Endeavor Energy Resources, LP Mourns Passing of Founder Autry C. Stephens

Midland wildcatter and military veteran remembered for his outstanding achievements in oil and gas

MIDLAND, Texas--(BUSINESS WIRE)-- Endeavor Energy Resources, LP (“Endeavor” or the “Company”) today announced the passing of its Founder and Chairman of the Board, Autry C. Stephens, age 86.

Lyndal Stephens Greth, who previously served as Vice Chairman, will assume the role of Chairman of Endeavor’s Board of Managers.

To those closest to Autry, he is remembered as a Top Hand, Wildcatter, Oil and Gas Hall of Famer, and dear friend who will always be known for his humility, courage, determination, and resiliency.

“We are deeply saddened by the passing of our beloved founder, Autry C. Stephens,” said Lance Robertson, Endeavor’s President and CEO. “Over many decades, his vision and discipline inspired so many and were the driving forces behind what makes Endeavor unique. Autry embodied the wildcat mentality of courage, grit, and tenacity associated with the Permian Basin. He leaves a legacy that will continue to shape the future of our company, community, and the oil and gas industry for years to come.”

About Autry C. Stephens

Before venturing west, Autry grew up on a farm in DeLeon, Texas where he learned first-hand the value of hard work growing peanuts and a variety of fruits. He also developed a love of adventure and being outdoors, which sparked an early interest in the petroleum industry.

After graduating with Master and Bachelor of Science degrees in Petroleum Engineering from the University of Texas at Austin, Autry started his career with Humble Oil and Refining Company in 1962. A few months later, he joined the Army Corps of Engineers and served as a Lieutenant and Platoon leader responsible for pipeline fuel installations. Following his military service, Autry rejoined Humble for another five years before leaving the company and moving to Midland, Texas. Autry’s move to Midland would forever change the Permian Basin.

Once in Midland, Autry began working as a reservoir engineer at a local bank. This experience informed Autry’s career trajectory, and in 1979, he stepped out on his own as a sole proprietor. Having the spirit of a true entrepreneur, Autry immediately recognized opportunities, strategically purchasing mineral rights and drilling vertical wells one-by-one. As others fled the market during downturns, Autry bought additional leasehold and consummated several corporate acquisitions, all of which added tremendous value to his portfolio.

Autry’s continued focus on acquisitions led to the purchase and integration of multiple service companies. This vertically integrated business model consistently provided steady access to services and exclusive pricing at lower than market costs for his drilling and production operations.

In 2000, Autry transformed his sole proprietorship into Endeavor and focused primarily on drilling vertical Midland Basin Spraberry Trend wells.

In 2016, Autry brought on additional leadership to execute his vision and drive continued growth of Endeavor. During this time, the company began its transition from a predominately vertical driller to a leading top-tier horizontal operator in the Midland Basin.

Transaction with Diamondback Energy

Endeavor previously announced that it has entered into a definitive merger agreement to merge with Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”). The transaction is expected to close in the third or fourth quarter of 2024, subject to the satisfaction of customary closing conditions, including termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

About Endeavor

Today, with approximately 1,150 valued employees, Endeavor is one of the largest private oil producers in the United States. The Company is uniquely situated holding over 410,000 Net Acres across multiple basins including nearly 339,000 Net Acres in the core of the Midland Basin. Endeavor operates more than 2,250 active vertical wells, has drilled, completed, and put online more than 1,380 horizontal wells, and currently produces more than 420,000 gross operated barrels of oil equivalent per day.

For more information about Endeavor, visit www.endeavorenergylp.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240816005775/en/

Media Contact:

Lacy Sperry

Communications Director

Endeavor Energy Resources, LP

432-262-4061, lsperry@eeronline.com

Aaron Palash / Andrew Siegel

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

Source: Endeavor Energy Resources, LP