"Big John" McMasters (Clark Gable) and "Square John" Sand (Spencer Tracy) are two down-on-their-luck oil Wildcatterters who join forces. Without enough money, they steal drilling equipment from a skeptical Luther Aldrich (Frank Morgan). Their well proves a bust and they have to hastily depart when Aldrich shows up with the sheriff to take back his property. The two oilmen team up and make enough money to partially pay Aldrich. To get him to back them for a second try, they cut him in for a percentage of the well. This time, they strike it rich.