Did you know former President George W. Bush founded an oil and gas company? That’s right–about twenty years before running for office, and a few years after graduating from Harvard Business School, he started a company called Arbusto Energy.
Interestingly enough, “Arbusto” means “bush” in Spanish, so in a way the former President named the company after himself.
Arbusto Energy formally launched after George W. Bush’s unsuccessful run for Representative of Texas’s 19th congressional district in 1977. Though they began operations in 1978, the company didn’t exactly succeed in their short six years of operation.
Here’s a few quick facts about Arbusto Energy.
1. George W. Bush took $17,000 from his education trust fund along with $4.7 million from co-investors to get Arbusto Energy off the ground. The $4.7 million came mainly from friends of his uncle.
2. Because they had a bad habit of drilling dry holes, the company earned the nickname “Ar-Bust-O.”
3. After a few years of less-than-noteworthy results, Arbusto Energy changed their name to Bush Exploration. This move didn’t have many effects on turning the company around.
4. At the end of it all, Bush only managed to return 20 cents on the dollar to his co-investors.
5. With little success in its operations, the company merged with Spectrum 7 Energy Corp. in February of 1984, and later got acquired by Harken Energy in 1986 through a stock swap.