Endeavor Energy Resources, LP (“Endeavor” or the “Company”) announces with deep sorrow the passing of its Founder and Chairman of the Board, Autry C. Stephens, who was 86 years old.
Lyndal Stephens Greth, previously Vice Chairman, will now assume the role of Chairman of Endeavor’s Board of Managers.
Autry C. Stephens is remembered fondly by those who knew him as a Top Hand, Wildcatter, Oil and Gas Hall of Famer, and cherished friend. His legacy is defined by his humility, courage, determination, and resilience.
“We are deeply saddened by the passing of our beloved founder, Autry C. Stephens,” said Lance Robertson, Endeavor’s President and CEO. “Autry’s vision and discipline over the decades were the driving forces behind Endeavor’s unique identity. His wildcat spirit—courage, grit, and tenacity—embodied the essence of the Permian Basin. His legacy will continue to shape the future of our company, community, and the oil and gas industry for years to come.”
About Autry C. Stephens
Autry C. Stephens grew up on a farm in DeLeon, Texas, where he developed a strong work ethic and a passion for adventure. After earning his Master and Bachelor of Science degrees in Petroleum Engineering from the University of Texas at Austin, Autry began his career with Humble Oil and Refining Company in 1962. He served as a Lieutenant and Platoon Leader in the Army Corps of Engineers, overseeing pipeline fuel installations. After his military service, he returned to Humble for five more years before moving to Midland, Texas, which would become the heart of his impact on the Permian Basin.
In Midland, Autry began his career as a reservoir engineer and, in 1979, launched his own venture. His entrepreneurial spirit led him to strategically purchase mineral rights and drill vertical wells. Autry’s focus on acquisitions during market downturns and his integration of service companies enabled him to create a vertically integrated business model, offering cost advantages for drilling and production operations.
In 2000, Autry established Endeavor, concentrating on drilling vertical wells in the Midland Basin’s Spraberry Trend. By 2016, he had brought in new leadership to help transition Endeavor from a vertical driller to a top-tier horizontal operator in the Midland Basin.
Transaction with Diamondback Energy
Endeavor has announced a definitive merger agreement with Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”). The merger is expected to close in the third or fourth quarter of 2024, pending the satisfaction of customary closing conditions, including the expiration of the Hart-Scott-Rodino Antitrust Improvements Act waiting period.
About Endeavor
Endeavor Energy Resources is one of the largest private oil producers in the United States, employing approximately 1,150 people. The Company holds over 410,000 net acres across various basins, including nearly 339,000 net acres in the core of the Midland Basin. Endeavor operates more than 2,250 active vertical wells and has drilled, completed, and brought online over 1,380 horizontal wells, producing more than 420,000 gross operated barrels of oil equivalent per day.
