T. S. Hogan, a Montana attorney, rancher and oilman, came to the Permian Basin in 1925, where he became active in the oil business. He was convinced Midland was situated in the center of the petroleum basin and that it would become the leading city of the region. In 1927 he announced the construction of this building, which would serve as a center for the area oil companies. Designed by the prominent Fort Worth architect Wyatt C. Hedrick, it was completed in 1929. A formal dedication was held on July 4 of that year. Many believed that Hogan's enterprise signaled Midland's future as a major oil production center. The projections, unfortunately, were premature. Only months after the building was completed, the stock market crash occurred that resulted in the Great Depression of the 1930s. With the discovery of oil in East Texas, the price soon dropped to 15c a barrel. Many companies closed their Midland offices and it was not until 1935 that they began to return to the Permian Basin. When Midland eventually became a leading center of oil production as Hogan had earlier envisioned, the Petroleum Building played a significant role in the town's development. Recorded Texas Historic Landmark - 1982