Ethics Explorer A Guide to the Financial Interests of Elected Officials

Rep. Tom Craddick District 82 (R-Midland)

Industry
Business Executive, Oil & Gas
Education
B.B.A., Texas Tech University
Spouse
Nadine
Committees
  • State Affairs
  • Energy Resources Committee
Financial Statements

Sources of Income

  • Craddick is a sales representative for Mustang Mud, an oilfield supply company in Midland. He also reports income from Craddick Properties, Craddick Inc., Mexco Energy Corp. and Newpark Drilling Fluids.

  • Craddick has a large portfolio of stocks, bonds and mutual funds and reports a long list of royalty interests from investments in oil and gas companies. He has working interests in numerous oil and gas wells. He also reports ownership in Craddick Properties, Craddick Inc. and Craddick Partners, all listed at his home address; "Marriott Hotel Prop" in Bethesda, Md.; Lexington Master LP in Boston; and BP Capital Energy Equity Fund LP in Dallas.

Property

  • Residence in Midland valued at $700,000

  • Residence in Llano valued at $900,000

  • Numerous properties are listed under partnership names, in both Travis and Midland counties, that do not appear in appraisal district online databases.

Analysis

  • Craddick's daughter, Christi Craddick, a former lobbyist, was elected to the Texas Railroad Commission in 2012.

  • Before he was speaker, Craddick faced questions about whether he had a conflict of interest in routinely supporting legislation beneficial to oil and gas interests when his livelihood is so closely tied to it. Craddick said his whole district, not just his companies, benefited from the legislation.

  • In 1997 the Houston Chronicle reported that Craddick helped write legislation granting tax breaks of $4 million for a hotel project after the developer hired his daughter as a lobbyist. Craddick said the tax breaks had been approved years earlier, and that the measure only clarified the language. "My daughter's an adult ... I don't think there's a conflict," he said at the time. "I don't ask her who she's lobbying for, we don't talk about legislation."

  • In 2003 the Fort Worth Star-Telegram reported on allegations that Craddick pushed legislation designed to get his daughter on state health insurance under a program that fewer than 100 people qualified for as of 2002. Though the executive director of the Employees Retirement System at the time told the paper that Craddick had initiated the measure, which allowed his daughter, then a 26-year-old lobbyist, to stay on state health insurance, Craddick spokesperson denied it.

  • The Star-Telegram also reported that Craddick helped craft legislation that gave his hometown utility, Cap Rock Energy, unique monopolistic powers — by allowing it to escape rate regulation while simultaneously protecting it from competitors. Craddick received $28,000 for his work on behalf of a Cap Rock subsidiary, the paper reported. A Craddick spokesman told the paper there was no connection between the payment and the legislation.

  • Craddick reports an interest in three business in common with registered lobbyists: Centro Caswell LLC; Craddick Inc.; and Craddick Partners LTD. Craddick's office said that out of an abundance of caution, the box regarding common ties with lobbyists was checked on Craddick Inc. and Craddick Partners but that no lobbyists were involved. If there is a common interest between Centro Caswell and a lobbyist, Craddick was unable to identify it, his office said.

  • Craddick was investigated for his role in a Republican fundraising scandal after the 2002 elections. Prosecutors wanted to know if Craddick got an illegal benefit after he was given $152,000 in TRMPAC money so he could distribute it to 14 House members who supported him for speaker. Aides said the members were already supporting him for speaker before the donations. Craddick denied any wrongdoing and was never charged in the case.