Ray Davis
- Net worth $3.9 billion
- Birthday October 15, 1941
- Status -
- Country United States
- Source(-s) of wealth Businessman, Investor
How much is Ray Davis Worth? Ray Davis Net Worth in 2026
Ray Davis’s net worth is estimated at $3.9 billion as of November 2026. The former co-CEO of Energy Transfer controlled 90,114,776 of the pipeline company’s units in early 2022. The 80.6 million of those we credit to him pay roughly $110 million a year in distributions at the current rate before tax, nearly a fifth of the $593 million his group paid for the Texas Rangers in 2010, every year. The team he now controls won the World Series in 2023.
| Net worth | $3.9 billion (our estimate, range $3.2 billion to $4.6 billion) |
|---|---|
| Estimated annual income | About $110 million in Energy Transfer distributions before tax (our calculation) |
| Born | October 15, 1941, Overton, Texas |
| Age | 85 |
| Country | United States |
| Known for | Co-leading Energy Transfer; controlling owner of the Texas Rangers |
| Main income sources | Energy Transfer units, Texas Rangers stake, Avatar Investments |
How much is Ray Davis worth in 2026?
We put Ray Davis at about $3.9 billion, in a range of $3.2 billion to $4.6 billion. The anchor is documented: the Energy Transfer units listed under his name in the company’s annual report, priced at the November 9, 2026 market. His share of the Texas Rangers has never been published, so that row, like his cash and private investments, is our assumption.
How we got to $3.9 billion
| Source | Our estimate | What it rests on |
|---|---|---|
| Energy Transfer units | $1.54 billion | Energy Transfer’s 2021 annual report credits him with 90,114,776 units as of February 2022. We drop the 9,536,054 held in trusts for his grandchildren and keep 80,578,722, including a remainder trust for his wife, which we count as household money. At $19.06 a unit on November 9, 2026, that is $1.54 billion. |
| Texas Rangers stake | $1.24 billion | Our assumption: 45% of a club valued at $2.75 billion in a March 2026 franchise ranking. He and co-chairman Bob Simpson are the majority owners after a 10% stake went up for sale in 2023, and no split has been published. |
| Distributions kept since 2015 | $0.6 billion | Our assumption: about 80 million units at an average of $1 a unit a year for 11 years is $880 million before tax. We assume he kept 70%, or $616 million. |
| Avatar Investments and other assets | $0.5 billion | Our assumption for the Dallas investment firm he runs and other private holdings. No figures are public. |
| Total | $3.9 billion | $1.54 billion plus $1.24 billion plus $0.6 billion plus $0.5 billion is $3.88 billion, rounded. |
The pipeline that pays every quarter
Energy Transfer Equity’s annual report for 2015, citing his February 2015 ownership filing, listed him with 67,216,204 units, 6.4% of the company at the time (2015 filing). By February 2022 the count was 90,114,776, or 2.9%, according to the 2021 annual report. He left the board of the general partner on December 31, 2022, the next annual report says, which is likely why his holdings stopped appearing in the ownership table.
The units trade at $19.06 and pay $1.37 a year, market data shows. On the 80.6 million units we credit to him, that is $110 million a year before tax, our calculation. The units are the most certain part of his fortune and the reason the figure moves with oil and gas sentiment.
The Rangers, bought out of bankruptcy
A group led by Chuck Greenberg and Nolan Ryan bought the Rangers in 2010, with Davis and Bob R. Simpson supplying most of the $593 million price. In 2013 Major League Baseball approved Davis as the team’s control person, and in 2023 the Rangers beat Arizona in five games to win the World Series, according to his biography. A 2025 valuation put the club at $2.75 billion with $446 million of revenue (2025 valuation), and a March 2026 franchise ranking kept it at $2.75 billion. That is 4.6 times what the group paid, our calculation.
In 2023 Janice Simpson, Bob Simpson’s former wife, put her 10% stake up for sale in a move that valued the team at about $3 billion, a report at the time said, with Davis and Simpson remaining majority owners.
A billionaire who prefers the background
Davis spent about 40 years in energy, served as co-CEO and chairman of Energy Transfer Partners and chairman of Energy Transfer Equity, and retired as chief executive of both in 2007. He stayed a director and runs Avatar Investments in Dallas. His biography quotes a description of him as a “secretive old ghost”, which explains why so little beyond the filings is public.
Why other estimates disagree
Public estimates sit higher. The gap comes down to the Rangers split, which nobody outside the ownership group knows, and to whether the trusts for his family count as his. We exclude the grandchildren’s trusts.
What would move the figure
Every $1 move in Energy Transfer’s unit price changes the first row by about $81 million. A sale of any Rangers stake would put a real price on the second row.
Ray Davis net worth FAQ
What is Ray Davis’s net worth?
We estimate about $3.9 billion as of November 2026, in a range of $3.2 billion to $4.6 billion.
How much does Ray Davis make from Energy Transfer?
At the current $1.37 a unit, the 80.6 million units we credit to him pay about $110 million a year before tax.
How much did Ray Davis pay for the Texas Rangers?
His group paid $593 million in 2010, with Davis and Bob Simpson supplying most of the money.
How many Energy Transfer units does Ray Davis own?
The last ownership table to list him, from February 2022, showed 90,114,776 units including family trusts.
What is the Texas Rangers franchise worth?
About $2.75 billion in a March 2026 franchise ranking, 4.6 times the 2010 price.
How old is Ray Davis?
He was born on October 15, 1941, in Overton, Texas, so he is 85.
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How we estimate net worth
Our estimates are based on public reporting, company valuations, and deal and earnings figures all compiled in an internal valuation model. They are approximate, and figures change over time as new information emerges.
Last updated: November 2026.