In this article, we discuss the 25 richest billionaires in energy industry. To skip the detailed analysis of the energy industry, go directly to the 5 Richest Billionaires in Energy Industry.
Global Energy Industry Outlook
The global energy industry is widespread across two major segments including renewable and non-renewable energy. The energy sector is gaining momentum following a slowdown during the COVID-19 lockdown. In 2022, the energy stocks saw some of the biggest gains following an increase in oil prices which was driven by the Russian invasion of Ukraine, leaving global energy supply chains upended. This began when Europe started to limit its imports of Russian fuel, creating pressure on Russia to stop the war. Companies such as Cheniere Energy, Inc. (NYSE:LNG) got the opportunity to penetrate the European market as an alternative to Russian energy suppliers including Public Joint Stock Company Gazprom (MCX:GAZP) and Public Joint Stock Company Rosneft Oil Company (MCX:ROSN), among others.
The significance of the Russian energy market is protruding. According to the International Energy Agency, Russia is the largest oil exporter to global markets and the second-largest crude oil exporter behind Saudi Arabia. In addition, Russia is the third-largest oil producer behind the US and Saudi Arabia. In February 2024, Russia’s total crude oil supply was around 9.42 million barrels per day (mb/d) and the sustainable capacity for the crude oil was around 9.78 mb/d. With Russia being one of the largest energy markets, it also has some of the richest billionaires in the energy industry.
Renewable energy has been a trending segment in the global energy industry for a few years now. As we mentioned in our article about the 12 most undervalued renewable energy stocks to buy according to analysts, during the COP 28 conference in December 2023 global greenhouse gas emissions must be cut by 43% by 2030, against the 2019 levels. This target must be achieved to keep global warming below 1.5°C. Companies need to meet low-carbon benchmarks as governments worldwide are implementing new policies on zero-carbon emissions. In 2023, the energy sector added new investments worth $2.8 trillion, and 60% of the total investments were given to renewable energy.
The United States is one of the leading markets for renewable energy. According to a report by Mordor Intelligence, the renewable energy market in the US is projected to reach 434.5 gigawatts in 2024. The market is expected to grow further at a compound annual growth rate of 10.01% and reach 700.15 gigawatts by 2029. The increase in renewable energy is based on several factors such as the declining costs of solar panels, the increase in solar and wind energy installation, renewables subsidies, and favorable government policies. Texas, Washington, California, and Iowa are some of the leading states that produce the most renewable energy in the US. The global renewable energy market is expected to more than double in the next 20 years, as per a report by McKinsey. The renewables are expected to continue growth at around 45% to 50% of energy generation by 2030. Moreover, the growth rate is projected to reach 65% to 85% by 2050. Carbon emissions could potentially drop by over 72% compared to present levels, with the rising development of low-carbon emitting technologies in the global power system.
Global electricity demand is expected to reach between 52,000 and 71,000 terawatt-hours by 2050. The projected increase in global electricity demand will be a major factor in the overall rise in the energy industry. The increase in global electricity demand will mainly be driven by the emerging markets’ energy needs and electrification across the global economy. At the same time, the power demand is expected to double by 2050 from current levels. Whereas, solar and wind could make up more than 70% of the total global installed capacity by 2050. The gas and other firm capacity is expected around 30% for resource adequacy.
Major Players in the Energy Sector
Brookfield Renewable Partners LP (NYSE:BEP), PJSC LUKOIL (MCX:LKOH), and PAO NOVATEK (MCX:NVTK) are some of the leading energy companies.
Brookfield Renewable Partners LP (NYSE:BEP) is one of the leading renewable energy companies in the world. On February 2, Brookfield Renewable Partners LP (NYSE:BEP) reported its earnings for the fourth quarter of 2023. The company posted earnings per share of $0.01, beating consensus estimates by $0.22. Brookfield Renewable Partners LP (NYSE:BEP) reported revenue of around $1.32 billion, surpassing estimates by $134.43 million. Here are some of the comments from the company’s Q4 2023 earnings call:
“2023 was a record year for our business on many metrics. We generated record funds from operations benefiting from organic growth and acquisitions. We deployed a record amount of capital into attractive and accretive opportunities across all our key markets. And we developed more capacity than we ever have before, all while strengthening our balance sheet. We have established ourselves as a global clean energy super major, evolving from a pure-play renewable energy producer to a preeminent platform for renewable power and de-carbonization solutions, with scale and the breadth of capabilities and relationships that set us apart from our peers.
We deployed or agreed to deploy 9 billion of capital alongside our partners highlighted by our acquisitions of Westinghouse, Deriva Energy, the remaining 50% interest in X-Elio, which we did not own banks renewables and investments in CleanMax and Avaada in India.”
PJSC LUKOIL (MCX:LKOH) is one of the largest energy companies based out of Moscow. On March 1, PJSC LUKOIL (MCX:LKOH) reported that it has launched the construction of solar plants in the Almaty region of Kazakhstan. PJSC LUKOIL’s (MCX:LKOH) solar plant will have a total capacity of 4.95 MW and the construction of the first 2 MW line is expected to be completed in 2024. On April 3, the company announced that it has opened two multifunctional full service filling stations at the M39 motorway in Uzbekistan. PJSC LUKOIL (MCX:LKOH) has opened the fuel station on the internationally important motorway as more than 40 thousand vehicles pass each day.
PAO NOVATEK (MCX:NVTK) is one of the largest natural gas producers in the world and Russia’s second-largest natural gas producer. On February 9, the company posted the financial results for the fiscal year 2023. PAO NOVATEK (MCX:NVTK) reported a total revenue of around RUB 1.37 trillion in 2023. On March 19, PAO NOVATEK’s (MCX:NVTK) board approved the total dividend payment for 2023. The company will pay a total dividend of RUB 78.59 per ordinary share, including the interim dividends of RUB 34.50 per ordinary share paid for the six months of 2023. PAO NOVATEK’s (MCX:NVTK) dividend is payable in cash no later than May 2, 2024, to shareholders of record on March 26.
The global energy industry is one of the most important markets worldwide. Energy companies, especially oil and gas suppliers play a vital role in the global economy. With this context, let’s take a look at the 25 richest billionaires in the energy industry.
25 Richest Billionaires in Energy Industry
Our Methodology
We gathered the data for the 25 richest billionaires in the energy industry from the Forbes Real Time Billionaires Index. The list of billionaires from the energy industry is ranked in ascending order of billionaires’ net worths, as of April 5.
25 Richest Billionaires in Energy Industry
25. Cao Renxian
Net Worth: $6.5 Billion
Cao Renxian is the founder and chairman of solar PV inverter manufacturer, Sungrow Power Supply Co., Ltd. (SHE:300274). Cao Renxian has a net worth of around $6.5 billion and ranks 25th among the richest billionaires in the energy industry.
24. Alexei Kuzmichev
Net Worth: $6.6 Billion
Alexei Kuzmichev has a diversified portfolio with stakes in the oil, banking, and telecom industries. Kuzmichev and his friends sold stakes in their vertically integrated oil company, TNK-BP, for $14 billion in 2013. Alexei Kuzmichev is one of the richest Russian billionaires.
23. Terrence Pegula
Net Worth: $6.8 Billion
Terrence Pegula made his fortune in the oil and gas industry. In 2010, Pegula sold the majority stake of his oil and gas firm, East Resources, to Royal Dutch Shell for $4.7 billion. Terrence Pegula ranks 23rd among the richest billionaires in the energy industry.
22. Wang Yusuo
Net Worth: $6.9 Billion
Wang Yusuo is the founder of one of the largest Chinese energy firms, ENN Group. Wang Yusuo has a net worth of around $6.9 billion.
21. Arthur Irving
Net Worth: $7 Billion
Arthur Irving has a net worth of around $7 billion and is one of the richest billionaires in the energy industry. Arthur Irving owns 100% of Irving Oil, which operates gas stations and oil refineries.
20. Ray Lee Hunt
Net Worth: $7.3 Billion
Ray Lee Hunt is the chairman of Hunt Consolidated and owns one of the largest privately-held oil firms in the US. With a net worth of around $7.3 billion, Ray Lee Hunt ranks 20th among the richest billionaires in the energy industry.
19. Scott Duncan
Net Worth: $7.9 Billion
Scott Duncan inherited his father’s oil and gas company, Enterprise Products Partners, along with his three siblings. Scott Duncan has a net worth of around $7.9 billion.
18. Milane Frantz
Net Worth: $7.9 Billion
Milane Frantz is the sister of Scott Duncan and is one of the richest women billionaires in the energy industry.
17. Dannine Avara
Net Worth: $7.9 Billion
Dannine Avara is the sibling of Scott and Milane. Avara has a net worth of around $7.9 billion and ranks 17th among the richest billionaires in the energy industry.
16. Randa Duncan Williams
Net Worth: $7.9 Billion
Randa Duncan Williams is the eldest among the Duncan siblings. Williams is the non-executive chairman of Enterprise Products Partners.
15. Richard Kinder
Net Worth: $8.3 Billion
Richard Kinder is the co-founder and chairman of Kinder Morgan, Inc. (NYSE:KMI), one of the largest energy infrastructure firms in the US. Richard Kinder ranks 15th among the 25 richest billionaires in the energy industry.
14. German Khan
Net Worth: $8.5 Billion
German Khan along with fellow billionaires, Mikhail Fridman and Alexei Kuzmichev, co-founded Alfa Group and LetterOne. German Khan has a net worth of around $8.5 billion.
13. Daniel Kretinsky
Net Worth: $9.3 Billion
Daniel Kretinsky operates the biggest energy group in Central Europe, Energeticky a prumyslovy holding (EPH). With a net worth of around $9.3 billion, Daniel Kretinsky ranks 13th among the richest billionaires in the energy industry.
12. Sarath Ratanavadi
Net Worth: $10 Billion
Sarath Ratanavadi heads the Gulf Energy Development Public Company Limited (BKK:GULF). In 2017, Ratanavadi took the company public, raising over $700 million, one of Thailand’s biggest IPOs in a decade. Sarath Ratanavadi is one of the richest billionaires in Thailand.
11. Leonid Fedun
Net Worth: $10.5 Billion
Leonid Fedun is one of the masterminds behind the PJSC LUKOIL (MCX:LKOH). In the 90s, Fedun helped his fellow billionaire, Vagit Alekperov, to privatize Lukoil. Leonid Fedun owns a 10% stake in PJSC LUKOIL (MCX:LKOH).
10. Carrie Perrodo
Net Worth: $10.8 Billion
Carrie Perrodo ranks 10th among the richest billionaires in the energy industry. Carrie Perrodo inherited the international oil firm Perenco after her husband died in 2006.
9. Mikhail Fridman
Net Worth: $13.1 Billion
Mikhail Fridman was one of the co-founders of Alpha Group. In 2013, Fridman got $5.1 billion in cash after he sold his stakes in TNK-BP. Mikhail Fridman is one of the richest Russian billionaires in the energy industry.
8. Jeffery Hildebrand
Net Worth: $14.5 Billion
Jeffery Hildebrand owns Hilcorp, one of the private oil companies in the US. Jeffery Hildebrand has a net worth of around $14.5 billion and ranks eighth among the richest billionaires in the energy industry.
7. George Kaiser
Net Worth: $14.6 Billion
George Kaiser is one of the richest American billionaires in the energy industry. In the 1960s, George took over the family’s oil company, Kaiser-Francis. George Kaiser also owns a 76% stake in LNG firm Excelerate Energy, Inc. (NYSE:EE).
6. Harold Hamm
Net Worth: $18.5 Billion
Harold Hamm is the founder and chairman of America’s leading independent oil firm, Continental Resources. With a net worth of $18.5 billion, Harold Hamm ranks sixth among the richest billionaires in the energy industry.
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Disclosure. None. 25 Richest Billionaires in Energy Industry is originally published on Insider Monkey.
