The big, wealthy oil tycoon Blake Carrington and his former secretary, Krystle Grant Jennings are getting married. Krystle's ex-boyfriend, Matthew Blaisdel, who's been working as a geologist on one of Blake's oil rigs in the Mideast for a year and a half

Matthew gets a little visit from an old acquaintance, Walter Lankershim. Walter asks for money, because he's in trouble. He's lent money from Blake to drill for oil, but he haven't made any strikes. Matthew refuses to give him any money. Matthew goes to visit his present wife, Claudia, who's been in a mental institution for 18 months, but he learns that she's much better, and she's been released. Matthew, Claudia and their daughter, Lindsay, decides to start over again as a family. Blake and Krystle get to talk about their disagreements, and starts planning a big wedding. There's an accident on Walter's oil rig and he finds out that somebody has been sabotaging. He's convinced that Carrington has something to do with this.

Blake and Krystle finally get married. Blake talks a bit with his son about the homosexuality. There's a big wedding at the mansion, and among the guests are Cecil Colby and his nephew Jeffrey Broderick ""Jeff"" Colby. Cecil is a big oilman like Blake, but he's much bigger, and Blake's company, Denver-Carrington, is just a newsstand compared to Cecil's ColbyCo Oil. Walter blurs into the big wedding, furious about the sabotage on his rig. He and Blake fight about this, and Matthew takes Walter's side in the fight, which leads to Blake firing Matthew.

Walter takes Steven to a bordello to try to ""straighten him out"". Something goes wrong at Matthew and Walter's rig, Steven is blamed for sabotaging, and though he's innocent, he looses his job. Blake's plan now is to take Walter and Matthew's rig when they're in trouble. Krystle doesn't like Blake's methods in his work. She pawns an emerald necklace and loans Matthew the money to help him. She makes a false copy so Blake won't understand it's gone. In the end, Matthew and Krystle kiss, but Krystle breaks it off and leaves.