William Myron Keck

William Myron Keck
Born	Template:Birth date
Died	August 20, 1964(1964-08-20) (aged 84)
Occupation(s)	Entrepreneur, Philanthropist
Known for	Founder of Superior Oil Company, founder of W. M. Keck Foundation

William Myron Keck (April 27, 1880 – August 20, 1964) was a prominent American entrepreneur and philanthropist, recognized primarily as the founder of the Superior Oil Company. According to author Kevin Krajick, Keck earned the reputation of being "the world's greatest oil prospector," with an almost prophetic ability to identify petroleum-rich sites. He also created the W. M. Keck Foundation.

Early life

Keck was born on April 27, 1880. After his father left to pursue work in oil fields, Keck took on early responsibilities to support his mother, selling sandwiches and candy aboard the Baltimore and Ohio Railroad.

Speculative drilling

Beginning his career as a "roustabout" in Pennsylvania's oil regions, Keck later relocated to California where he operated as a speculator. He drilled wells under contract, frequently accepting leases in lieu of cash payments. His ventures led to successful oil strikes in Huntington Beach and at the Kettleman Hills oil fields in California. These achievements provided the groundwork for establishing Superior Oil Company.

Keck was distinguished for holding onto leases that others had relinquished, demonstrated by his operation of 46 productive wells on Andrew Joughin's farm near Torrance, which became one of California’s most lucrative oil developments. Known within his company as "the Old Man," Keck merged conservative political beliefs with forward-thinking business practices. He pioneered offshore drilling in the Gulf of Mexico as an independent operator and repeatedly broke records for drilling depth. His management approach was direct and involved, maintaining control over Superior Oil’s stock even after its public offering.

Founding Superior Oil

By 1921, Keck had secured sufficient leases to establish his own company. He launched the Superior Oil Company in Coalinga, California, concentrating on exploration and production of oil and natural gas. Under his direction, Superior introduced innovative methods such as the first successful application of directional drilling in California in 1930.

Kevin Krajick characterized Keck as "the world's greatest oil prospector," highlighting his exceptional intuition for finding petroleum deposits. Keck was among the earliest oilmen to base operations in Houston, Texas, and by 1931 Superior managed wells across Texas, Oklahoma, Nebraska, Louisiana, and Venezuela.

Expansion of Superior

In 1933, Superior became the pioneer company to employ a reflection seismograph for detecting hydrocarbons. Keck also led advances in deepwater drilling by erecting the first offshore oil platform off Louisiana’s coast in 1938. As the inaugural independent driller offshore in the Gulf of Mexico, Superior discovered commercially viable reserves there and consistently set records for well depth.

Keck preserved firm control over Superior by retaining company shares following its public listing. The enterprise expanded to become America’s largest independent oil producer. Additionally, Keck wielded considerable influence within Venezuela’s petroleum sector and maintained active political engagement through influential lobbyists.

When Keck passed away in 1964, his son William M. Keck Jr. assumed the role of CEO, later succeeded by his other son Howard as chairman. At its zenith, the family’s wealth was valued at approximately $160 million, holding a 51% stake in Superior’s stock.

Personal life

Together with his wife, Alice Bertha Cominski, he fathered several children: Willametta Keck, Howard Keck, and William M. Keck Jr. In 1956, he acquired the renowned Owlwood Estate located in Los Angeles, notable for its unique "24 carat gold bathroom sink modeled after an oil rig."

Death and legacy

Upon his passing in 1964, Keck bequeathed the majority of his assets to his three offspring and created five charitable trusts benefiting USC, Stanford, Pomona College, Occidental College, and the Church of Our Savior in San Gabriel.

By 1985, these organizations had collectively received $40 million from the trusts, increasing the total donations to $130 million. USC recognized this as its largest gift to date, Stanford regarded it as their most significant unrestricted endowment, and both Occidental and Pomona Colleges acknowledged it as their greatest donation.

Although his estate was appraised at over $160 million, Keck had outstanding debts amounting to $36.4 million owed to financial institutions in New York and Texas when he died. His widow, Sylvia Jean Keck, was bequeathed $400,000 outright along with income from a trust holding 4,000 shares valued at $6.34 million. While no specific legacies were assigned to his children, they were reportedly financially self-sufficient. The family residence was left to the William M. Keck Foundation. Furthermore, 11,000 shares of Superior stock valued at $17 million in 1964 were placed in trust for USC, Pomona College, Occidental College, and the Episcopal Church of Our Saviour.

Philanthropy

In 1954, he established the W. M. Keck Foundation, which has grown into one of the largest philanthropic organizations in the United States. The foundation has supported significant initiatives such as the W. M. Keck Observatory in Hawaii, the Keck School of Medicine at USC, and the Keck Institute for Space Studies at Caltech alongside NASA's Jet Propulsion Laboratory. It provided $70 million of the $87 million required to build the Keck Telescope on Mauna Kea volcano, which commenced construction in 1990 as the planet’s largest astronomical telescope.

External links

• Keck Foundation's biography of W. M. Keck