He invested in the Oklahoma oil fields. He built the company into a Nasdaq-listed Public Company. The company he created developed one hundred and twenty-five oil wells in seven states.
In addition, the company discovered four million barrels of oil in Western Australia. While Hilton was in Australia he met T. Boone Pickens. Pickens was selling his holdings in Australia and returning to the United States. The Public company had secured a twenty million dollar line of credit with a bank in Denver.
When OPEC opened the spigot after they realized United States was becoming self-sufficient they drove the oil prices from thirty-six dollars a barrel to nine dollars a barrel. This meant that the line of credit established at the bank was no longer valued as per the original loan agreement so the bank demanded more assets and gave the company forty-eight hours to provide more collateral. This was impossible because they already had all of the one hundred twenty-five wells as collateral for the original loan. When the company could not supply more collateral they foreclosed on the loan and confiscated the company’s cash flow of one hundred seventy-five thousand a month (just like the housing crash of 2006). This forced the company to cease its US operations. The company still had its Australian interest and continued to develop that.
If you want to see his life story in pictures, check out Dickie's Facebook page at:
By the time it was done there wasn’t much money left. So with no assists and no cash flow Dickie Hilton had to shut down the company. He didn’t declare bankruptcy; he simply shut it down because the company didn’t owe anybody anything. Doing it this way meant he still owned the company, which could be used to put other deals together if they could find anything worthwhile to buy using his own stock. It was a reach, but possible. So he headed west back to California with his second wife and his son. They ended up in Marin County in Larkspur just south of San Rafael. He was able to buy a few companies for stock, which meant they became a part of a public company.
Not long after this he and his second wife divorced and he moved again with his son. Seemed like he was always moving and on the go and surely being tested.