Midland oilman Autry Stephens dies at 86

MIDLAND, Texas (KMID/KPEJ)- Autry Stephens, a petroleum engineer who became the richest oilman in the U.S., has died after a long battle with cancer. He was 86.

Stephens founded a sole proprietorship in 1979 that grew into the company Endeavor Energy Resources; the Midland based company was sold to Diamondback Energy for $26 billion in February, the deal is expected to close later this year.

Stephens started his career with Humble Oil and Refining Company in 1962. Two years into his career at Humble, Stephens took a two year hiatus to join the Army Corp of Engineers.  Passionate about oil and gas, he requested a pipeline engineering job and served as a Lieutenant and Platoon leader responsible for fuel installations.  This was a pivotal experience that broadened his horizons and interest in the oil and gas profession.

After his service, Stephens resumed his position at Humble for another five years before electing to leave the company and move to Midland, Texas.  Working as a reservoir engineer at a local Midland bank, Stephens was keen to the entrepreneurs that frequented the bank and eventually took a chance on his own.

As an entrepreneur, Stephens purchased land rights and began to build a significant asset position in the Permian Basin and outlying areas. He also acquired several energy service companies to provide the lowest operating cost to his exploration and production company.

Stephens graduated with a Bachelor of Science degree in Petroleum Engineering from the University of Texas at Austin.

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