Falcon Seaboard Resources

Originally formed in 1935 by Ted Law of Tulsa, Oklahoma, Falcon Drilling Company became one of America’s largest onshore and offshore oil and gas drilling and exploration companies, with a large domestic coal business. When Law moved to Houston, Texas, he changed the company name to Falcon Seaboard Drilling Company. In 1979, Diamond Shamrock, now Valero, acquired Falcon Seaboard. Two years later, Ted Law and David Dewhurst re-formed Falcon Seaboard, maintaining its headquarters in Houston. Falcon Seaboard has always been an early adapter of identifying and acting on new market opportunities. In the mid 1980s and 1990s, Falcon Seaboard was at the forefront of developing cogeneration power projects. Falcon Seaboard used its oil and gas experience and assets as a platform to supply natural gas, and develop, build and operate natural gas-fired cogeneration plants throughout the U.S., and develop projects worldwide in England, Spain, Germany, Argentina, and Asia. Falcon Seaboard developed complex power projects with associated natural gas pipelines, industrial steam hosts and long-term power offtake agreements with credit worthy counterparties. Falcon Seaboard invested more than $700 million, realizing a financial gain of more than $1 billion (almost $400 million in cash and the assumption of more than $700 million in debt) when it sold the business.