This text initially appeared on Enterprise Insider.
An 85-year-old oil tycoon is cashing out — however he appeared solemn in an interview about promoting his enterprise.
Autry Stephens bought his firm, Endeavor Power Assets, to Diamondback Power earlier this week. The $26 billion cash-and-stock deal would make him the richest oil tycoon within the US, Bloomberg reported.
However the taciturn Stephens appeared reluctant to go away the corporate he based in 1979, telling The Wall Road Journal he made the choice largely due to a most cancers prognosis.
“I will miss the folks there,” he advised the Journal in a current interview. “It was type of a bit of household.”
Stephens had lengthy resisted outdoors efforts to purchase Endeavor, which was one of many final unbiased main oil firms within the wealthy Permian Basin of western Texas. However that modified when he was identified with prostate most cancers, he advised the Journal.
He stated he determined in opposition to passing the corporate on to his daughter, Lyndal Greth, who sits on the corporate’s board and has kids of her personal, and that his son wasn’t a part of the household enterprise.
Now, the cope with Diamondback Power — which beat out different big-name bidders equivalent to ExxonMobil and ConocoPhillips — is poised to make the corporate a robust pressure within the home vitality scene.
Stephens is well-known for his unassuming model. He drove an old-model Toyota Land Cruiser to work and flew finances on Southwest Airways, the Journal reported. That displays his modest upbringing on a farm in central Texas that grew peanuts and watermelons, based on his College of Texas Austin alumni profile.
Regardless of his large fortune and brush with fame — he was featured on the truTV actuality collection “Black Gold” — his profession trajectory appeared to stay targeted on his preliminary ambitions, which he stated had been “to earn a gentle paycheck and comfy retirement,” based on UT Austin.
Stephens has credited his success to his openness to new concepts and applied sciences, in addition to a cash-first drilling technique that Bloomberg reported helped him survive the 2008 monetary disaster whereas many different US operators went beneath.
“The historical past of the oil business is filled with tales of individuals making and dropping fortunes a number of instances over,” he advised his alma mater.
Requested by the Journal what he would do together with his newfound billions, Stephens stated that he hadn’t actually thought of it but.
The Endeavor sale has since catapulted Stephens from one hundred and thirtieth to 77th on Bloomberg’s Billionaires Index. His web value has grown by $17.5 billion since this time final yr, behind solely Nvidia’s Jensen Huang and Meta’s Mark Zuckerberg.
