Bloomberg Billionaires Index

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# 460 Trevor Rees-Jones $5.41B

Random fact: Graduated Highland Park High School in the Dallas area.

Overview

Rees-Jones is the founder and owner of Rees-Jones Oil & Minerals, an exploration and production company. The Dallas, Texas-based family-owned company owns and manages about one million acres of oil and gas fields throughout the US. The bulk of his fortune comes the sale of assets including Chief Oil & Gas.

As of :
Last change -$25.0M ( -0.5%)
YTD change -$200M ( -3.6%)
Biggest asset Cash
Country / Region United States
Age 71
Industry Energy
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Trevor Rees-Jones's net worth of $5.41B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Rees-Jones' fortune is derived from asset sales in the oil and gas industry. This includes the sale of Chief Oil & Gas to Chesapeake Energy for more than $2 billion in January 2022.

Rees-Jones owned all of Chief, spokeswoman Kristi Gittins said in a 2014 phone call. Chief was calculated to have produced 385 million mmBTU (metric million British thermal units) of natural gas in 2020, based on production data compiled by Enverus.

Rees-Jones has collected more than $4 billion selling assets since 2006 based on a Bloomberg analysis.

The billionaire bought a one-third interest in PEC Minerals in 2006 for $75 million and, according to the Rees-Jones Oil & Minerals website, now controls the company. The company controls mineral rights to around one million acres in dozens of states, according to its website. PEC is valued based on state- and acreage-level information disclosed by the company against typical mineral rights sales per acre in those states.

Spokesperson David Margulies said Rees-Jones declined to comment on his net worth.

Biography

Birthdate: 8/1/1951
Family: Married, 2 children
Education: Dartmouth College, Southern Methodist University

Trevor Rees-Jones was born to an oil and gas lawyer in Dallas. After graduating from Dartmouth College with a history degree in 1973, he got a law degree from Southern Methodist University and began representing energy industry clients. Rees-Jones realized by 1983 that his life would be miserable if he remained in law, he said in a 2012 video series with the Hoover Institution at Stanford University.

His experience with the oil industry gave him the knowledge to begin his own wildcatting company, Chief Oil & Gas. During the oil-industry recession of the early 1990s, Rees-Jones cut costs everywhere he could, including paying cash for Dallas road tolls to avoid the extra five cents-per-trip charge for using a toll tag.

"It was a business I really enjoyed, notwithstanding the difficult times," he said in the video for Stanford.

That business became a success by the 2000s. Following the lead of George Mitchell, who was an early proponent of finding new methods of extracting oil and gas in the Barnett Shale basin in Texas, Rees-Jones built exploration and production businesses that employed horizontal drilling and fracturing of rock to access fossil fuels. He began selling off a series of assets in Texas and Pennsylvania in 2005, collecting billions of dollars.

Milestones
  • 1973 Receives a history degree from Dartmouth College.
  • 1978 Graduates from Southern Methodist University with a law degree.
  • 1983 Decides to leave law career and pursue oil and gas wildcatting.
  • 1993 Sells 8 percent interest in Chief for $700 to Robert Allen.
  • 1994 Founded Chief Oil & Gas and serves as CEO.
  • 2006 Establishes the Rees-Jones Foundation with his wife, Jan Rees-Jones.
  • 2006 Sells Barnett Shale assets to Devon Energy for $2 billion.
  • 2011 Exco pays $459 million to purchase Marcellus Shale acreage.