Autry Stephens
Autry Stephens | |
|---|---|
| Born | Autry Carl Stephens March 8, 1938 De Leon, Texas, U.S. |
| Died | August 16, 2024 (aged 86) Midland, Texas, U.S. |
| Alma mater | University of Texas at Austin (BS, MS) |
| Occupation(s) | Businessman, investor, philanthropist |
| Years active | 1979–2024 |
| Known for | Founding and leading Endeavor Energy Resources |
| Spouse | Linda Stephens |
| Children | 2 |
Autry Carl Stephens (March 8, 1938 – August 16, 2024) was an American billionaire businessman, investor, and philanthropist best known for founding Endeavor Energy Resources.[1]
Biography
Early life and education
Stephens was born March 8, 1938, in De Leon, Texas, the fourth of five children to Martin Elmore Stephens, a watermelon and peanut farmer, and Hazel Lila Stephens (née Johnson; 1905–2011).[1][2] His father owned a dealership that sold Massey Ferguson tractor equipment.[3] He graduated from De Leon High School in 1956; while in high school, he worked on a peanut farm.[1] After a major draught that year, with the advice of his father, he decided to pursue a career other than farming; his love of the outdoors and exotic locations led him to major in petroleum engineering.[4] He enrolled in Tarleton State College but transferred to the University of Texas at Austin in 1958.[1]
He received a Bachelor of Science in 1961 and a Master of Science in 1962, both in Petroleum engineering from the University of Texas at Austin.[5]
Career
In 1962, he began his career as a petroleum engineer for Humble Oil.[1] That year, he took a leave of absence to fulfill his duties to the Reserve Officers' Training Corps outside of Paris.[4][1] He returned to Humble Oil in 1964 in Monahans, Texas.[1]
In 1969, he took a job with First National Bank of Midland as a petroleum engineer and loan officer, where he worked for 10 years completing appraisals of properties for petroleum exploration.[4][1]
In 1979, he founded a petroleum consulting firm to estimate reserves for financial disclosures but was fired by his major client after it disagreed with his valuations.[4] That year, Stephens used his life savings to acquire 80 acres of land on which he drilled his first well, McClintic B-30 #2, in the Spraberry Trend.[6][3]
In 1996, he founded Big Dog Drilling.[4]
In 2000, he founded Endeavor Energy Resources as the successor to his sole proprietorship.
Stevens defaulted on debt in 1999 and lost a lot in both 2008 and 2014 when oil prices crashed.[3]
After Stephens was diagnosed with prostate cancer, he sold the company to provide liquidity for his family.[7][8][9][10]
After an auction process, in September 2024, one month after Stevens died, Diamondback Energy acquired the company for $26 billion, including $8 billion in cash and the remainder in stock.[11][12][13]
Personal life and death
Stephens was married to Linda (née Nagy), with whom he had two children.[1]
Stephens died from prostate cancer in Midland, Texas, on August 16, 2024, at the age of 86.[1]
References
- ^ a b c d e f g h i j "Autry Carl Stephens". NP Welch.
- ^ "Obituary: Hazel Stephens". Nowlin Anders Funeral Home.
- ^ a b c Morenne, Benoît (August 16, 2024). "Autry Stephens, Who Agreed to Sell His Oil Company for $26 Billion in February, Dies at 86". The Wall Street Journal – via MSN.
- ^ a b c d e Wiseman, Paul (January 3, 2022). "One Man's Endeavors". PB Oil & Gas.
- ^ "Autry Stephens". University of Texas at Austin.
- ^ "Endeavor Energy Resources, LP". Midland Reporter-Telegram. February 5, 2018.
- ^ Hampton, Liz; Somasekhar, Arathy; French, David (13 February 2024). "Why Endeavor Energy's founder sold his company after years of rebuffing offers". Reuters.
- ^ Pendleton, Devon; Ferman, Mitchell; Crowley, Kevin (February 12, 2024). "Meet oil's new king: 85-year-old Autry Stephens, raised by peanut-and-melon farmers and now worth $25.9 billion". Fortune. Bloomberg News.
- ^ "Autry Stephens". Forbes.
- ^ Helman, Christopher (February 12, 2024). "Texas Wildcatter Hits Gusher In $26 Billion Sale Of Oil Company". Forbes.
- ^ "Diamondback Energy completes $26bn merger with Endeavor Energy Resources". September 11, 2024 – via Yahoo Finance.
- ^ Weise, Karen (12 February 2024). "Two Big Texas Oil Producers Announce $26 Billion Merger". The New York Times.
- ^ Morenne, Benoît (13 February 2024). "A Texas Oil Driller Banks a $26 Billion Deal, With Regrets". The Wall Street Journal.