Oil Tycoon Autry Stephens, Founder of Endeavor Energy, Dies at 86

Autry Stephens, the billionaire founder and chairman of Endeavor Energy Resources, has passed away at the age of 86 following a prolonged battle with cancer. The company announced his death on August 16, 2024, marking the end of an era for one of the most influential figures in the U.S. oil industry.

Renowned for his unwavering work ethic and frugal nature, Stephens continued to be actively involved in his company's operations even while undergoing medical treatment. His dedication to his work was evident in his reliance on friends to transport him via private jet to cancer treatments in Houston.

Stephens' journey in the oil industry began in 1979 when he founded Endeavor Energy Resources. Over the decades, he transformed the company into one of the largest privately-held oil and gas firms in the United States. His success was built on a unique strategy of acquiring and developing wells that major oil companies deemed too challenging or expensive to drill.

The path to success was not without its challenges. Stephens faced significant hurdles during the 1980s and 1990s as he worked to establish Endeavor. This period coincided with the 1980s oil glut, which caused a major downturn in the Texas oil industry and led to numerous bankruptcies and job losses.

In February 2024, just months before his passing, Stephens agreed to sell Endeavor to Diamondback Energy for $26 billion. This decision came after years of declining offers for the business. The deal is expected to be finalized later this year, marking a significant consolidation in the U.S. oil industry.

Stephens' daughter, Lyndal Greth, previously the vice chairman, has been appointed as the new chairman of Endeavor's board of managers. This transition ensures continuity in the company's leadership as it moves forward with the merger.

Born in 1938, Stephens grew up on a farm in DeLeon, Texas, where his family cultivated peanuts and fruits. His journey in the oil industry began after studying engineering and joining Humble Oil & Refining, a predecessor to Exxon Mobil, one of the world's largest publicly traded oil and gas companies.

Stephens' approach to the oil business was characterized by his willingness to take risks and his focus on operational efficiency. He created and utilized his own fracking, construction, and trucking companies to lower production costs. This strategy allowed him to profitably develop oil fields that larger companies had overlooked.

"Wildcatters like Autry Stephens played a crucial role in the shale boom that made the United States the world's largest oil producer, surpassing Saudi Arabia and Russia."

Stephens' impact extended beyond his company. He was a well-known figure in Midland, Texas, the heart of the U.S. shale business. Midland, located in the Permian Basin, has been a key player in oil production since the 1920s and experienced significant growth during the shale boom of the 2010s.

As the oil industry faces increasing pressure to address environmental concerns and reduce carbon emissions, Stephens' legacy serves as a reminder of the transformative power of innovation and perseverance in the energy sector. His life's work contributed significantly to the technological advancements that have challenged the concept of peak oil and reshaped the global energy landscape.