Profile
Forbes 400: September 2010
Terrence Pegula
$3 B
Net Worth Calculated September 2010
Follow Terrence Pegula
18
* Age: 60
* Source: East Resources,
* Residence: Boca Raton, FL
* Country of citizenship: United States
* Education: Penn State University
* Marital Status: Married
* Children: 5
Pegula scored a big payday when Royal Dutch Shell bought his East Resources for $4.7 billion in May; Pegula owned 65% of the company. He still has more than 350,000 acres of shale land in the Appalachian Basin. In the works: an $88 million gift to build Penn State an ice hockey arena. Former sole shareholder sold roughly 35% of company to KKR for $330 million in 2008. Penn State math major switched to petroleum engineering for scholarship; joined Getty Oil after graduation, later Felmont Oi. Started East Resource with $7,500 loan from friends and family 1983; drilled sand wells, bought Pennzoil Assets from Devon Energy for $30.6 million in 2000