Endeavor Energy Resources
 | |
| Company type | Defunct |
|---|---|
| Industry | Oil and gas |
| Founded | 1979 |
| Founder | Autry Stephens |
| Defunct | September 11, 2024 |
| Fate | Acquired by Diamondback Energy |
Endeavor Energy Resources was a company engaged in hydrocarbon exploration. It was one of the largest private oil producers in the contiguous United States.[1] In September 2024, it was acquired by Diamondback Energy.
History
The company was founded in 1979 by Autry Stephens. The company's first purchase was 80 acres of land on which it drilled its first well, McClintic B-30 #2, in the Spraberry Trend.[2] It grew by acquiring tough-to-drill wells that other companies did not want.[3]
In 2005, the company acquired Perenco Energy (later LCX Energy).[2][4]
In April 2017, the company launched a $300 million joint venture with a subsidiary of Ares Management.[5]
After Stephens was diagnosed with prostate cancer, he sold the company to provide liquidity for his family.[3]
After an auction process, in September 2024, one month after Stevens died, Diamondback Energy acquired the company for $26 billion.[6][7][8]
References
- ^ Pendleton, Devon; Ferman, Mitchell; Crowley, Kevin (February 12, 2024). "Meet oil's new king: 85-year-old Autry Stephens, raised by peanut-and-melon farmers and now worth $25.9 billion". Fortune. Bloomberg News.
- ^ a b "Endeavor Energy Resources, LP". Midland Reporter-Telegram. February 5, 2018.
- ^ a b Hampton, Liz; Somasekhar, Arathy; French, David (13 February 2024). "Why Endeavor Energy's founder sold his company after years of rebuffing offers". Reuters.
- ^ Lyle, Don (December 3, 2010). "Permian Key Players". Hart Energy.
- ^ Barbee, Darren (April 3, 2017). "Ares Launches $300 Million JV With Midland's E&P Endeavor Energy". Hart Energy.
- ^ "Diamondback Energy completes $26bn merger with Endeavor Energy Resources". September 11, 2024 – via Yahoo Finance.
- ^ Weise, Karen (12 February 2024). "Two Big Texas Oil Producers Announce $26 Billion Merger". The New York Times.
- ^ Morenne, Benoît (13 February 2024). "A Texas Oil Driller Banks a $26 Billion Deal, With Regrets". The Wall Street Journal.