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Jon Bio

COMMUNITY AND STATE COOKS FORT WORTH CHILDRENS HOSPITAL

From 1952 TO 1982 various Fort Worth leaders tried to facilitate a merger between Fort Worth's two children’s hospitals, Cooks and Fort Worth Children. Brumley decided 30 years of trying was enough. By developing a coordinating board for the 2 hospitals a merger became inevitable. A recently published book about the merged hospital gives Brumley credit for his skill as the guy that led the effort and credit for developing the coordinating board and later the merger. Today the children’s hospital is not only the shining light of Fort Worth Hospitals but is a beacon to all of the children of West Texas. Because the merger had been tried and failed for 40 years, Brumley wanted to see it through while many of the founders, in particular Mrs. Amon Carter, was still alive. We made it, but barely.

Fort Worth Independent School District In 1980 Brumley was appointed by Federal Judge Eldon Mahon to guide the school district in an effort to establish that the Federal Governments Court Order requiring busing to integrate the schools was no longer necessary. The committee consisted of the Chairman of the NAACP and the Chairman of the Mexican American Advisory Council as well as representatives from each of the districts. The committee concluded that in fact busing was no longer necessary in Fort Worth if several other changes were made. The changes meant studying city demographics and closing some schools, giving teachers in minority districts additional stipends, and revamping curriculum. Judge Mahon believed that his ruling was one of the highlights of his career in that the recommendation of the committee was unanimous and Fort Worth was one of the first Texas urban cities to be relieved of the Federal court order.

State Board of Education

In 1984, Brumley was appointed by Gov. Mark White to Chair the State Board of Education. This was the first and only appointed Board of the State Board of Education. The charge of the Board was to make sweeping changes in education and define and write regulations for House Bill 72, a reform effort led by Ross Perot.
The Board adopted rules that put into place extensive student and teacher testing programs, a teacher appraisal system, an alternative certification system for teachers, higher teacher education standards, tougher student graduation requirements, and improved programs for at risk, gifted, disadvantaged, and minority students. Increase in student test scores, rising enrollments in prekindergarten programs for disadvantaged children, and greater public confidence in the public schools were all accomplished during the boards tenure.

In addition to the student achievements, the Board oversaw the investment (by state employees) of the Permanent School Fund. The board and the staff succeeded in nearly doubling the funds market value from $4.7 billion to $8.7 billion.

THE UNIVERSITY OF TEXAS

Brumley endowed a Chair at the LBJ School, Strauss Center (Bob Strauss was one of the original investors in XTO), is a member of the McCombs Advisory Board and a member of M. D. Anderson Board of Advisors.

AS A COUPLE WITH BECKY
In 1991 Jon and Becky established the Red Oak Foundation, dedicated to education, the lifetime interest of both of them. Becky has also been important to public education and was a member of the appointed State Board of Education. Initially the Foundation provided four year scholarships to students planning to become public school teachers in Texas. In 1997, Red Oak was expanded to spread the pleasures and benefits of books to disadvantaged children. The goal is to lay a foundation for reading readiness and importantly to involve parents. The program requires both the parent and child and engages reading aloud to the child by the parent.

Several programs have been developed to encourage reading aloud and new, hardcover, quality books are given to the children with their names in them. Red Oak works through 22 pediatric clinics, pre-K and Kindergartens in 33 schools and non-profit agencies. Over 300 book fests have been held, 31 book clubs, and 110 home based agency programs are in place. Red Oak has given 312,000 books through these activities and will give over 37,000 books this year to children, always with a parent present to learn the importance of reading aloud. Becky is having fun.

Career
In March of 2010, Brumley's career took a transitional turn; he is no longer Chairman or CEO of a public company for the first time in over 30 years. Encore Acquisition Company was sold to Denbury Resources. Encore was founded in 2000 and managed by Jon and Jonny Brumley and the sale may be the culmination of a long and fun career in the public domain.
Brumley has listed 8 companies on the New York Stock Exchange and a founder in all but two.
  • - Southland Royalty Company in 1974
  • -Permian Basin Royalty Trust in 1976
  • -San Juan Basin Royalty Trust in 1976
  • -Cross Timbers Royalty Trust in 1981
  • -Cross Timbers Oil Company (name changed to XTO) in 1983
  • -Pioneer natural Resources in 1997 -Encore Acquisition Company in 2002
  • -Encore Energy Partners in 2008
  •  
All of these entities created significant wealth for their public investors and four still trade on the NYSE.

Brumley is most proud of Encore Acquisition Company because he and his son Jonny were partners in its success.

Forbes magazine thought so too. Forbes proclaimed Jon and Jonny Brumley Entrepreneurs of the Year in 2005; their pictures were on the cover of Forbes and they took their wives to New York to be honored with a private lunch with the Forbes family. All say it was really cool.

The business model of all of the companies is remarkably similar: buy old, long life, oil or gas fields with quality production; reengineer and recomplete the fields; use half of cash flow as capital to keep the production from declining and use the other half of cash flow to grow or to pay down debt. Obviously Jonny Brumley likes the plan as he is doing it again at Enduro Resources Company; started in July of 2010.

Today, the three royalty trusts have a combined market value of $2.2 billion. While Brumley was at Southland, Southland had a 10 fold increase in value when it sold in 1985. When the royalty trusts were issued, Southland had a $4 billion value. Encore sold for$4.5 billion earlier this year and the initial investors made 14 times their money (from 1998) and the public investors made 5.4 times their money (from 2002). Pioneer trades for$9 billion, and XTO recently sold to Exxon for $41 billion. Certainly Brumley does not take credit for all of the success for all of these companies as he is one among many and has not been at XTO for 16 years and Pioneer for 13 years. However, the pride of being one of the founders in all of these companies brings enjoyment, great memories, and a maybe a few bragging rights.

 

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