Clay Wood

Clay Wood, a true visionary and entrepreneur, passed from this world on August 19, 2016. He was born October 31, 1923 in Aspermont, Texas, to Clay and Elsie Wood. The first years of his life were spent close to Carlsbad, NM where he actually rode a pony to school. When Clay was in his early teens, he and his mother moved to Spur, Texas, where his mother purchased a motel. Elsie was a pioneer business woman at a time when it was virtually impossible to be one. Her grit and determination were legendary. She successfully passed on her character to Clay and generations to follow.

Spur became the genesis of Clay's business education, a process that continues until his last days. When Elsie moved to Denver City to pursue other opportunities, Clay stayed behind to complete school and run the motel. Each morning before school. He cleaned the rooms, and washed and ironed sheets. In the afternoon, he rented the rooms for that evening. In short, he learned responsibility and how to work.

It was also in Spur where Clay met the love of his life, Louise. It was the beginning of a loving partnership that lasted well over 70 years. Louise was the counter balance and moral compass to his amazing entrepreneurial spirit. He remained faithful and devoted to her throughout his entire life.

After high school, Clay attended The University of Texas at Austin for one year. He then transferred to Texas Tech where Louise was enrolled. Next came World War II and a stint in the United States Navy. He was a proud veteran, but quickly learned military regimentation did not suit him.

After serving his country, he and his new bride borrowed $1500 from Elsie and moved to Penwell, Texas, to begin their life together. He and Louise both worked countless hours, while living in a two room shack in the rear of a gas station. They did not have much, but Clay had vision; he had a brilliant mind and sought new and innovative ways to develop and promote business, he refined core values that were passed on from Elsie. His values were: Thrift, Commitment, and Sacrifice. These values led to his overriding philosophy of capital formation…One lives frugally and reinvests the proceeds of one's labor.

This philosophy produced opportunities in gasoline and diesel distribution, oil and gas investments, oil field service companies, real estate, and banking. In the early ‘60s he formed Wood Oil Company which later became Southwest Energy. In 1985, at a young age of 61, Clay used seed money provided by Southwest Energy to purchase Western National Bank (WNB). At that time, WNB had a total asset base of $35 million, however, when it sold in 2014 the asset base had grown to $1.6 billion. Additionally, Southwest Energy provided seed capital for his sons Don and Jack to purchase 150 7-Eleven stores making them the largest licensee for Southland Corporation in the nation.

Clay was always inclusive of those around him. He was a voracious reader of business periodicals, books, and anything else relating to business or the free enterprise system. He delighted in challenging those around him and making us all better informed. He loved to discuss (enthusiastic debate) a variety of topics; it was his way of displaying affection. One fact is not arguable-you may have occasionally been too busy for him, but he was never too busy for you. Clay's greatest gifts to his sons were how to work and sacrifice.

Clay was a philanthropist. His benevolence and generosity can be seen throughout the Permian Basin. Major recipients include Odessa College, UTPB, Wagner Noel Performing Arts Center, Texas Tech Health Science Center, Medical Center Hospital, Odessa YMCA, Midland Memorial Hospital, and First United Methodist Church. Although beneficiaries are too numerous to list, they are countless and boundless as was his generosity. His legacy of giving will live on in the form of the Wood Family Foundation. He and Louise created this vehicle to support worthwhile community causes for generations to come.

Clay also made time for fun. He was an excellent golfer and gin player. He believed the most important aspect of these endeavors was the relationships formed while performing them. He was particularly proud of the annual men's golf trips to Myrtle Beach, SC and other wonderful golf destinations.

Although he was not a big proponent of formal religion, Clay lived a devout, faithful and spiritual life. The family takes comfort in knowing he is sharing heaven with his beloved Louise.
Clay was preceded in death by his wife of 69 years, Louise. He is survived by the couple's three son: Gregory and wife Vicki, Jack and wife Sheri, and Don and wife Tanya, and by his grandchildren Matthew, Kirby, Taylor, Jordan, and Rachel.

A private funeral will be held. The family wishes to thank the individuals who cared for Clay during these last few months. Special love and gratitude go to Annie Mendez, Joe Chapa, and Mary Blain who provided love, compassion, and care to Clay. We also want to acknowledge our dear family friend, Abdul Kadir.

In lieu of flowers, memorials may be made to the Wood Family Foundation, 3501 Faudree Rd., Odessa, TX 79765.

Arrangements are under the direction of Sunset Memorial Gardens & Funeral Home. To sign the guestbook, please visit www.sunsetodessa.com.