On Monday, Diamondback Energy Inc. announced its acquisition of Autry Stephens' Endeavor Energy Resources LP for a staggering USD 26 billion, which includes a combination of cash and stock. This deal is expected to not only revolutionise the oil drilling industry but also elevate Autry Stephens to a whole new level of wealth and recognition.
Stephens, who has been a significant figure in the oil industry for decades, will become the richest oil tycoon in America once this transaction is completed. His estimated net worth after the acquisition would be approximately USD 25.9 billion, a figure that exceeds the wealth of prominent oil magnates like Harold Hamm of Continental Resources Inc. and Jeff Hildebrand of Hilcorp Energy.
However, India's richest man and Reliance Industries Chairman Mukesh Ambani's net worth at USD 113.2 billion is way more than Stephens' and so is Adani Group Chairman Gautam Adani's at USD 81.6 billion.
Who is Autry Stephens?
Autry Stephens, born in 1938 and raised in DeLeon, Texas, hails from a farming background. Despite facing early challenges in mathematics, he pursued engineering and eventually carved a path to success in the oil industry.
In 1979, Stephens drilled his first well in Midland county, a move that would be the cornerstone of his groundbreaking career. Known for his hard work and innovative approach, Stephens made strategic acquisitions of leaseholds for land deemed too costly for oil majors to explore, enabling him to reduce operational expenses by handling the majority of the processes himself. Additionally, he established and utilized his own companies for fracking, construction, and trucking, showcasing his versatile skills and forward-thinking vision.
The story of Autry Stephens is also one of family involvement and resilience. His wife, Linda, and daughter, Lyndal Stephens Greth, are actively engaged in the business, with Lyndal serving as Vice Chair of the Endeavor's board. Although Joseph Martin, Stephens's son, is not directly involved in Endeavor, his life journey reflects the family's unwavering spirit. In 2008, Joseph faced a felony gun charge, to which he later pleaded guilty. However, he was pardoned by former U.S. President Donald Trump in 2020, highlighting the family's determination to overcome obstacles.
In addition to his innovative practices and business acumen, Autry Stephens has also embraced modernization. Chuck Meloy, a former Anadarko Petroleum executive, served as CEO of Endeavor between 2016 and 2020, influencing Stephens to invest more in salaries and bonuses to enhance operational efficiency and competitiveness.
With this acquisition, Stephens's contributions to the oil and gas industry have been not just innovative but also transformative. From humble beginnings on a farm to leading the largest oil-drilling enterprise in the country, Autry Stephens's journey is a testament to hard work, determination, and the power of family support.
(With inputs from Reuters)
