Early Life and Education
Paul L. Foster was born in Lovington, New Mexico, and graduated from Baylor University in 1979 with a Bachelor of Business Administration in accounting. His early experiences included working in oil fields, giving him a foundational understanding of the industry.
Rise to Success
After graduating from Baylor, Foster became a CPA and handled finances for independent oil refineries. In 1992, he and his partners took over the bankrupt El Paso Refining. Five years later, he bought out his partners. In 1997, Foster founded Western Refining, which grew to become the fourth-largest publicly traded independent oil refinery in the United States by 2006. Western Refining was sold to Tesoro Corporation (later Andeavor, then Marathon Petroleum) in 2017 for $6.4 billion. Foster subsequently founded Franklin Mountain Investments, a diversified investment and operating company.
Key Business Strategies
A key business strategy was running the El Paso refinery at higher capacities than its previous owner, Chevron, leading to greater returns. Foster's ability to act quickly and acquire well-maintained assets also played a role in the success of Western Refining. Through Franklin Mountain Investments, he has diversified his holdings across multiple sectors, including real estate, restaurants, and sports.
Philanthropy
Foster and his wife, Alejandra de la Vega Foster, are active philanthropists. Their contributions, channeled through the Paul L. Foster Family Foundation, have exceeded $182 million since 2007. Notable donations include $50 million for 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. In July 2024, they donated $10 million to support El Paso's new children's museum and STEAM center, La Nube.