Peter was born in Houston, Texas. His father's name was Lucien and his mother's name was Catherine. His family is one of the wealthiest and well known oil families in Texas. Peter graduated from Madison High School in 1974. He attended the University of Houston and graduated in 1979. He got awarded the Distinguished Alumni Award from the University of Houston in April 2012. Peter married former actress Michelle Little in 1988 with whom he has one child with, a daughter named Harper (born 1995).
- He is close friends with actor Dennis Quaid since the 1970s. In fact, Peter is the one who introduced Dennis to his former wife, Kimberly Buffington
- Peter gives high credit to University of Houston professor, Cecil Pickett for his success