Only big Tracy or Gable fans will find any enjoyment from this love triangle set amongst the big money world of oil refining. The film starts out with John Sand (Tracy) and John McMasters (Gable), two oil wildcatters, forming an uneasy friendship in an effort to strike it rich by drilling in the middle of nowhere Texas. Their initial endeavor fails to bring up anything but salt water, however, some extra effort and a whole lot of finagling lands them and their new backer Luther Aldrich (Morgan) on the road to riches. All is right with the world until McMasters falls in love with and marries Betsy (Colbert), the woman Sand was hoping would become his wife. She came to Texas to let Sand down easy and fell for McMasters instead. Sand is devastated by the news of their nuptials, but finally accepts the union when he sees how happy Betsy is with her choice.

Of course, as the years go by and their fortunes fluctuate, she begins to regret her decision. As much as McMasters loves her, he can't stop his eye from wandering. Sand, who still yearns to be with Betsy, can't stand the way she's being treated, which prompts an angry dissolution to his business partnership with her husband. Their paths to wealth and success within the oil game cross over the years, but neither man will budge in regards to their friendship.

After stints in South America, they both wind up in New York, McMasters working his latest and greatest scheme and Sand just trying to get back on his feet. Both men manage to put aside their feelings (after much arguing and drinking) and they form a new truce. That is until Sand discovers the little piece of fluff – in the gorgeous form of Hedy Lamarr – McMasters has been keeping on the side. He claims their relationship is strictly business, but it's clear from the look in her eyes that she's playing for keeps. Sand knows this is the perfect opportunity for him to finally achieve his heart's desire – a life with Betsy.