Paul Foster | $1B+
Get in touch with Paul Foster | Paul Foster, founder and former CEO of Western Refining, built a major independent refining and fuel distribution business by acquiring underperforming assets and improving operational efficiency across the Southwest. Starting with a small El Paso refinery in the 1990s, Foster expanded Western Refining into a vertically integrated energy company before merging it with Andeavor, a deal that ultimately led to its acquisition by Marathon Petroleum. Beyond energy, he is a prominent philanthropist and civic leader in Texas, funding education, healthcare, and community development initiatives. Foster’s career reflects disciplined execution in cyclical industries paired with long-term regional impact.
Paul L. Foster is an American billionaire businessman and philanthropist based in El Paso, Texas, who amassed his fortune primarily through investments in the oil refining and energy sectors. He took control of the bankrupt El Paso Refining in 1992, founded Western Refining as an independent refiner and marketer, and served as its chairman until selling the company to Tesoro Corporation for $6.4 billion in 2017.[1] In 2025, Foster sold an energy venture for $2.5 billion, further bolstering his wealth, estimated at $3.2 billion.[1][2]
Raised in Lovington, New Mexico, Foster graduated from Baylor University with a B.B.A. in accounting in 1979 and began his career working with small oil refineries in the Southwest.[3] Through Franklin Mountain Investments, he holds stakes in over 30 companies spanning real estate, restaurants, and sports, including co-ownership of the El Paso Chihuahuas minor league baseball team and involvement in El Paso Locomotive FC.[1] He has also contributed to local economic development, including the revitalization of downtown El Paso with projects like the restoration of the Plaza Hotel.[4]
Foster's philanthropy, channeled through the Paul L. Foster Family Foundation established with his wife Alejandra, has exceeded $182 million in donations since 2007, focusing on education, healthcare, and community initiatives in Texas.[4] Notable gifts include $50 million to create the Paul L. Foster School of Medicine at Texas Tech University Health Sciences Center El Paso and $100 million to Baylor University for the Paul and Alejandra Foster Pavilion.[4][5] His contributions have earned him accolades such as El Pasoan of the Year (twice), induction into the El Paso Business Hall of Fame, and the Baylor University Distinguished Alumni Award.[4]
Early Life and Education
Upbringing in New Mexico
Paul L. Foster was born and raised in Lovington, a small town in southeastern New Mexico's Lea County, an area known for its oil and gas production.[6] [3]
Foster grew up in a family with strong Baptist roots, which shaped his early values and led to an initial aspiration for a premed career path before he pursued business studies.[7] This religious and familial environment in rural New Mexico emphasized discipline and education, influencing his later transition to accounting and energy sector involvement.[7]
University Studies and Early Professional Training
Foster received a Bachelor of Business Administration degree in accounting from Baylor University in 1979.[8] [3] He subsequently qualified as a Certified Public Accountant, obtaining certification recognized by bodies such as the Arizona State Board of Accountancy.[9] [5]
After completing his studies, Foster entered the workforce as a CPA, initially managing financial records for small independent oil refineries across the Southwestern United States.[1] [10] This role provided foundational training in the accounting and operational aspects of the energy sector, where he gained practical experience in refinery economics and finance.[10] Over time, he advanced through successive positions in the refining industry, including controller duties at facilities such as the El Paso Refinery, honing expertise in financial oversight and strategic management within distressed or underperforming assets.[11] [10] These early experiences emphasized hands-on problem-solving in volatile markets, setting the stage for his later entrepreneurial ventures without reliance on formal advanced degrees or specialized industry programs beyond his CPA credentialing.[1]
Business Career
Initial Roles in the Energy Sector
Foster's entry into the energy sector occurred during his teenage years, when he performed manual labor in oil fields, including welding pipes, digging ditches, and cleaning tanks.[10]
Following his graduation with a Bachelor of Business Administration from Baylor University in 1979 and certification as a certified public accountant, Foster managed financial operations for small independent oil refineries across the southwestern United States.[1][10][12]
Through these roles, he developed expertise in refinery accounting and operations, eventually advancing to supervisor at the El Paso Refinery.[10]
The refinery's bankruptcy provided an opportunity for Foster to transition into direct asset management; in 1992, he partnered with associates to acquire the bankrupt El Paso Refining facility, initiating hands-on involvement in refinery turnaround and operations.[1]
Founding and Expansion of Western Refining
In 1997, Paul L. Foster founded Western Refining Inc. in El Paso, Texas, to oversee the marketing, operations, and business interests of the El Paso refinery as it restructured following bankruptcy proceedings.[13] The company initially focused on stabilizing and optimizing the single-refinery asset, leveraging Foster's prior experience in oil refining finance to improve commercial viability in a competitive Southwest market.[3]
Early growth emphasized operational enhancements, including increasing refinery throughput beyond levels set by the prior owner, Chevron, through targeted investments in maintenance and process efficiencies that boosted output without major capital expansions.[10] This approach yielded profitability gains, enabling Western Refining to acquire full ownership of the El Paso facility and expand its wholesale fuel distribution network across Texas, New Mexico, and Arizona. By the mid-2000s, these efforts had scaled the company's refining capacity and market reach, establishing a foundation for broader regional dominance.[13]
Strategic acquisitions accelerated expansion. In August 2006, Western Refining announced the $1.23 billion cash purchase of Giant Industries Inc., adding the Gallup, New Mexico, refinery (with approximately 27,000 barrels per day capacity), asphalt production facilities, and over 100 retail fuel outlets in the Southwest.[14] [15] The deal, completed in June 2007, diversified feedstock sourcing, enhanced logistics via pipelines and terminals, and elevated Western to the fourth-largest publicly traded independent refiner in the United States by revenue and capacity.[16] This milestone followed Western's initial public offering earlier that year, which provided capital for further integration and growth, transforming it from a local operator into a multi-state enterprise with annual revenues exceeding $7 billion post-merger.[17]
Acquisition by Tesoro and Subsequent Investments
In November 2016, Tesoro Corporation announced its agreement to acquire Western Refining, Inc., in a transaction valued at approximately $6.4 billion, including the assumption of about $1.7 billion in net debt and payment of roughly $4.1 billion to shareholders in cash or stock.[18] [19] The deal aimed to combine the refining, marketing, and logistics operations of both companies, adding Western's facilities in Texas, New Mexico, and Minnesota to Tesoro's portfolio.[20] Paul L. Foster, Western Refining's founder and executive chairman, supported the merger, stating it would create enhanced scale and synergies for the combined entity.[21]
The acquisition closed on June 1, 2017, for a total consideration of about $5.8 billion after adjustments.[22] As part of the integration, Tesoro expanded its board and appointed Foster and former Western CEO Jeff Stevens as directors.[23] Foster received Tesoro stock in the transaction rather than cash, positioning him as a significant shareholder in the merged company, which later rebranded as Andeavor.[24]
Following the sale, Foster directed proceeds toward new energy sector investments, including the 2018 formation of oil and gas ventures with six former Western Refining executives.[25] These entities, operating under the Franklin Mountain banner, acquired acreage in the Permian Basin with hundreds of potential drilling sites, marking Foster's return to upstream exploration and production.[25] Additionally, his Andeavor holdings benefited from Marathon Petroleum's $23 billion acquisition of the company in 2018, yielding substantial returns on those assets.[26]
Leadership at Franklin Mountain Investments
Paul L. Foster founded Franklin Mountain Investments, LLC (FMI), a diversified investment and operating company, following the 2017 acquisition of Western Refining by Tesoro Corporation (later Andeavor and Marathon Petroleum) for $6.4 billion.[1] As the owner, founder, chief executive officer, and director, Foster has led FMI in building a portfolio spanning more than 30 companies across sectors including energy, private equity, real estate, construction, aviation, sports, restaurants, and medical devices.[27][1] Under his leadership, FMI affiliates such as Franklin Mountain Capital focus on acquiring and growing small- to middle-market businesses in the Southwest U.S. and Northern Mexico, particularly in crude oil and natural gas infrastructure, light industrial manufacturing, and specialty services, emphasizing operational improvements, acquisitions, and organic expansion rather than startups.[28]
Foster's management team at FMI includes Chief Operating Officer William Kell, Chief Development Officer Brent Harris, and Chief Financial Officer Sandra Mendez, drawing on expertise from prior energy operations to support diversified strategies.[29] The firm's approach prioritizes long-term capital deployment and partnerships with established management teams to drive value, reflecting Foster's experience in scaling refining and logistics operations at Western Refining.[28] Notable investments include stakes in sports entities like the El Paso Chihuahuas Triple-A baseball team and the El Paso Locomotive FC soccer club through Mountain Star Sports Group affiliates.[1][30]
In 2025, under Foster's direction, FMI completed the sale of an energy venture for $2.5 billion, demonstrating the firm's capacity for high-value exits amid fluctuating commodity markets.[1] This transaction underscores FMI's evolution from energy-centric roots to a broader holding structure, with Foster maintaining oversight across affiliates to ensure alignment with regional economic opportunities in El Paso and beyond.[27]
Philanthropy
Establishment of the Paul L. Foster Family Foundation
The Paul L. Foster Family Foundation was established in 2008 as a private nonprofit organization in El Paso, Texas, with tax-exempt status granted by the Internal Revenue Service effective April 2008.[31] The foundation serves as the primary vehicle for the philanthropic efforts of Paul L. Foster and his family, channeling contributions toward exempt charitable organizations.[32]
Its stated purpose encompasses support for religious, scientific, literary, and educational endeavors, reflecting a focus on initiatives that align with the family's priorities in community development, higher education, and health sciences.[32] Paul L. Foster, alongside his wife Alejandra de la Vega-Foster, leads the board, which also includes family members and advisors such as Kassandra Foster-Nava, ensuring family oversight in grantmaking decisions.[4][33]
Although the foundation's formation followed significant direct family donations—such as the $50 million gift in 2007 to establish the Paul L. Foster School of Medicine at Texas Tech University Health Sciences Center El Paso—it was positioned to consolidate and expand future giving, with the majority of subsequent contributions planned to flow through its structure.[4][5] In 2018, the foundation received an initial major infusion of $77.3 million from the family, bolstering its capacity for larger-scale philanthropy amid the Fosters' cumulative donations exceeding $182 million since 2007.[4] This endowment enabled targeted support for projects in El Paso and beyond, including educational infrastructure and community welfare programs.[34]
Contributions to Educational Institutions
Paul L. Foster's philanthropic efforts in education have primarily focused on higher education institutions in Texas, particularly those serving the El Paso region and his alma mater. In 2007, he donated $50 million to establish the Paul L. Foster School of Medicine at Texas Tech University Health Sciences Center El Paso (TTUHSC El Paso), enabling the creation of a medical school dedicated to addressing healthcare disparities along the U.S.-Mexico border.[5] This gift, one of the largest to a Texas medical school at the time, supported infrastructure, faculty recruitment, and program development, with subsequent contributions from the Foster family totaling over $77 million to the institution.[4]
Foster's support extended to Baylor University, where he earned his B.B.A. in 1979. In June 2013, he provided a $35 million gift to fund a new business school building and enhancements to Baylor Stadium, marking one of the university's largest single donations and facilitating expanded facilities for business education and athletics.[35] The Paul L. Foster Success Center at Baylor, named in his honor, recognizes his ongoing contributions to student support services, including career advising and academic resources.[12]
Through the Paul L. Foster Family Foundation, established to advance educational initiatives among other causes, Foster has continued backing regional universities. In October 2025, the foundation committed a $5 million dollar-for-dollar matching grant to support the creation of a public law school at the University of Texas at El Paso (UTEP), aimed at increasing access to legal education in the Borderland region.[34] This pledge builds on prior foundation gifts to UTEP, including $2.5 million in January 2025 for athletics infrastructure to facilitate the university's transition to the Mountain West Conference, indirectly bolstering student recruitment and campus vibrancy.[36] Overall, since 2007, Foster and his foundation have directed over $182 million toward charitable causes, with a substantial portion advancing educational access and infrastructure in underserved areas.[4]
Support for Healthcare and Community Initiatives
Paul L. Foster donated $50 million in 2007 to establish the Paul L. Foster School of Medicine at Texas Tech University Health Sciences Center El Paso, marking a pivotal investment in regional medical education and healthcare delivery.[37] This funding supported the school's founding, including infrastructure development and tuition assistance for Foster Scholars—medical students whose education is subsidized to encourage practice in underserved areas along the U.S.-Mexico border and West Texas.[37] The initiative addressed physician shortages in El Paso County, where the population-to-primary-care ratio lagged national averages, fostering long-term improvements in local access to specialized care.[37]
Through the Paul L. Foster Family Foundation, Foster extended support to community initiatives combating food insecurity, including a $500,000 grant to El Pasoans Fighting Hunger in July 2019.[38] This contribution bolstered the food bank's operations, enabling distribution of meals to thousands amid rising demand in the border region.[38] The foundation's grants, often directed via partners like the El Paso Community Foundation, target disease-focused and general community health efforts, prioritizing local organizations to enhance resilience against social challenges such as poverty and nutritional deficits.
Public Service and Political Engagement
Service on the University of Texas System Board of Regents
Paul L. Foster was appointed to the University of Texas System Board of Regents by Texas Governor Rick Perry in November 2007 for an initial six-year term.[9] He was reappointed in February 2013 to a second six-year term, confirmed by the Texas Senate on May 24, 2013, and served until April 2019.[9] During his tenure, Foster emphasized governance stability amid prior board controversies, pledging support for university leadership and advocating for reduced internal friction.[39][40]
Foster held several leadership positions on the board, including vice chairman from April 13, 2009, to August 22, 2013, and again elected in November 2017.[9] He was unanimously elected chairman on August 22, 2013, serving until September 18, 2017, succeeding Francisco Cigarroa in a move to refocus on policy over public disputes.[9][41] As chairman of the Health Affairs Committee and past chairman of the Audit, Compliance, and Risk Management Committee, Finance and Planning Committee, and the University of Texas Investment Management Company (UTIMCO) Board of Directors, he contributed to oversight of academic, financial, and health-related matters.[9]
Under Foster's leadership, the board approved amendments to Regents' Rules in May 2014 to enhance operational clarity following open discussions.[42] In February 2014, it endorsed his transparency recommendations, including establishing a task force to standardize data requests and limit individual regent inquiries, aiming to prevent misuse of board authority.[43][44] He initiated a system-wide review of policies on inappropriate faculty-student relationships in early 2013, leading to updated disciplinary procedures.[45] In August 2015, the board adopted an admissions policy promoting fairness and integrity across UT institutions.[46] Foster also publicly urged the UT community to "re-establish some decorum" in July 2014 amid ongoing debates over tuition and governance.[47]
Political Contributions and Advocacy
Foster has been a prominent donor to Republican political candidates and committees, particularly in Texas. Between 2017 and 2021, he contributed $250,000 to Texans for Greg Abbott, the campaign committee of Texas Governor Greg Abbott, on June 28, 2017, and an additional $250,000 on June 30, 2021.[48][49] He also donated $25,000 to the Associated Republicans of Texas Campaign Fund, a state Republican organization.[50] These contributions align with his appointment to the University of Texas System Board of Regents by Republican Governor Rick Perry in 2007, reflecting broader engagement with Republican-led initiatives.[9]
At the federal level, Foster has supported Republican Senate campaigns through donations to the National Republican Senatorial Committee, though specific amounts for his contributions are aggregated in public records.[51] In 2020 alone, records indicate over $1.8 million in total political contributions attributed to a Paul Foster associated with El Paso-based energy interests, predominantly directed toward Republican entities.[52] His giving emphasizes support for pro-business and conservative policies, consistent with his background in the energy sector, without evidence of direct involvement in ballot measures or public advocacy campaigns beyond financial backing. Smaller donations, such as $21 to Save Austin Now PAC, further illustrate targeted support for local conservative efforts opposing certain urban policy changes.[50]
Personal Life
Family and Relationships
Paul L. Foster is married to Alejandra de la Vega Foster, with whom he shares philanthropic endeavors including major donations to Baylor University and local institutions in the El Paso region.[4] [53] The couple has two children.[1]
Their son, Preston Foster, died on August 10, 2020, at age 20 in a single-vehicle Jeep rollover accident in Routt County, Colorado; the incident involved no other vehicles and occurred on a dirt road, with the cause under investigation by local authorities at the time.[54]
Alejandra de la Vega Foster, born in El Paso, Texas, spent much of her childhood in Ciudad Juárez, Mexico, and originates from a prominent family in that region.[55] She holds positions as vice president of Almacenes de la Sierra and director of the Paul L. Foster Family Foundation, established in 2018 to support community initiatives in the Borderplex area.[33]
Residences and Lifestyle
Paul L. Foster resides in El Paso, Texas, alongside his wife, Alejandra de la Vega Foster.[56][57] In 2019, Foster acquired a 37,000-acre ranch near Balmorhea in West Texas—approximately 190 miles east of El Paso—for $32.5 million via a bankruptcy auction; the property encompasses a renovated 10,000-square-foot main house built over a century ago, two lakes, and potential operations as a cattle ranch.[58]
Foster's lifestyle emphasizes privacy, family commitments, and regional economic contributions, with he and his wife channeling efforts into business diversification and philanthropy exceeding $182 million in grants since 2007, primarily benefiting El Paso-area education, healthcare, and community projects.[4] Their shared activities include co-founding the Mountain Star Sports Group, which supports local sports ventures, reflecting a focus on sustained local impact over public ostentation.[4] Foster also engages in El Paso real estate preservation, owning and redeveloping historic assets such as properties in the Mills Plaza District and the Plaza Hotel.
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