Texas Oil Billionaire, Endeavor Energy Founder Autry Stephens Dies at 86
(Reuters) — Autry Stephens, the billionaire founder and chairman of Endeavor Energy Resources, died at age 86 after a prolonged battle with cancer, the company disclosed on Friday.
Known for his relentless work ethic and frugal nature, he continued to work while under medical care, relying on friends to fly him in a private jet to cancer treatments in Houston.
His work ethic was shaped by tough years in the 1980s and 1990s when he struggled to get Endeavor off the ground, sources said. The wildcatter launched Endeavor in 1979 and grew it into one of the largest closely held U.S. oil and gas firms by buying tough-to-drill wells that oil majors snubbed.
In February, Stephens agreed to sell his Midland, Texas-based company for $26 billion to a local rival, Diamondback Energy. He had rebuffed many offers for the business over the years. The deal is expected to close later this year.
Stephens' daughter Lyndal Greth becomes chairman of Endeavor's board of managers, the company said on Friday. Greth was previously vice chairman.
Stephens, born in 1938, grew up on a farm in DeLeon, Texas, where his family grew peanuts and fruits. He studied engineering and went to work for Humble Oil & Refining, a predecessor to Exxon Mobil, according to a profile on the University of Texas' engineering school website.
Stephens drilled his first well in 1979 in Midland County, Texas. He would pick up leaseholds for acreage that oil majors found too expensive to drill and would lower production costs by handling most of the operations. He created and used his own fracking, construction and trucking companies.
Stephens was well known in Midland, Texas, the heart of the U.S. shale business, and for bringing his dog to his office regularly. He named one of his companies Big Dog Drilling.
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