Billionaire Profile

Global Rank

#954

Image: Public domain | via Wikimedia Commons

Paul Foster

CEO, Marathon Petroleum

Real-Time Net Worth

$4.3B

As of December 2025

Age

Source

Oil refining

Industry

energy

Citizenship

Biography

Paul Foster is an American businessman with a net worth of $4.3 billion as of December 2024. His wealth stems primarily from his success in oil refining. Foster's career began with handling the books for small oil refineries after graduating from Baylor University with a degree in accounting in 1979. He founded Western Refining in 1997, which became the fourth-largest publicly traded independent oil refinery in the U.S. by 2006. In 2017, Foster sold Western Refining to Tesoro Corporation (later Andeavor) for $6.4 billion. Through Franklin Mountain Investments, he has ownership in more than 30 companies across various sectors, including real estate and sports.

Wealth Over Time

Portfolio Holdings

Marathon Petroleum

In-Depth Profile

Early Life

Paul L. Foster was born in Lovington, New Mexico. He graduated from Baylor University in 1979 with a bachelor's degree in accounting. Before founding his own company, he worked in the oil refining industry in various finance roles.

Rise to Success

In 1997, Foster founded Western Refining. The company grew rapidly, becoming the fourth-largest publicly traded independent oil refinery in the U.S. by 2006. Western Refining was sold to Tesoro Corporation (later Andeavor) in 2017 for $6.4 billion.

Key Business Strategies

Foster's success can be attributed to a strategic approach to the oil refining business. His ability to identify and acquire well-maintained assets from larger companies played a crucial role. The El Paso refinery remains one of Marathon's most profitable. He is the CEO of Franklin Mountain Investments, which has ownership in more than 30 companies.

Philanthropy

Foster has made significant philanthropic contributions, including donating $50 million to create the Paul L. Foster School of Medicine at Texas Tech University Health Sciences Center in El Paso. He also donated to Baylor University and the University of Texas at El Paso.

Career Milestones

1979

Graduated from Baylor University with a degree in Accounting

Obtained a Bachelor's degree in accounting from Baylor University.

1997

Founded Western Refining

Established Western Refining, an oil refining company.

2006

Western Refining became the fourth-largest publicly traded independent oil refinery in the US

Western Refining achieved significant growth and market position.

2007

Appeared on the Forbes 400 list of wealthiest Americans

Ranked 261st with a net worth of $1.9 billion.

2017

Sold Western Refining

Sold Western Refining to Tesoro Corporation for $6.4 billion.

Philanthropy & Social Impact

Education

Paul L. Foster School of Medicine

$50M

Donated $50 million to Texas Tech University Health Sciences Center in El Paso to help create the Paul L. Foster School of Medicine.

Education

Baylor University Donations

$35M

Donated $35 million to Baylor University, mostly for the Paul L. Foster Campus for Business and Innovation and McLane Stadium project.

Education

Sun Bowl Stadium Renovation

$5M

Donated $5 million for the renovation of Sun Bowl Stadium at the University of Texas at El Paso.

Business Philosophy & Leadership

Notable Quotes

""I like to think of it not so much as rolling with the punches but rolling with the opportunities.""

Leadership Principles

Community Impact

Foster's philosophy is to leave the world better off.

Strategic Risk-Taking

Taking strategic risks for better returns.

Controversies & Challenges

2024

ERCOT Chair Resignation

Resigned as ERCOT Chair in June 2024.