Thomas O’Malley • Net Worth $1 Billion • House • Yacht • Private Jet

Name:Thomas O’Malley
Net Worth:$1 billion
Source of Wealth:Premcor
Wife:Mary Alice
Residence:Palm Beach
Private Jet:Pls send a message if you have info
Yacht:MARY A

Thomas O’Malley’s Journey: Navigating the Road from Cabbie to Oil Refining Titan

Thomas O’Malley was born in New York in 1942. He is married to Mary Alice, they have 4 children.

From Humble Beginnings to Commodities Trading Success

Thomas O’Malley, a self-made man with a working-class background, rose to prominence as a successful commodities trader and a leading figure in the independent refining industry. Born and raised in New York City, O’Malley financed his college education by driving taxis and school buses. He started his career in the mailroom at Philipp Brothers, a commodities-trading company, and eventually moved to Salomon’s oil-trading division. After a decade in the industry, O’Malley founded Argus Investment.

Turning Point: Acquiring Tosco Corporation

The 1987 stock market crash presented a golden opportunity for O’Malley and his partners to acquire a large stake in Tosco Corporation. O’Malley later became the chairman and CEO of Tosco, where he developed a unique strategy that propelled the company to the top of the independent refining industry in the United States.

Revolutionizing the Independent Refining Industry

O’Malley’s game-changing approach involved acquiring refineries at a fraction of their replacement cost, increasing efficiencies, cutting costs, and achieving the highest return on capital among independent US refineries. His leadership and sense of responsibility were evident, particularly after a fatal accident at a Tosco refinery in Avon, California. O’Malley successfully built Tosco into the largest independent refinery in the US before selling it to Phillips Petroleum for $7.36 billion.

Continued Success at Premcor

In 2002, O’Malley took the helm as chairman and CEO of Premcor, a privately-owned refinery. Implementing his proven low-cost business model, he led the company to a successful initial public offering (IPO) in 2002, raising $432 million and achieving a market capitalization of over $1.4 billion. Under his leadership, Premcor made several acquisitions, including the Williams Companies’ Memphis refinery and the assets of a Delaware City refinery from the Shell-Saudi Motiva Enterprises joint venture.

Net Worth and Philanthropy

The self-made billionaire reportedly has a net worth of $1 billion. He has not only made a name for himself in the commodities trading and independent oil refining industries but has also been an active philanthropist. Throughout his illustrious career, he has dedicated a significant portion of his wealth to various charitable endeavors. One of his most notable philanthropic contributions is a generous $25 million gift to Manhattan College’s School of Business. This transformative donation has significantly impacted the institution, enabling it to expand its educational offerings and resources. O’Malley’s commitment to philanthropy highlights his dedication to giving back to the community and investing in the future of education.

A Tough Leader with a Legacy of Success

Thomas O’Malley’s toughness and commitment to cost-cutting earned him a reputation for being hard-nosed. However, his leadership and success in the oil industry also garnered significant respect and admiration among investors, solidifying his status as a true icon in the independent refining sector.

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Yacht MARY A

He is the owner of the yacht MARY A.

The yacht MARY A boasts a rich history and remarkable design. Built by renowned shipbuilder Feadship in 2005, this vessel was originally named Twizzle. The esteemed DE VOOGT designed her sleek exterior, while her interior was masterfully crafted by RWD. Previously known as DrizzleMadsummer, Cynthia, and Issana, she is now registered in the Cayman Islands.

Impressive Specifications

MARY A is powered by reliable Caterpillar engines, providing a maximum speed of 16 knots and a comfortable cruising speed of 12 knots. With a range exceeding 4,800 nautical miles, this yacht is perfect for long-distance voyages.