Early Life
Terrence Michael Pegula was born on March 27, 1951, in Carbondale, Pennsylvania. His father worked in truck driving and coal mining, instilling in him a strong work ethic. Pegula attended Scranton Preparatory School and later earned a Bachelor of Science in petroleum and natural gas engineering from Pennsylvania State University.
Rise to Success
After graduating, Pegula worked at Getty Oil and Felmont Oil Co. before founding East Resources in 1983 with $7,500 borrowed from family and friends. The company achieved significant success through hydraulic fracturing (fracking), discovering rich deposits of natural gas in the Marcellus Formation. He sold the company's assets in stages, including to Royal Dutch Shell for $4.7 billion in 2010. Pegula also sold assets to American Energy Partners, LP for $1.75 billion in 2014.
Key Business Strategies
Pegula's business acumen is evident in his strategic investments and ability to capitalize on emerging opportunities in the energy sector. He demonstrated foresight in recognizing the potential of fracking, which led to the success of East Resources. Furthermore, Pegula diversified his portfolio by acquiring professional sports teams and other ventures.
Philanthropy
Pegula is known for his significant philanthropic contributions. In 2010, he donated $102 million to Penn State University to construct the Pegula Ice Arena. Additionally, he and his wife Kim donated $12 million to Houghton College to build the Kerr-Pegula Athletic Complex.
