Autry C. Stephens
Editor's note: This profile is part of Hart Energy's 50th anniversary Hall of Fame series honoring industry pioneers of the past 50 years and the Agents of Change (ACEs) who are leading the energy sector into the future.
Autry Stephens is both “an old-fashioned wildcatter and a modern developer,” said Lance Robertson, CEO of Endeavor Energy Resources, in describing the founder of the firm. That testimonial, and many others, came at the Permian Basin Petroleum Association’s 2021 Top Hand Award recognizing the contributions Stephens made to the industry, to the basin and to the Midland community. The event was the fastest-selling Top Hand Award ceremony in the association’s history.
Although the crowning achievements in a career spanning more than half a century took place in West Texas, Stephens started his career in East Texas. After earning a Bachelor of Science degree in petroleum engineering from the University of Texas at Austin, he took a position with Humble Oil and Refining Co. in 1962.
Just two years later he took a hiatus to join the Army Corp of Engineers. Stephens requested a pipeline engineering job and served as a lieutenant and platoon leader responsible for fuel installations. Stephens rejoined Humble for another five years before heading west to Midland.
Expanding his portfolio into the financial side of the industry, Stephens became a reservoir engineer at a local bank in Midland. The entrepreneurial spirit flowed into him by osmosis as he worked with small operators who were clients of the bank. Stephens purchased land rights and began to build a 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.
In 1979, Stephens formed a sole proprietorship and drilled his first well, the McClintic B-30 #2, in the Spraberry Field of Midland County. Stephens recognized opportunities and began acquiring producing properties in both oil and gas, as well as drilling more wells.
Stephens proved to be both resilient and opportunistic during the inevitable downturns in the oil patch. When tough times drove other small operators out and pressed larger firms to rationalize their holdings, Stephens bought additional leasehold and several corporate acquisitions.
In 1996 Stephens established Big Dog Drilling. That also continued his practice of building multiple service companies that ranged across roustabout, trucking, well service, wireline, vehicle maintenance and construction.
In 2000 Stephens reconfigured his sole proprietorship into Endeavor. More than two decades later, Endeavor is one of the largest private producers in the Lower 48 with more than 1,200 employees. It is one of the largest horizontal operators in the Permian.
Underscoring the theme of both old-fashioned wildcatter and modern developer, Bryan Sheffield, founder of Parsley Energy, stressed the industrious nature that Stephens brought to the industry.
“What [Autry] means to the community is thousands and thousands of jobs; jobs during hard times,” Sheffield said at the Top Hand ceremony. “When no one was drilling, he was drilling. He found a way to drill. He found a way to acquire properties. He found a way to create jobs and keep people working.”
—Gregory Morris, Contributing Editor