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President Donald Trump kids around with fellow billionaire Harold Hamm, CEO and majority owner of … [+]
Evan Vucci/AP Photo
Two weeks ago, Kelcy Warren, who is CEO of pipeline giant Energy Transfer Partners, hosted the first in-person fundraiser for Donald Trump since Covid-19 shuttered face-to-face events in March. The event, held at the billionaire’s Dallas mansion, raised a reported $10 million.
“I believe that the upcoming election is the most important in a generation,” Warren said in an email. “My belief is that the best path forward at this time is to continue the economic and energy policies developed under the leadership of President Trump, which have created job growth here at home, secured our position as a dominant energy-producing nation and produced a more balanced economic platform for our country globally.”
There are plenty of people in the oil and gas industry who think the same way. In fact, 11 energy billionaires and their spouses have donated to Donald Trump’s 2020 campaign. By contrast, only one gave to Joe Biden’s campaign—and the former vice president, who has promised to take no money from fossil-fuel executives, sent that money back.
Much of Trump’s support is in Texas, from the likes of Warren and Jeff Hildebrand, whose Houston-based Hilcorp Energy is the nation’s biggest privately owned oil and natural gas producer. Brothers Dan and Farris Wilks, who sold their fracking business years ago, are also aboard the Trump train.
Donations have sometimes led to special perks. The White House announced in December that Melinda Hildebrand, Jeff Hildebrand’s wife, would be appointed to join a committee on the arts at the John F. Kennedy Center for the Performing Arts. Fracking pioneer Harold Hamm, who gave a speech at the 2016 Republican National Convention, has served as an informal economic advisor. A friend of his, Scott Pruitt, ended up getting the nod to serve as administrator of the Environmental Protection Agency.
These days, Trump’s oilmen are just hoping for a little relief from plunging demand for their commodities. After oil prices in May made gains off record lows, Trump tweeted out that “OIL (ENERGY) IS BACK!!!” But it’s not. Since March, America’s frackers have reduced by the number of rigs operating nationwide by some 65% to about 260, according to Baker Hughes. Oil production has dropped from 13 million barrels per day to 11 million, according to the U.S. Energy Information Administration.
Oil tycoons shouldn’t hold out any hope that a potential President Joe Biden will ride to their rescue. As part of Biden’s “clean energy” plan, Biden plans to ban new oil and gas permits for drilling and fracking on federal lands.
Here are all of Trump’s donors in the industry, ordered by net worth. For a look at all of the billionaires who have donated to the president’s campaign, go here and here.
Net worth: $5 billion
Contributions since 2017 to Trump campaign and supporting committees: $70,000 *
Contributions to pro-Trump super-PAC America First Action: $500,000 *
In the four years since Harold Hamm spoke at the 2016 Republican Nationa;; convention, shares in his Continental Resources have fallen by two thirds. Hamm joined fellow donors Hildebrand and Warren at the White House in April to discuss the pandemic’s impact on oil. Trump also named Hamm to his “Great American Economic Revival Industry Group.” Continental has said it would cut its daily oil and gas production by 70% in May and June, and by 50% in July to between 225,000 and 250,000 barrels per day.
Net worth: $3.3 billion
Contributions since 2017 to Trump campaign and supporting committees: $115,000
Contributions to pro-Trump super-PAC America First Action: $500,000
John Catsimatidis may be better known for his New York City grocery store chain, Gristedes, but he owns a large stake in privately held United Refining Company, which Forbes estimates is worth hundreds of millions. The company owns and operates a refinery in Pennsylvania and about 300 gas stations and convenience stores under the brands Kwik Fill, Country Fair and Keystone. Catsimatidis ran for New York City mayor as a Republican in 2013 and is reportedly considering another run in 2020. His daughter has been the chair of the Manhattan Republican party since 2017.
Net worth: $3.2 billion
Contributions since 2017 to Trump campaign and supporting committees: $721,200
Contributions to pro-Trump super-PAC America First Action: $0
News of Trump’s election in 2016 sent the stock of Kelcy Warren’s Energy Transfer Partners soaring nearly 30% between November 9, 2016, and Inauguration Day in January 2017. At the time, Warren faced ongoing protests over construction of the Dakota Access Pipeline. An executive order from Trump paved the way for Warren to finish building the pipeline later that year. However, three and a half years into Trump’s presidency, it hasn’t exactly been smooth sailing: ETP stock is down by nearly half since November 2016. Still, last year Warren received an appointment to the board of trustees at the John F. Kennedy Center for the Performing Arts alongside former Arkansas Governor Mike Huckabee and actor Jon Voight.
Net worth: $2.9 billion
Contributions since 2017 to Trump campaign and supporting committees: $775,000
Contributions to pro-Trump super-PAC America First Action: $0
When Hildebrand joined Trump in the White House in April to address Covid-19’s impact on the energy sector, he was the only representative from a privately held oil and gas company—Hilcorp Energy, where he is now chairman. Hilcorp is closing on the $5.6 billion acquisition from BP of its assets in Alaska, including Prudhoe Bay. In December, Trump announced his intent to appoint Melinda Hildebrand to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts.
Net worth $1.2 billion
Contribution since 2017 to Trump campaign and supporting committees: $100,000
Contributions to pro-Trump super-PAC America First Action: $27,500
Justice inherited a coal-mining business from his father and still owns mines in five states. He also inherited his parents’ political preferences. The coal baron turned West Virginia governor was raised a Republican but ran for office and was elected as a Democrat in 2016. In 2017, with Trump by his side at a Huntington, West Virginia, rally, Justice made the announcement that he was switching parties once again, back to the GOP. Justice, like Trump, is running for reelection this year.
Dan Wilks and Farris & Jo Ann Wilks
Net worth: $1.1 billion (Dan); $1.2 billion (Farris)
Contributions since 2017 to Trump campaign and supporting committees: $300,000
Contributions to pro-Trump super-PAC America First Action: $0
Dan and Farris Wilks became billionaires when they sold their fracking business in 2011. Today they both hold small investments in a few U.S. and Canadian oil companies. Each of them also owns land in the western United States that Forbes estimates is worth more than $100 million. The brothers stepped to national political prominence when they and their wives contributed $15 million to a super-PAC supporting Ted Cruz in 2015. Around that time, Farris’ son-in-law, Jon Francis, talked to Bloomberg about Farris and Dan’s views on Trump. “He is certainly not a conservative,” Francis said. “And, although one wouldn’t have thought it possible, he appears to lie more than the current resident of the White House.”
* Contribution amounts are from Federal Election Commission filings and include donations made between January 20, 2017 and May 31, 2020.