tldrdaily.news logo
Tag

Autry Stephens

All articles tagged with #autry stephens

business1 year ago

"Texas Oil Tycoons Forge $76 Billion Megadeal in Permian Basin"

Autry Stephens, an 85-year-old oil tycoon, recently sold his company, Endeavor Energy Resources, to Diamondback Energy for $26 billion, making him one of the richest people in the world. Despite this, Stephens expressed reluctance about the sale, citing his attachment to the company and its employees. His unassuming style and modest upbringing have shaped his approach to wealth, and he has yet to decide how to spend his newfound billions.

via Business Insider|
#autry-stephens#business#diamondback-energy
business1 year ago

Texas Oil Merger: Billion-Dollar Deal and Regrets

Autry Stephens, founder of Endeavor Energy, sold the company for $26 billion to Diamondback Energy after years of rebuffing acquisition offers, citing his health as a factor in the decision. The 85-year-old wildcatter's frugality and relentless work ethic have been key to the company's success, and his family is involved in the business. The sale comes after Stephens was diagnosed with cancer, prompting him to settle the company's future rather than let his estate decide on a sale after his death.

via Reuters|
#acquisition#autry-stephens#business
business1 year ago

"From Peanut-and-Melon Farming to Oil Billionaire: Autry Stephens' Remarkable Journey"

Autry Stephens, an 85-year-old raised by peanut-and-melon farmers, is set to become America’s richest oil tycoon with a net worth of $25.9 billion after agreeing to sell his company, Endeavor Energy Resources LP, to Diamondback Energy Inc. for $26 billion. Stephens, who founded the company in 1979, has built a fortune by acquiring drilling rights in the Permian Basin and maintaining a cash-based strategy. The sale terms allow Stephens and his family to retain a significant stake in the combined company, and he trusts the leadership of Diamondback to continue the company's ethos and maintain operations in Midland.

via Fortune|
#autry-stephens#business#diamondback-energy-inc
business1 year ago

"Texas Oil Merger Makes Waves with $26 Billion Deal"

After years of resisting offers from major oil companies, 86-year-old wildcatter Autry Stephens has finally sold his Endeavor Energy Resources to Diamondback Energy in a $26 billion deal, receiving $8 billion in cash and 117.3 million new Diamondback shares. Stephens' doggedness in building and holding onto the company has earned him an estimated fortune of $14.8 billion. The deal represents the culmination of an incredible contrarian success story for Stephens, who started in the industry by buying a rig and drilling his first oil well in 1979. The acquisition moves the North American oil industry further down the path of consolidation, with Diamondback vying to become one of the most valuable independent oil companies in the S&P 500.

via Forbes|
#autry-stephens#business#diamondback-energy