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Terrence Pegula Net Worth

Terrence Pegula Net Worth

Net Worth: $4.91 Billion

Statistics
  • Source of Wealth Business and Company
  • Birth Place Carbondale, Pennsylvania
  • Marital Status Married to Kim Kerr Pegula
  • Full Name Terrence M. Pegula
  • Nationality American
  • Date of Birth March 27, 1951
  • Occupation Businessman
  • Education Pennsylvania State University
  • Children Michael, Laura, Jessica (Jessie), Kelly and Matthew
More StatsView More

About Terrence Pegula

Terrence Pegula is an American businessman with an estimated net worth of $4.91 billion as of March 2017, according to Bloomberg. He is #458 in the World Billionaires List, #367 in 2012, #150 in the United States, and #132 in the Forbes 400 List according to Forbes.com. Born Terrence M. Pegula on March 27, 1951 in Carbondale, Pennsylvania, he graduated with a BS in engineering through a scholarship from Pennsylvania State University despite starting school as a math major. After graduation, he joined Getty Oil.

In 1983, Pegula founded East Resources, a natural gas drilling company, using a loan of $7,500 from his friends and family. Its big profit came after it discovered the deep layers of natural gas in the Marcellus Foundation. He also bought Pennzoil Assets in 2000. In May 2010, he eventually sold the Pennsylvania, New York, and Rocky Mountain assets of the firm to Royal Dutch Shell for an approximate of $4.7 billion in price. The company continues to hold oil & gas assets in West Virginia.

After the sale of his gas and oil company, he shifted his interest and money to the game of hockey. He purchased his hometown teams, the Buffalo Sabres in the National Hockey League (NHL) and the Buffalo Bandits indoor Lacrosse team for $189 million in February 2011. He donated $102 million to his alma mater Penn State to help construct a hockey arena, the Pegula Ice Arena, and field a division one team. He also gave another $12 million to Houghton University for their Kerr-Pegula Sports Complex.