Energy executive Paul Foster, who co-founded Permian E&P Franklin Mountain Energy in 2018, is stepping down as board chairman of the Electric Reliability Council of Texas (ERCOT). (Source: Shutterstock)
Paul Foster is stepping down as board chairman for the Electric Reliability Council of Texas (ERCOT), the Texas power grid manager announced June 18.
Foster was named chairman of ERCOT’s board in October 2021 in the aftermath of the February 2021 arctic blast from Winter Storm Uri that left millions of Texans without electricity for days.
During Foster’s tenure, ERCOT implemented several changes to the design of the Texas power grid in an attempt to boost reliability.
“Pauls’ extensive experience, insight and pursuit of grid reliability have been integral to ERCOT and to the electric power industry in Texas,” said ERCOT President and CEO Pablo Vegas in a statement.
“Paul has contributed his time and efforts to see ERCOT through some challenging times and has consistently acted in the best interest of Texas,” Vegas continued. “His legacy will leave a positive and long-lasting impact on the future of the electric grid and our state.”
Foster currently serves as president of Franklin Mountain LLC, an El Paso, Texas-based investment group with holdings in energy, private equity, real state, construction, sports and other verticals.
He’s also the founder and former executive chairman of El Paso-based Western Refining. Western Refining completed a $5.8 billion sale to Tesoro Corp. in 2017 before Tesoro sold to Marathon Petroleum for $23 billion.
In 2018, Foster co-founded Franklin Mountain Energy alongside members of the Western Refining team and Audrey Robertson, executive vice president of finance.
Today, Denver-based Franklin Mountain Energy is one of the largest privately held oil producers in the New Mexico Delaware Basin and a major target for acquisition.
RELATED
Permian Pulse: Franklin Mountain Stands Out Among Delaware M&A Targets
Recommended Reading
Exxon Slips After Flagging Weak 4Q Earnings on Refining Squeeze
2025-01-08 - Exxon Mobil shares fell nearly 2% in early trading on Jan. 8 after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
Venture Global Targets $110B in Massive IPO
2025-01-13 - Venture Global is expected to pitch its IPO to investors by Jan. 17 to rival the largest energy IPOs on record.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
Energy Sector Sees Dramatic Increase in Private Equity Funding
2024-11-21 - In a 10-day period, private equity firms announced almost $20 billion in energy funding. Is an end in sight for the fossil fuel capital drought?
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.