Early Life
Paul Foster was born and raised in Lovington, New Mexico. He graduated from Baylor University in 1979 with a bachelor's degree in accounting. Foster began his career in the oil refining industry, working in various financial roles. He gained experience handling finances for small oil refineries across the Southwest.
Rise to Success
In 1997, Foster founded Western Refining, a company that would become the cornerstone of his wealth. He took the company public in 2006. Through strategic acquisitions and operational efficiency, Western Refining grew to become the fourth-largest publicly traded independent oil refiner in the United States. In 2017, Foster sold Western Refining to Tesoro Corporation for $6.4 billion. The merged entity was later renamed Andeavor and sold to Marathon Petroleum.
Key Business Strategies
Foster's success was built on several key strategies. He focused on acquiring well-maintained assets from larger companies. He also implemented operational efficiencies to increase refinery capacity and production of high-value refined products. Foster's leadership extended beyond Western Refining, with investments in real estate, restaurants, and sports, including the El Paso Chihuahuas baseball team.
Philanthropy
Foster is also recognized for his significant philanthropic contributions. He has donated millions to educational and infrastructural projects, including a $50 million donation to Texas Tech University for the Paul L. Foster School of Medicine. He has also contributed to the University of Texas at El Paso for the renovation of Sun Bowl Stadium.