Autry Stephens, Billionaire Founder of Endeavor Energy Resources, Dies at 86

By Arathy Somasekhar

HOUSTON (Reuters) – Autry Stephens, the billionaire founder and chairman of Endeavor Energy Resources, has died at the age of 86, as disclosed by the company on Friday, after a prolonged battle with cancer.

Stephens died early on Friday morning, confirmed by a source familiar with the situation. Known for his relentless work ethic and frugal nature, he continued to work while undergoing medical treatment, often relying on friends to transport him via private jet to his cancer treatments in Houston.

His robust work ethic was shaped during tough years in the 1980s and 1990s when he struggled to launch Endeavor. He founded Endeavor in 1979 and successfully grew it into one of the largest closely-held U.S. oil and gas firms by acquiring tough-to-drill wells that were overlooked by oil majors.

In February, Stephens agreed to sell his Midland, Texas-based company for $26 billion to local rival Diamondback (NASDAQ:FANG) Energy. Though he had rebuffed numerous offers over the years, this deal is expected to close later in the year.

Following his passing, Stephens’ daughter, Lyndal Greth, has become chairman of Endeavor’s board of managers, having previously served as vice chairman.

Born in 1938, Stephens was raised on a farm in DeLeon, Texas, where his family grew peanuts and fruits. He studied engineering and began his career with Humble Oil & Refining, which later became Exxon Mobil (NYSE:XOM).

Stephens drilled his first well in 1979 in Midland County, Texas, and acquired leaseholds for areas that oil majors deemed too costly to drill. He reduced production costs by managing most operations himself, establishing his own fracking, construction, and trucking companies.

Well-known in Midland, Texas— the epicenter of the U.S. shale industry— he was also remembered for regularly bringing his dog to the office and naming one of his companies Big Dog Drilling.

“He was stubborn and persistent, and in the right place at the right time,” said Javaid Anwar, a Texas businessman who met Stephens in 1976 while working at a bank in Midland. Over the years, the two established a friendship through fishing trips and business endeavors.

Anwar assisted in flying Stephens to Houston on his private jet for cancer treatments over the last year, allowing them to reminisce about their experiences in the oil industry.

“He was one of the pioneers of horizontal drilling that helped the Permian Basin produce nearly 6.5 million barrels of oil per day, roughly half of the U.S. total,” Anwar remarked.