El Pasoan Paul Foster's wealth grows, moving him higher on Forbes billionaires' list 2025 – El Paso Times

El Paso businessman Paul Foster’s wealth has substantially increased, moving him higher on the new Forbes Magazine list of the world’s billionaires.
Foster’s net worth was estimated at $3.2 billion as of March 7 — double his estimated wealth of $1.6 billion in March 2024, Forbes reported when its new list was released April 1.
That puts him at No. 1,141 among the world’s 3,028 billionaires, including 902 in the United States. He was at No. 1,945 among the world’s 2,781 billionaires in 2024.
He is the only El Paso resident on the list.
Elon Musk, overseeing President Donald Trump’s federal government downsizing, tops the billionaires’ list with a net worth estimated at $342 billion.
Musk is the founder of electric car maker Tesla, rocket producer SpaceX and artificial intelligence startup xAI, which now also owns his social media site X, formerly Twitter.
Forbes didn’t indicate how Foster’s wealth grew. But most of the growth likely comes from the January sale of Franklin Mountain Energy’s oil and gas assets for more than $2 billion to Houston’s Coterra Energy Inc.
Franklin Mountain was an oil and gas development company owned by Foster and several partners.
Franklin Mountain received $1.7 billion in cash and 28.2 million shares of Coterra stock valued at about $683 million when the sale agreement was announced in November. Those shares’ value increased to over $819 million on April 1.
The number of Coterra shares issued to Franklin Mountain decreased from the originally announced 40.9 million shares after price adjustments were made in the deal, according to Coterra’s 2024 annual report.
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It’s not publicly known how much of the money and Coterra stock Foster received from the deal.
Most of Foster’s wealth stems from Western Refining, the El Paso oil refining company he founded and sold in 2017 for $5.8 billion. It’s now part of Ohio-based Marathon Petroleum Corp., which continues to operate the former Western El Paso refinery.
Foster is now involved in real estate ownership and development, and other enterprises.
He’s co-owner of MountainStar Sports Group, which owns the El Paso Chihuahuas minor league baseball team, the El Paso Locomotive minor league soccer team, and the FC Juárez Bravos soccer team in Juárez, Mexico.
Vic Kolenc may be reached at 915-546-6421; vkolenc@elpasotimes.com; @vickolenc on Twitter, now known as X.
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