, 2016. On Monday, he bought his West Texas oil firm for $12 billion to Occidental Petroleum Corp.
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Tim Dunn, a West Texas billionaire who has used his oil fortune to turbocharge the state’s far-right political motion, bought his oil firm Monday in a deal valued at about $12 billion.
In a press release, Occidental Petroleum Corp. stated the corporate entered into a purchase order settlement to accumulate the Midland-based CrownRock L.P., a joint enterprise held by Crownquest Working LLC, Dunn’s firm, and Lime Rock Companions. The $12 billion transaction, which incorporates money and inventory, is predicted to shut in early 2024.
The sale comes throughout a time of consolidation within the Permian Basin, an oil-rich stretch of land in West Texas and New Mexico, and after weeks of studies concerning the potential sale of the drilling firm.
Brandon Rottinghaus, a political science professor on the College of Houston, stated the wealthiest folks within the state have a major say in how insurance policies are formed. Dunn is a main instance.
“Cash is energy in Texas politics,” stated Rottinghaus. “Dunn’s already proven willingness to spend massive to imprint his ideological spiritual beliefs on the GOP. With extra money, he’s more likely to pour fuel on the fireplace.”
Dunn is likely one of the most prolific and influential GOP megadonors within the state, having poured tens of hundreds of thousands of {dollars} right into a sprawling community of political motion committees, establishments, campaigns and media web sites. For the reason that mid-2000s, he has been the primary financier of teams corresponding to Texans For Fiscal Duty and Empower Texans, utilizing them to push his Libertarian financial agenda and turbocharge the state’s nascent Tea Occasion motion.
Since then, Dunn-funded teams have been more and more aggressive in pushing his ultraconservative social and spiritual views. Mixed, they’ve pulled the state additional to the suitable by blasting fellow Republicans as insufficiently conservative and, in some circumstances, bankrolling major challengers who assault incumbents as too tender on immigration, LGBTQ+ rights and different far-right stances.
Key to that effort has been Defend Texas Liberty, a political motion committee that has given almost $15 million to right-wing candidates since 2021, and has routinely made headlines this 12 months: In October, the Texas Tribune reported that well-known white supremacist and Adolf Hitler admirer Nick Fuentes met with Defend Texas Liberty’s then-president Jonathan Stickland, setting off a political firestorm within the state.
Dunn reportedly stated internet hosting Fuentes was a “critical blunder,” however neither he nor his teams have defined the assembly or responded to subsequent Tribune reporting that uncovered deeper ties between Defend Texas Liberty and different antisemitic or white supremacist figures.
And this summer time, Defend Texas Liberty once more sparked controversy after giving $3 million to Lt. Gov. Dan Patrick earlier than Patrick presided over Lawyer Basic Ken Paxton’s impeachment trial and acquittal within the Texas Senate. Paxton is a longtime ally of the state’s far proper whose political life has been closely backed by Dunn and two different West Texas oilmen; he’s acquired almost twice as a lot from the trio and their households than he has from his second-largest donor, Texans For Lawsuit Reform.
Whereas it’s unclear what position Dunn may play within the 2024 elections, Rottinghaus stated Dunn is in a greater place than most rich benefactors in Texas.
“His affect has mutated in numerous methods and brought totally different kinds, however the finish consequence is identical,” Rottinghaus stated. “And that’s his model of politics turning into the dominant pressure of the GOP.”
Based on Bloomberg, who first reported the sale, CrownRock is the third-largest personal oil producer within the Permian Basin.
In a press release, Dunn stated, “The acquisition of CrownRock by Occidental is a multi-win proposition. Oxy is dedicated to the Permian Basin and intends to supply employment to all eligible CrownRock workers, and so it’s good for our group.”
Disclosure: Texans for Lawsuit Reform and College of Houston have been monetary supporters of The Texas Tribune, a nonprofit, nonpartisan information group that’s funded partially by donations from members, foundations and company sponsors. Monetary supporters play no position within the Tribune’s journalism. Discover a full checklist of them right here.
This text initially appeared within the Texas Tribune.
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