Ray Davis
$2.7 B
Ray Davis and fellow billionaire Kelcy Warren founded natural gas distributor and pipeline company Energy Transfer in 1995 and built it into a giant; Davis stepped down as co-CEO in 2007 but still owns 6% of the listed company. In November 2016, Sunoco Logistics Partners announced it would acquire Energy Transfer Partners for $20 billion in stock. In January 2017, after almost a year of intense protests led by the Standing Rock Sioux tribe, President Trump signed an executive order to allow finalizing construction of the controversial Dakota Access Pipeline, which Energy Transfer Partners is building. Energy Transfer says the 1,172-mile pipeline could transport 500,000 barrels of oil daily. Davis and Warren originally teamed up to run pipeline company Cornerstone Natural Gas in 1993 and sold it to El Paso Natural Gas in 1996. In 2010, Davis and XTO Energy founder Bob Simpson led a group of investors who backed Hall of Famer Nolan Ryan to buy the Texas Rangers baseball team for $593 million. FORBES now values the Rangers at $1.2 billion.
Ray Davis Net Worth: Ray Davis is an American businessman who has a net worth of $3.1 billion. A low-profile pipeline mogul, Ray Davis is now best known as the co-owner of the Texas Rangers baseball team. It was in 2010 that he teamed up with the founder of XTO Energy, Bob Simpson, to buy the team for $593 million. Prior to becoming baseball team co-owner, Davis united with fellow billionaire Kelcy Warren to acquire the gas pipeline company Cornerstone in 1993. The two bought a small net of pipelines that was consolidated into an efficient network. In 1999, Davis and Warren transferred the pipeline network to El Paso, where they created a natural gas retailer, distributor and pipeline company called Energy Transfer Equity. Even though Davis abandoned his position of Co-Chief Executive in 2007 and stepped down from the board in February 2013, he still has a 6% share in the company.
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