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R E S O L U T I O N
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WHEREAS, The late Algur Hurtle Meadows is being inducted into |
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the Petroleum Hall of Fame on April 26, 2007, and this occasion |
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provides a welcome opportunity to pay tribute to this legendary |
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business leader; and |
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WHEREAS, The Petroleum Hall of Fame, which is based at the |
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Petroleum Museum in Midland, recognizes individuals who have made |
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outstanding contributions to the development of the petroleum |
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industry or who have inspired others through their achievements, |
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service, or strength of character; and |
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WHEREAS, Born in Vidalia, Georgia, in 1899, Al Meadows earned |
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his law degree at Centenary College in Shreveport, Louisiana, and |
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began his career as an accountant for Standard Oil; in 1928, he and |
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a friend founded General Finance Company, which backed oil and gas |
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ventures in Louisiana and Texas; following a merger in 1936, this |
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enterprise became General American Oil Company of Texas, and Mr. |
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Meadows became president in 1941; and |
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WHEREAS, Under his able leadership, General American Oil grew |
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into one of the nation's largest independent oil companies; by |
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1943, it owned 100 wells in West Texas and became a significant |
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force in Permian Basin production; the firm's success was rooted in |
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the financial expertise of Mr. Meadows, who pioneered the "ABC |
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Plan," a creative method of financing oil production with only |
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small cash outlays; he became the chair of General American Oil |
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Company in 1950 and helped guide it until his death in 1978; and |
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WHEREAS, Al Meadows was also a notable philanthropist; in |
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1948 he created The Meadows Foundation, and in the decades since, it |
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has contributed more than $550 million in grants and charitable |
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expenditures, which have benefited thousands of Texas institutions |
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and nonprofit agencies; this benevolence was an expression of the |
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deep concern that he had for the welfare of others, and his |
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compassion and business acumen make him a most worthy addition to |
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the hall of fame; now, therefore, be it |
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RESOLVED, That the House of Representatives of the 80th Texas |
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Legislature hereby pay tribute to the memory of Algur Hurtle |
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Meadows as he is inducted into the Petroleum Hall of Fame; and, be |
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it further |
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RESOLVED, That an official copy of this resolution be |
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prepared for his family as an expression of high regard by the Texas |
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House of Representatives. |