Trevor Rees-Jones left bankruptcy law for oil and gas, endured years of unsuccessful drilling and then built Chief Oil & Gas into one of the most successful private shale operators of the U.S. fracking boom. [1][2]
He changed careers and assumed the exploration risk himself
Forbes reported that Rees-Jones studied at Dartmouth and worked as a bankruptcy attorney before leaving law for the oil business, so his fortune did not begin with an inherited energy company. [2]
He spent years wildcatting and at one point drilled 17 dry holes in a row, an unusually costly stretch that forced him to keep raising money and managing exploration risk before finding repeatable shale economics. [1][2]
In 1994 he and four partners founded Chief Oil & Gas, giving him founder economics in the company that would later become the central vehicle for his shale wealth. [1][2]
Shale development and asset sales created the fortune
Chief moved aggressively into the Barnett shale around 2000 and later into the Marcellus, using horizontal drilling and hydraulic fracturing to develop large natural-gas positions. [1][2]
By 2016 Forbes credited Rees-Jones with seven major transactions totaling roughly $7 billion, and in 2022 Chief agreed to another multibillion-dollar shale sale, showing repeated value creation through drilling, acreage assembly and exits. [1][2]
Sources for background
Sources reviewed Oct 1, 2026.
- As Oil Busts, This Texas Tycoon Sees A Land Of Opportunity · Forbes · Jan 20, 2016
- America's Winningest Fracker Said To Be Near $2.4 Billion Shale Gas Sale · Forbes · Jan 21, 2022
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