"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.