Autry Stephens, Texas Oil Billionaire, Dies at the age of 86

Autry Stephens died at the age of 86 after a long battle with cancer, Endeavor Energy Resources announced on Friday.

He was known for his relentless work ethic and frugal attitude. He continued to work even while under medical treatment and relying on friends to fly in a private plane to Houston to receive cancer treatments.

Sources said that his work ethic was shaped during the difficult years of the 1980s, 1990s and beyond when he struggled with Endeavor. Wildcatters launched Endeavor, a closely-held U.S. oil-and-gas firm in 1979. They grew the company into one of America's largest privately-held oil-and-gas firms by purchasing hard-to-drill oil wells that major oil companies refused to drill.

Stephens agreed in February to sell his Midland-based company, Diamondback Energy, for $26 billion. Stephens had rejected many offers over the years. The deal should close by the end of this year.

The company announced Friday that Lyndal Greth, Stephens' daughter, will be the new chairman of Endeavor’s board of management. Greth had previously served as vice-chairman.

Stephens was born in 1938 and grew up in DeLeon in Texas. His family farmed peanuts and fruit. According to a profile of the University of Texas engineering school, Stephens studied engineering before working for Humble Oil & Refining. This was a predecessor of Exxon Mobil.

Stephens drilled the first well in Midland County, Texas in 1979. He would buy leaseholds on acreage which oil majors deemed too expensive to drill. By handling the majority of operations, he would reduce production costs. He used his own trucking, construction and fracking companies.

Stephens, who was well-known in Midland, Texas, which is the center of the U.S. shales business, brought his dog regularly to his office. One of his companies was named Big Dog Drilling. Arathy S. Somasekhar, Houston reporter; Jonathan Oatis, editor.

(source: Reuters)