Early Life
Terrence Michael Pegula was born on March 27, 1951, in Carbondale, Pennsylvania. His father worked in truck driving and coal mining. He attended Scranton Preparatory School and later earned a Bachelor of Science in petroleum and natural gas engineering from Penn State University.
Rise to Success
Pegula's career began in the oil and gas industry, working for companies like Getty Oil and Felmont Oil Co. In 1983, he founded East Resources with a modest initial investment. The company became a major player in the natural gas sector, particularly in the Marcellus Shale formation. Pegula sold the bulk of East Resources' assets to Royal Dutch Shell for $4.7 billion in 2010. He then expanded his business interests into professional sports.
Key Business Strategies
Pegula's key strategy was identifying and investing in the emerging natural gas market through hydraulic fracturing. He capitalized on the vast reserves of natural gas in the Marcellus Shale. Pegula also diversified his portfolio by investing in professional sports teams, creating a sports and entertainment empire. This involved acquiring the Buffalo Sabres in 2011 and the Buffalo Bills in 2014.
Philanthropy
Pegula is known for his philanthropy. He has made substantial donations to Penn State University. These donations funded the construction of the Pegula Ice Arena, supporting the university's hockey programs. He and his wife, Kim, also donated to Houghton College.