Autry Stephens, an 85-year-old visionary born in March 1938, stands as the founder and chairman of Endeavor Energy Resources LP, a significant player in the oil industry. With an impressive six decades of experience, Stephens has left an indelible mark on the landscape of the oil business.
Strategic Move: Diamondback Energy Inc. Acquisition
In a recent strategic move, Diamondback Energy Inc. announced the acquisition of Endeavor Energy Resources LP from Autry Stephens for an astounding $26 billion, a combination of cash and stock. This transaction not only attests to Stephens’s strategic prowess but also positions him for a remarkable ascent on the Bloomberg Billionaires Index, where he is anticipated to climb from the 130th to the 64th spot among the world’s wealthiest individuals.
Potential Net Worth Surge
Upon the finalization of the deal, Autry Stephens could become one of the most successful oil drillers in the country, boasting an estimated net worth of $25.9 billion based on the current Diamondback share price. This surpasses the wealth of other industry giants like Harold Hamm of Continental Resources Inc. and Jeff Hildebrand of Hilcorp Energy.
Autry’s Early Days in the Oil Industry
Roots in Agriculture, Transition to Oil
Born in DeLeon, Texas, Autry Stephens hails from a family of farmers. Despite his roots in agriculture, Autry’s journey took an unexpected turn after earning his BS in 1961 and MS in 1962 from the University of Texas. Rather than venturing abroad, he found his calling in the United States, commencing his career at Humble Oil & Refining Company.
Entrepreneurial Spirit Emerges
After a seven-year stint, including a two-year hiatus in the Army, Autry’s entrepreneurial spirit emerged at the First National Bank of Midland as an appraisal engineer. In the late 1970s, he transitioned into the dynamic world of the oil business, founding his one-man show and drilling the inaugural well in Midland County’s Spraberry Field in 1979.
Autry Stephens’ Path to Success
Seizing Opportunities Amidst Market Fluctuations
During the 1980s and ’90s, when major oil companies were divesting large oil fields, Autry Stephens recognized an opportunity. Buying land at lower prices, he eventually founded Endeavor Energy Resources LP in 2000. Over time, Stephens expanded his business by creating various companies offering services like trucking, maintenance, and construction for the energy industry.
Innovation and Growth
In 2016, new leadership at Endeavor shifted the focus to horizontal drilling in the Midland Basin. This strategic move led to over 1,100 successfully completed wells, with the company now producing more than 400,000 barrels of oil equivalent daily. Autry Stephens’ dedication to new ideas and success is evident in Endeavor’s impressive journey, making it one of the biggest private oil companies in the Lower 48 states.
Autry Stephens: Personal Life and Family
Married to Linda Stephens with a Private Family Life
Beyond his business triumphs, Autry Stephens values a private family life. Married to Linda Stephens, the couple has two children, including a daughter named Lyndal Suzanne Stephens. Despite his notable accomplishments, Autry maintains a low profile regarding his family, choosing not to share extensive details on social media or in the public eye. Balancing professional success with personal happiness, Stephens finds joy in both his entrepreneurial journey and his married life.
