Autry Stephens, Richest U.S. Oilman, Dies At 86

Autry Stephens, a petroleum engineer raised on a Texas peanut and watermelon farm who became the richest U.S. oilman, has died at the age of 86, Mitchell Ferman and David Wethe reported for Bloomberg News.

The company he founded, Endeavor Energy Resources LP, announced Stephens’ death on Friday in a statement. I Photo: Endeavor Energy Resources LP

The company he founded, Endeavor Energy Resources LP, announced Stephens’ death on Friday in a statement.

The cause was cancer, a spokesman for the company said. Stephens told the Wall Street Journal in February 2024 that a cancer diagnosis made him willing to sell Endeavor after building it into one of the largest closely held drillers in the Western Hemisphere’s hottest oil patch, Kevin Crowley also reported for Bloomberg News.

“Autry embodied the wildcat mentality of courage, grit, and tenacity associated with the Permian Basin,” Lance Robertson, chief executive officer of Endeavor, said in the statement. Diamondback Energy Inc. agreed in February to buy Endeavor for $26 billion in cash and stock.

This made Stephens the wealthiest U.S. oil driller, with a net worth of $25.9 billion based on Diamondback's share price at the time of the announcement. The deal ended years of speculation over who might buy Endeavor.

Stephens founded the Midland, Texas-based company in 1979 after working for Humble Oil and Refining Co., now part of Exxon Mobil Corp. His first exploration business, founded in 1996, was called Big Dog Drilling.