Early Life
Paul L. Foster was born on October 8, 1957, and raised in Lovington, New Mexico. He graduated from Baylor University in 1979 with a bachelor's degree in accounting. He began his career working with small oil refineries in the Southwest.
Rise to Success
Foster's career took a significant turn in 1997 when he founded Western Refining. Under his leadership, the company became the fourth-largest publicly traded independent oil refinery in the United States by 2006. Foster appeared on the Forbes 400 list in 2007, ranking 261st with a net worth of $1.9 billion. He later sold Western Refining to Tesoro Corporation (now Marathon Petroleum) in 2017 for $6.4 billion.
Key Business Strategies
Foster's key business strategies included acquiring and operating oil refineries, eventually expanding Western Refining and going public in 2006. He later diversified his investments through Franklin Mountain Investments, with stakes in numerous companies spanning real estate, restaurants, and sports.
Philanthropy
Foster is also known for his philanthropy. Since 2007, he and his wife, Alejandra de la Vega Foster, have donated over $182 million to charitable causes and organizations, including a $50 million donation to create the Paul L. Foster School of Medicine at Texas Tech University Health Sciences Center El Paso and $100 million to Baylor University.
