Business
My Journey in the MBA Career: Insights from an 85-Year-Old Oil Tycoon
Last Updated on February 16, 2024 by Robert C. Hoopes
85-Year-Old Oil Tycoon Autry Stephens Sells Oil Business in a $26 Billion Deal
Autry Stephens, an 85-year-old oil tycoon, is on the verge of becoming one of the world’s richest individuals. His oil business, Endeavor Energy Resources, has been sold in a cash-and-stock deal worth a staggering $26 billion to Diamondback Energy. As a result of this deal, Stephens will become the richest oil tycoon in the United States.
In an interview, Stephens appeared solemn as he discussed his decision to sell his beloved business. He revealed that a major factor behind the sale was a recent cancer diagnosis. Although he had previously resisted selling Endeavor to outside buyers, his health condition led him to change his mind.
This deal with Diamondback Energy will not only elevate Stephens’ own fortune but also position the company as a major player in the domestic-energy scene. Despite his immense wealth, Stephens is renowned for his unassuming style. He drives an old-model Toyota Land Cruiser and opts for budget-friendly flights on Southwest Airlines.
Despite his newfound billions, Stephens has always remained focused on his initial ambitions of earning a steady paycheck and securing a comfortable retirement. He attributes his success to his openness to new ideas and technologies, as well as a cash-first drilling strategy.
When questioned about how he plans to utilize his astonishing wealth, Stephens admitted that he hadn’t really thought about it yet. However, it is certain that this deal has propelled him from 130th to 77th on Bloomberg’s Billionaires Index. His net worth has skyrocketed by $17.5 billion since last year.
The sale of Endeavor Energy Resources marks a significant milestone in Autry Stephens’ remarkable career. As he embarks on this new chapter, the world waits eagerly to see how he will continue to shape the business landscape and potentially make even more groundbreaking moves in the future.
