Frank McMahon (oilman)
Frank McMahon | |
|---|---|
| Born | 2 October 1902 Moyie, British Columbia, Canada |
| Died | 20 May 1986 (aged 83) Hamilton, Bermuda |
| Occupation(s) | Entrepreneur, oilman, racehorse owner and breeder |
| Known for | Founder of Pacific Petroleums and Westcoast Transmission Company; owner of Hall of Fame colt Majestic Prince |
Francis Murray Patrick McMahon ( ; October 2, 1902 – May 20, 1986) was a notable Canadian entrepreneur in the oil industry, recognized for founding both Pacific Petroleums and the Westcoast Transmission Company. Time once referred to him as "The man who did the most to open up northwest Canada's wilderness—and convince oilmen of its treasures."
In addition to his oil ventures, McMahon gained prominence as a racehorse owner and breeder. His Thoroughbred horses competed on an international stage, with his Hall of Fame colt, Majestic Prince, securing victories in the 1969 Kentucky Derby and Preakness Stakes.
Early life and career
McMahon was born in Moyie, British Columbia, to a father who worked as a hard-rock miner. He pursued higher education at Gonzaga University in Spokane, Washington, where he was a contemporary of Bing Crosby. Initially employed as a driller within mining operations, he launched his own diamond-drilling contracting company in 1927. This enterprise later expanded its scope to include drilling for oil and natural gas.
West Turner Petroleums
Together with two brothers, McMahon founded West Turner Petroleums to conduct exploration activities in Alberta’s Turner Valley Oilfields. Early achievements provided the financial foundation for growth through acquisitions and further exploratory efforts. He consolidated smaller companies with West Turner to establish the holding entity Pacific Petroleums Ltd.
In 1945, McMahon initiated Atlantic Oil Company and secured exploration rights near the Leduc field. After Imperial Oil’s discovery at Leduc in 1947, Atlantic’s No. 3 well struck oil on March 8, 1948. The resulting blowout and fire attracted significant attention and took six months to extinguish but greatly enhanced McMahon’s financial standing. Pacific Petroleums was based in Calgary.
Following government land releases in December 1947, McMahon commenced exploration in British Columbia’s Peace River Region. By November 1951, Pacific’s Fort St. John No. 1 well marked British Columbia’s first major oil find. The following year, multiple high-yield gas wells were drilled at Fort St. John.
Around 1961, McMahon and his brother George divested their controlling stake in Pacific Petroleums to Phillips Petroleum Company. Eventually, in 1977, Pacific Petroleums was acquired by Petro-Canada.
Westcoast Transmission
Recognizing a significant opportunity to supply natural gas to the U.S., McMahon established Westcoast Transmission Co. Ltd. in 1949 with plans to construct a 650-mile pipeline running from Taylor, British Columbia, to the American border.
He vigorously advocated before Canadian and U.S. authorities to remove trade barriers on natural gas exports and imports. By December 1954, McMahon secured a $400-million agreement with Pacific Northwest Pipeline Corp. for gas supply into their U.S. network. In 1955, Westcoast obtained approval from the U.S. Federal Power Commission to export gas and commenced building the $170-million Westcoast Pipeline linking the Peace River region with both the U.S. border and Vancouver. Completed in 1957, this project represented Canada’s inaugural "big-inch" pipeline system, incorporating processing facilities and compressor stations.
In 1964, Westcoast expanded its infrastructure by adding a processing plant at Fort Nelson to support a new 250-mile pipeline servicing discoveries in Canada’s Northwest.
Following McMahon’s passing in 1986, Westcoast Transmission evolved into Westcoast Energy Inc. Later acquired by Duke Energy in 2002 for US$3.5 billion, the pipeline operations were eventually separated into Spectra Energy before merging with Enbridge in 2017.
Additional Business Interests
During the 1950s, McMahon held stakes in Alberta Distillers Ltd., a company established in Calgary alongside Max Bell in 1946. By 1957, his personal fortune was valued at approximately $50 million, with assets under his control through various partnerships reaching close to $500 million.
His significant contributions to the Canadian economy led to his induction into the Canadian Business Hall of Fame.
In addition, McMahon invested in notable Broadway shows of the 1950s, including The Pajama Game and Damn Yankees.
Thoroughbred Racing
As one of the founding figures of the Jockey Club of Canada, McMahon actively participated in thoroughbred racing via his Frank McMahon Stable Inc., securing victories in prominent Canadian events such as the 1966 British Columbia Derby and the 1970 Canadian Derby. His most famous equine competitor was Majestic Prince.
Recognized by the British Columbia Horse Racing Hall of Fame in 1995, McMahon partnered with former jockey turned trainer Johnny Longden to manage a racing stable based in California. Their champion horse Majestic Prince captured both the 1969 Kentucky Derby and Preakness Stakes titles and was inducted into the National Museum of Racing and Hall of Fame in 1988; The Blood-Horse magazine ranked him No. 46 among the top American thoroughbreds of the twentieth century.
In 1975, McMahon’s horse Diabolo vied for the Triple Crown, finishing third in both the Kentucky Derby and Preakness Stakes.
During the 1950s, he co-owned Alberta Ranches, Ltd., which achieved a victory with Royal Serenade in the 1953 Hollywood Gold Cup.
Together with Max Bell, McMahon established Golden West Farms located in Okotoks, Alberta; their stable secured a win at the 1968 Queen's Plate with Merger. Alongside Bing Crosby, they owned Meadow Court, which triumphed at both the 1965 Irish Derby and King George VI and Queen Elizabeth Stakes in Europe.
McMahon worked closely with Kentucky breeder Leslie Combs II of Spendthrift Farm to produce Crowned Prince—Majestic Prince’s full sibling—who set a record by selling for $500,000 as a yearling in 1970. Crowned Prince raced successfully under McMahon's colors in England, claiming victories in the Dewhurst and Champagne Stakes and earning recognition as champion two-year-old colt in 1971. Combs also bred Triple Bend for McMahon, who established a world record while winning the Los Angeles Handicap in 1972.
McMahon Stadium
In 1960, Frank and George McMahon contributed $300,000 toward constructing a football stadium at the University of Calgary and guaranteed an additional $750,000 to cover part of the total $1,050,000 building expenses. The facility was named McMahon Stadium to honor their generosity and later hosted both opening and closing ceremonies for the 1988 Winter Olympics held in Calgary.
The university assumed full ownership of both the stadium and its surrounding land in 1985 after retiring all construction-related debt by 1973. Management of the stadium is overseen by the McMahon Stadium Society; initially, two out of six board members were appointed by the McMahons. Their accountant, William Macintosh, served as the society’s inaugural treasurer.
In recognition of their contributions, both brothers were inducted into the Calgary Stampeders Wall of Fame under the builder category in 2001.
Personal Background
Frank McMahon married Isabella Marion Grant in 1928; they had three children before divorcing in 1955. Following their separation, Isabella remarried actor Gar Moore and eventually resided in Palm Springs.
In 1956, McMahon wed Betty Lorraine Betz, a journalism alumna from Sarah Lawrence College who pursued a career as a columnist and authored several illustrated books. The couple maintained multiple homes including "Concha Marina" located in Palm Beach and "Crow Lane House" situated in Bermuda. They had two daughters: Francine Patricia and Bettina Lorraine.
Frank McMahon passed away in Hamilton, Bermuda, in 1986 and was laid to rest at St Paul's Church in Paget.