President Donald Trump is playing along with CEO and majority shareholder Harold Hamm, also a billionaire. … [+]
Two weeks ago, Kelcy Warren, CEO of pipeline giant Energy Transfer Partners, hosted the first in-person fundraiser for Donald Trump since in-person events were canceled in March due to COVID-19. The event, held at the billionaire's Dallas mansion, reportedly raised $10 million.
“I believe the next election is the most important one in a generation,” Warren said in an email. “I believe the best path forward at this time is to continue the economic and energy policies put in place under President Trump's leadership that have created jobs at home, secured our position as a major energy producer, and created a more balanced economic base for our country globally.”
There are many in the oil and gas industry who think the same way. In fact, 11 energy billionaires and their spouses donated to Donald Trump's 2020 campaign. In contrast, only one donated to Joe Biden's campaign. The former vice president, who has pledged not to take money from fossil fuel executives, gave the money back.
Much of Trump's support comes from Texas, where figures like Warren and Jeff Hildebrand, whose Houston-based Hilcorp Energy is the nation's largest privately held oil and natural gas producer, are backed by brothers Dan and Farris Wilkes, who sold their fracking business several years ago.
Donations can also lead to special perks: In December, the White House announced that Jeff Hildebrand's wife, Melinda Hildebrand, would be appointed to the John F. Kennedy Center's arts board. Fracking pioneer Harold Hamm, who spoke at the 2016 Republican National Convention, served as an informal economic adviser. His friend Scott Pruitt was eventually nominated to run the Environmental Protection Agency.
Recently, Trump's oil traders have been hoping for a little relief from a sudden collapse in demand for the commodity. Crude oil prices rose from record lows in May, but Trump Tweeted “Oil (energy) is back!” is a common refrain, but that's not true. Since March, US frackers have reduced the number of drilling rigs operating nationwide by about 65%, to about 260, according to Baker Hughes. Oil production has fallen from 13 million barrels per day to 11 million barrels per day, according to the US Energy Information Administration.
Oil tycoons shouldn't expect President-elect Joe Biden to save them, as part of his clean energy plan he plans to ban new permits for oil and gas drilling and fracking on federal lands.
Here are all the industry donors to Trump, ranked by net worth: To see all the billionaires who have donated to the presidential campaign, see here and here.
Harold Hamm
Net worth: $5 billion
Donations to the Trump campaign and support committees since 2017: $70,000*
Donations to pro-Trump super PAC America First Action: $500,000*
Four years after Harold Hamm spoke at the 2016 Republican National Convention, his Continental Resources shares have fallen by two-thirds. Hamm joined Hildebrand and Warren at the White House in April to discuss the pandemic's impact on oil. Trump also appointed Hamm to the “Great American Economic Recovery Industry Group.” Continental said it would cut oil and gas production by 70% in May and June, then 50% in July to 225,000 to 250,000 barrels per day.
John and Margo Catsimatidis
Net worth: $3.3 billion
Total contributions to the Trump campaign and support committees since 2017: $115,000
Donations to the pro-Trump super PAC America First Action: $500,000
John Catsimatidis, best known for his New York grocery store chain Gristedes, owns a large stake in privately held United Refining Company. Forbes The company's assets are estimated to be worth hundreds of millions of dollars. It owns and operates a refinery in Pennsylvania and about 300 gas stations and convenience stores under the Kwik-Fill, Country Fair and Keystone brands. Catsimatidis ran for New York City mayor as a Republican in 2013 and is reportedly considering running again in 2020. His daughter has served as chair of the Manhattan Republican Party since 2017.
Kelsey and Amy Warren
Net worth: $3.2 billion
Total contributions to the Trump campaign and support committees since 2017: $721,200
Donations to pro-Trump super PAC America First Action: $0
News of Trump's 2016 election caused shares of Kelcy Warren's Energy Transfer Partners to soar nearly 30% between Nov. 9, 2016, and the 2017 inauguration. January 2017. Warren was facing protests over the construction of the Dakota Access Pipeline. President Trump's executive order paved the way for the pipeline to be completed later that year. But it hasn't been smooth sailing in the three and a half years since President Trump took office. ETP shares have fallen by nearly half since November 2016. Still, Warren was appointed to the John F. Kennedy Center for Democracy trustees last year, along with former Arkansas Governor Mike Huckabee and actor Jon Voight.
Jeffrey and Melinda Hildebrand
Net worth: $2.9 billion
Total contributions to the Trump campaign and support committees since 2017: $775,000
Donations to pro-Trump super PAC America First Action: $0
When Hildebrand visited the White House with President Trump in April to discuss the impact of COVID-19 on the energy sector, she was the sole representative for Hilcorp Energy, a privately held oil and gas company that is completing its $5.6 billion acquisition of Alaskan assets, including Prudhoe Bay, from BP. In December, President Trump announced his intention to appoint Melinda Hildebrand to the John F. Kennedy Center's Presidential Advisory Council on the Arts.
Jim Justice
Net worth: $1.2 billion
Donations to Trump campaign and support committees since 2017: $100,000
Donations to the pro-Trump super PAC America First Action: $27,500
Justice inherited his father's coal mining business, which he still owns in five states, and he also inherited his parents' political leanings. The mining magnate turned West Virginia governor was raised a Republican but ran for office as a Democrat in 2016 and was elected. In 2017, with Trump at his side at a rally in Huntington, West Virginia, Justice announced he was switching parties again, returning to the Republican Party. Like Trump, Justice is seeking reelection this year.
Dan Wilkes and Faris and Jo Ann Wilkes
Net worth: $1.1 billion (Dan), $1.2 billion (Faris)
Donations to Trump campaign and support committees since 2017: $300,000
Donations to pro-Trump super PAC America First Action: $0
Dan and Farris Wilkes became billionaires when they sold their fracking business in 2011. They now have small investments in several oil companies in the U.S. and Canada. They also both own land in the western U.S. Forbes He has an estimated net worth of more than $100 million. The brothers rose to national political attention in 2015 when he and his wife donated $15 million to a super PAC supporting Ted Cruz. Around that time, Faris's son-in-law, John Francis, spoke to Bloomberg about Faris and Dan's views of Trump. “He's not a conservative by any means,” Francis said. “And, credibly, he seems to lie more than the current occupant of the White House.”
*Contributions are from Federal Election Commission filings and include contributions made from January 20, 2017 to May 31, 2020.
