By ,Oil Editor |Midland Reporter Telegram| Endeavor Energy Resources announced on Friday the passing of its founder and chairman of the board, Autry Stephens, at the age of 86.
His daughter, Lyndal Stephens Greth, who previously served as vice chairman, will assume the chairmanship of Endeavor’s Board of Managers.
“We are deeply saddened by the passing of our beloved founder, Autry Stephens,” said Lance Robertson, Endeavor’s president and chief executive officer in a statement. “Over many decades, his vision and discipline inspired so many and were the driving forces behind what makes Endeavor unique. Autry embodied the wildcat mentality of courage, grit and tenacity associated with the Permian Basin. He leaves a legacy that will continue to shape the future of our company, community and the oil and gas industry for years to come.”
“Autry Stephens was a giant among giants in the Permian Basin. He was a great man and built an extraordinary company focusing on the Permian Basin. He will be missed, but his legend will live on,” commented Ben Shepperd, president of the Permian Basin Petroleum Association by email to the Reporter-Telegram. His association honored Stephens with its Top Hand Award in 2022.
After much speculation about who could acquire Endeavor, it was announced in February that Diamondback Energy would acquire the company for $26 billion in a deal expected to close by the end of the year.
“Our deepest condolences go out to the Stephens family and the entire Endeavor Energy Resources community during this difficult time. Autry was a pioneering force in the Permian Basin, and he will be profoundly missed,” Travis Stice, Diamondback’s chairman of the board and chief executive officer, told the Reporter-Telegram by email.
Stephens began life on a DeLeon-area farm expecting to join the family business. But he acknowledged that he wasn’t a very good farmer, and a major drought in his final year of high school prompted his father to advise him to consider something else because farming is a hard way to make a living, he told the Reporter-Telegram in an earlier interview.
He leveraged his early interest in the petroleum industry into founding Endeavor in 1979. He built it into one of the largest private oil producers in the U.S., producing over 420,00 gross barrels of oil equivalent per day and employing approximately 1,150 people.
After receiving bachelor’s and master’s degrees in petroleum engineering from the University of Texas at Austin, he started his career with Humble Oil and Refining in 1962, soon joining the Army Corps of Engineers, becoming responsible for pipeline installations. After his military service, he rejoined Humble and, five years later, moved to Midland. It would, the company noted, change the Permian Basin.
Reflecting on his career, Stephens said Endeavor has contributed a lot in ad valorem and severance taxes. But the company has also supported Habitat for Humanity, Museum of the Southwest, helped fund a new volunteer fire station in eastern Midland County and he supports employees’ community efforts.
“I think my major contribution is creating good paying jobs and stable jobs,” he said.
Story Credit: Mella McEwen is the Oil Editor for the Midland Reporter-Telegram.
