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#354 Lynn Schusterman $5.06B

Random fact: Charity focuses on Jewish causes and education in Tulsa, Oklahoma.

Overview

Schusterman's late husband Charles founded Samson Investment, a Tulsa, Oklahoma energy business that she sold most of for $7.9 billion in 2011. She gave $2.3 billion to her charity and used Gulf Coast assets to form Samson Energy, which produces about 2.4 million barrels of oil and 21,900 million cubic feet of gas annually.

As of July 20, 2017:
Last change -$6.67M (-0.1%)
YTD change +$109M (+2.2%)
Industry Energy
Biggest asset Cash
Citizenship United States
Age 78
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Lynn Schusterman's net worth of $5.06B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Schusterman's wealth is derived from Samson Investment, an oil and gas producer she and her husband Charles formed in 1971 when oil was selling for $3 a barrel. Years after his death, Schusterman sold the bulk of Samson Investment to a KKR-led syndicate for $7.9 billion in November 2011, according to the prospectus.

Prior to the sale, she moved $2.3 billion in Samson stock to the Charles & Lynn Schusterman Foundation, according to the foundation's tax return. Of the KKR purchase price, $180 million in share appreciation rights were paid to non-family management and about $700 million was paid by the family to retain Gulf of Mexico land and other offshore assets, according to the 2013 prospectus. She's credited with the family fortune because of her role as family matriarch and co-founder of the limited partnership that formed Samson in 1971, and the fact that a large batch of company shares were directed into her personal foundation.

Her cash holdings are valued using an analysis of dividends, insider transactions, taxes and market performance. Prior Samson Investment Co assets sales totalling almost than $570 million in June 2010 and January 2011 aren't including in her cash holdings because it is unclear if those sale proceeds retired company debt.

The Gulf of Mexico assets kept in the KKR sale, on the Texas and Louisiana coasts, were renamed Samson Energy Co. In its last disclosure on its website, dated April 2015, the company said it produces 6,500 barrels of oil and 60 million cubic feet of natural gas daily. Those figures are annualized and priced against the trailing 12 month average prices of WTI and Henry Hub futures as of March 2017. Revenue is then compared to the enterprise value to sales and price to sales of three publicly traded peers: Carrizo Oil and Gas, Whiting Petroleum and Northern Oil and Gas.

Calls and e-mails to Samson Energy and Schusterman's foundation for comment were not returned.

Biography

Birthdate: 1/21/1939
Family: Widowed, 3 children
Education: University of Miami

Lynn Schusterman was born in St. Louis, to parents of German-Jewish extraction, and raised in Oklahoma City, according to the transcript of an interview she gave in 2010 to the Voice of Oklahoma oral history project. She studied at the University of Miami in Coral Gables, Florida. She met her future husband, Charles, on a blind date in Oklahoma. They moved to his hometown of Tulsa, Oklahoma, after they were married in 1962.

Charles formed an oil company limited partnership in 1971, naming Lynn its only other partner. She came up with the name -- Samson Investment Co. -- and focused on bringing potential investors to see its oil fields. At the time, oil was selling for about $3 a barrel. They bought domestic oil production rights from New York-based energy conglomerate Amerada Hess, and when Arab embargoes sent oil prices higher a few years later, the couple's gamble proved to be a success.

Charles was diagnosed in 1983 with chronic myelogenic leukemia at age 47 and was given six months to live. He pursued a number of experimental treatments, becoming one of the first patients given the cancer drug inteferon. He survived until 2000. The couple had three children, and their only daughter, Stacy, took over Samson after the death of her father and has led the family's energy businesses ever since. A son, Hal, lives in Israel. Another son, Jay, lives in Boulder, Colorado, according to the 2010 interview.

Raised in a secular Jewish household, Schusterman studied Jewish tradition and the Holocaust as an adult, she told the Voice of Oklahoma. She now dedicates her philanthropic efforts to supporting Jewish causes as well as educational initiatives in Tulsa. Before the sale of most of Samson in 2011, she moved into her charitable foundation about 30 percent of the closely held company's shares, valued at more than $2.3 billion at the time, according to the foundation's 2011 tax return. She lives in Tulsa.

Milestones
  • 1962 Lynn and Charles Schusterman marry and move to Tulsa, Oklahoma.
  • 1971 Co-forms Samson Investment Co. with Charles Schusterman.
  • 1981 Charles Schusterman is diagnosed with a form of leukemia.
  • 2000 Stacy Schusterman becomes CEO of Samson Investment.
  • 2000 Charles Schusterman dies of complications from leukemia.
  • 2011 Gives $2.3 billion to her charity after asset sale.
  • 2011 Sells most of Samson Investment in two transactions for $7.7 billion.
  • 2012 Samson Energy is formed with Gulf of Mexico land and offshore assets.