When it comes to commodities, the oil and gas industry is known to be one of the most profitable businesses in the world. A lot of people have become multi-billionaires by extracting, refining, and selling the fuel that keeps the world moving.
The energy business has created a lot of billionaires. It’s been reported that these billionaires are connected to prominent political figures like Russian President Vladimir Putin, Mikhail Fridman, Viktor Vekselberg and many others. According Sageworks, as of 2013, the most lucrative type of businesses today are companies that extract oil and gas. The net profit for an oil and gas extraction company is around 24.1%.
By following the steps of Standard Oil founder John Rockefeller, many men and women have become billionaires.
Here is the list of the top 10 billionaires in the oil and gas sector in the U.S.
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10. William Herbert Hunt-$4 Billion
Way back in 1970, Herbert and his brother, Nelson Bunker Hunt, bought 195 million ounces of silver. Both of the brother’s assets reached a whopping $10 billion in no time. Unfortunately, in the 1980 things started going downhill when the value of silver decreased on what’s known as Silver Thursday. The brothers even considered filing for bankruptcy. Fortunately that never happened. Hunt decided to sell 43% of the North Dakota petroleum assets making him worth $4 billion.
9. Jeffrey Hildebrand-$5.1 Billion
Founder of Hilcorp Energy Company, Jeffrey Hildebrand, has made a lot of money over the years. His company is also one of the largest privately owned oil companies in the world. He is now worth at $5.1 billion.
8. Ray Lee Hunt-$5.3 Billion
When his father died and Hunt took over his father’s company, Hunt Oil Co, the family’s net worth was around $200 million. In 1984, Hunt Oil Co discovered a ton of oil in yemen. The company teamed up with other companies to extract and refine the oil. This discovery increased his net worth to around $5.3 million.
7. Milane Frantz-$5.5 Billion
Frantz was heiress to her father’s company Enterprise Products. When her father died, she inherited $3.1 billion. Today, her company assets include almost 100,000 miles of pipeline around the world. Frantz is now worth an estimated $5.5 billion.
6. Elaine Tetter Marshall-$9.1 Billion
Elaine Marshall is the fourth richest woman in the United States and one of nine members on the board of Koch Industries. When Marshall’s husband died, as his beneficiary, she was left holdings in Koch Industries. She is now worth $9.1 billion.
5. George Kaiser-$9.8 Billion
Kaiser-Francis Oil started off as a small drilling and oil prospecting company. However, after his father’s death in 2010, George took over the company and turned it into the 23rd largest non-public energy exploration company in the U.S. With a net worth of $9.8 billion, he one of the 100 wealthiest people in the United States.
4. Philip Anschutz-$9.9 billion
Through his company Circle A Drilling, Anschutz has gained billions from oil and gas exploration. However, oil and gas are not the only places that Anschutz makes money,he also invests in sports and films. He co-founded several MLS teams,and has a stake in the L.A. Kings and L.A. Lakers. Anschutz is the 38th richest person in the U.S. with a staggering net worth of $10 billion.
3.Harold Hamm-$14.1 Billion
Hamm gained his wealth through an oil extraction in Bakken Oil Field in Montana and North Dakota. Since 1967, he has been the CEO of Continental Resources. He is the 30th richest person in the U.S. and the 76th richest person in the world. He is now worth $14.1 billion.
2.David Koch-$41.5 Billion
Koch Industries, founded by his father, is now considered to be the second-largest privately owned company in the U.S. Both David and his brother Charles Koch are worth $41.5 billion each. David currently holds the position as the Executive Vice President and co-owner. He is the fourth richest person in the U.S and the richest resident in New York.
1.Charles Koch-$41.5 Billion
Charles Koch is the current CEO of Koch Industries and owns 42% of the conglomerate. Out of the four brothers, only David and Charles are involved in the company. He also is worth an estimated $41.5 billion. Both brothers were included in TIME magazine’s 100 most influential people in 2011.