Terrence Pegula Net Worth & Biography

Born in Carbondale, Pennsylvania, the United States on March 27, 1951, American businessman Terrence Pegula who started school as a math major but eventually graduated from Pennsylvania State University with a BS in engineering through a scholarship, is today, considered one of the most successful tycoons in the United States with interests in natural gas development, entertainment, real estate, and professional sports. With his net worth sitting at over 5 billion dollars (according to a recent Forbes report), Mr. Terrence is surely one of the wealthiest people in the country. He joined Getty Oil once he had completed his bachelor’s degree before later founding his first company, the natural gas drilling company called East Resources, using a loan of 7,500 from his family and friends in 1983. He acquired Pennzoil Assets in 2000 and continued to expand his business empire. In May 2010, he sold the Pennsylvania, Rocky Mountain, and New York assets of the company to Royal Dutch Shell for $4.7 billion in price. The company still holds oil & gas assets in West Virginia to date. After the sale of his gas and oil company, Mr. Terrence shifted his interest and money to sports, especially the game of hockey. He purchased his hometown teams, the Buffalo Bandits indoor Lacrosse team, the Buffalo Bills of the National Football League, and the Buffalo Sabres of the National Hockey League, and later donated $102 million to his alma mater to help organize a division one team and build a hockey arena, the Pegula Ice Arena. More details follow in the next paragraph.

Early Life: Childhood, Education

He was born Terrence Michael Pegula on the 27^th of March 1951, in Carbondale, Pennsylvania, United States. His father was a truck driver and coal miner.

For his education, he attended Pennsylvania State University from which he with a BS in petroleum and natural engineering. Before then, he had completed his high school studies at Scranton Preparatory School.

Professional Life: Businesses, Investments

Mr., Terrence Pegula is concerned with multiple businesses and investments. He has been trying his hands on almost every potentially successful business endeavor out there, and so far, we can say that he has been lucky in his professional career as almost all that he has ventured into has brought him nothing but profits to date.

In February 2011, he purchased the Hockey Western New York, a company that held the Buffalo Bandits and the Buffalo Sabres, from previous owners Dan DiPofi, Tom Golisano, and Larry Quinn for $189. After taking over the Buffalo Sabres, he has led it to 4 titles after transforming almost everything concerning the team. In 2014, he won a binding bid to acquire the National Football League’s Buffalo Bills. He competed against musician Jon Bon Jovi and future United States President Donald Trump for the purchase of the team. Pegula’s bid for the team was reportedly $1.4 billion bid.

On December 21, 2017, Pegula paid an undisclosed amount to complete the acquisition of the National Women’s Hockey League’s Buffalo Beauts. The following year, he reached an agreement to acquire the intellectual property of the National Lacrosse League franchise, the Rochester Knighthawks.

Earlier on in his career, Mr. Pegula worked for Getty Oil and Felmont Oil Co. before starting his own natural gas drilling company, East Resources, in 1983. His company made huge profits after deep layers of natural gas were discovered in the Marcellus Formation. He later sold Pennsylvania, New York, and Rocky Mountain assets of his oil company to Royal Dutch Shell, and sold the West Virginia and Ohio assets of the company to American Energy Partners. Presently, he owns JKLM Energy in Pennsylvania and Greater Rocky Mountain Regional Oil & Gas in Wyoming and Colorado.

Terrence Pegula is also concerned with real estate development. Some of his works include the development of Webster Block on Buffalo’s waterfront, the $170 million hockey-themed LECOM Harborcenter building, KeyBank Center, and Blue Cross Arena.

He owns a share of the independent country music label, Black River Entertainment, which features such acts as Craig Morgan, Kelsea Ballerini, and Kellie Pickler. Likewise, he is invested in Black River Publishing and Sound Stage Studio all under the umbrella of the Black River label based in Nashville, Tennessee. His other investments include a two-floor sports-themed restaurant called 716 Food and Sport, high-performance athletic training facilities Impact Sports Performance, and the LECOM Harborcenter.

Personal Life

Mr. Pegula and his second wife Kim Pegula (née Kerr) currently live in Boca Raton, Florida. Kim who graduated from Houghton College was born in Seoul, South Korea, and was adopted by Ralph and Marilyn Kerr at age 5.

The businessman is a father of five, three with his current wife Kim (Jessica, Kelly, and Matthew) and two from a previous marriage (Laura and Michael). He is a supporter of the Republican Party, although he does not publicly talk about his specific political views. He and his wife have made political contributions to politicians of both parties, including to the campaigns of Republican Tom Corbett, and Democrats Andrew Cuomo, Buffalo mayor Byron Brown, U.S. Senator Chuck Schumer, and Senator Tim Kennedy.

Terrence Pegula Net Worth

A talented businessperson who is considered one of the most successful tycoons in the United States with interests in natural gas development, entertainment, real estate, and professional sports. Terrence Pegula has amassed a net worth of $5 billion dollars through his career in the business sector.

He started out by working for a few companies including the Getty Oil Company before branching out on his own and went on to achieve a breakthrough after founding East Resources, a natural gas drilling company. He then used a portion of the profits he realized from the sales of some of his assets in the oil sector to venture into sports and entertainment by acquiring several sports teams and also invested in the music and film industries. His wealth today lists him as one of the wealthiest people in Florida,