What is George Mitchell's Net Worth?
George Mitchell was an American oil and gas magnate and real estate developer who had a net worth of $2 billion. Born George Phydias Mitchell on May 21, 1991, in Galveston, Texas, he is known as the father of natural gas shale grilling. Of Greek origin, Mitchell launched the Mitchell Energy & Development Corp. soon after his graduation from Texas A&M University where he gained a BA in Petroleum Engineering. During the 80s and 90s, the energy company carried out many experiments in different techniques of hydraulic fracturing to open the Barnett Shale field. Eventually, it succeeded in finding the right one, and soon, the company introduced a brand new horizontal drilling technology combined with hydraulic fracturing in order to economically extract natural oils from rock formations. Immediately, the technology became a top hit in the US because it made the country less dependent on foreign energy sources.
In 2002, Mitchell sold his energy company to Devon Energy for $3.5 billion, but he remained the major shareholder. Then, he turned to real estate becoming a developer of The Woodlands, a huge community based in the north of Houston that has accommodated more than 97,000 people. Moreover, he and his wife Cynthia had been a part of the revitalization of their hometown of Galveston, and Mitchell had also given about $24 million in renovations of his hotels that were damaged of Hurricane Ike in 2008. Being a great philanthropist, together with his wife, they had founded the Cynthia and George Mitchell Foundation that had donated over $400 million in grants to different programs, institutions and causes. George P. Mitchell died at the age of 94 on July 26, 2013 at his home in Galveston, Texas.
