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Like his father, George Sr. was focused on his work. In Midland he helped start two banks and soon was involved in several other ventures, including serving on the board of an oil field equipment company named Camoc, Inc. He joined the boards of the American Association of Oilwell Drilling Contractors, the Independent Petroleum Association, and the Texas Mid-Continental Oil and Gas Association.
By the late 1950s, Zapata was going in two different directions. The firm was not really making much money. George saw the firm's future in offshore drilling. His partners Hugh and Bill Liedtke wanted instead to concentrate on building a larger presence on land in Texas.
The two visions might have been reconciled, but there was also friction concerning the interference of George's uncle, Herbie Walker. A major investor in the firm who had helped round up other investors, Herbie wanted his voice heard on just about every matter.
Forceful and tough, Herbie irritated Hugh Liedtke to no end. Finally it was decided that the business should be split. George would take Zapata Offshore and the Liedtkes would take Zapata Petroleum. Herbie and his fellow investors bought out the Liedtkes' 40 percent stake in Zapata Offshore while the Liedtkes bought out the Bush-Walker interest in Zapata Petroleum. At the time, George owned about 15 percent of the company, a stake worth about six hundred thousand dollars.
Despite the split, however, the friendship between George Bush and Hugh Liedtke would last, as they so often do with George Bush, for a lifetime. Liedtke would go on to run the oil giant Pennzoil, and by 1973, fifteen years after their split, Liedtke wanted drilling rights in China.
George Bush, who had just ended his term as the U.S. representative there, accompanied him to Beijing to meet with Chinese officials. Shortly afterward, Liedtke was granted the first drilling rights in China."