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George Mitchell Net Worth

George Mitchell Net Worth

Net Worth: $2 Billion

Statistics
  • Source of Wealth Mitchell Energy
  • Birth Place Galveston, Texas, USA
  • Marital Status Widowed (Cynthia)
  • Full Name George Phydias Mitchell
  • Nationality Greek-American
  • Date of Birth May 21, 1919
  • Ethnicity Greek, Caucasian
  • Occupation Businessman, CEO, Real Estate Developer
  • Education Texas A&M University
  • Children 10
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About George Mitchell

Known to be the founder and owner of Mitchell Energy, George Mitchell is an American philanthropist, businessman and real estate developer with and estimated net worth of $2 billion as of March 2013.

Of Greek ancestry, George Mitchell attended Texas A&M University where he finished his degree on Petroleum Engineering. Shortly, he founded the Mitchell Energy & Development Corp.. In 1980s and 1990s, horizontal drilling of natural gas technology was introduced, and when combined with rock hydraulic fracturing, extraction of natural oils from shale rock formations becomes possible.The technology immediately became a major hit in the US as it enabled the country to become less dependent on foreign sources of energy. Through time, extraction from shale rock formations spread widely even to outside of United States. In 2002, Devon Energy acquired Mitchell Energy & Development Corp.  for $3.5 billion but George Mitchell still remains as the highest shareholder.

After Mitchell Energy, George Mitchell pursued a career on real estate developing. He developed The Woodlands which became the home of 97,000 as of 2010. When fully developed, the place would accommodate 13,000 people.