Evidently they’re on a roll:
In the spring of 2020, oil prices were crashing and Autry Stephens was in trouble. When prices stabilized a few months later, his Midland, Texas, oil company decided to take a gamble and expand drilling. His timing was perfect.
With oil prices today gyrating around $100 a barrel, Mr. Stephens’s company, Endeavor Energy Resources, and a few other privately held U.S. drillers, have emerged as pivotal players in the global energy market. The war in Ukraine and sanctions against Russia have hit supplies, and these smaller operators are among the few racing to produce more crude.
That is making them a lot of money. Mr. Stephens, who turned 84 last week, may be the biggest winner. Under financial pressure in early 2020, he now has become one of the wealthiest people in the American energy sector, with a net worth of more than $10 billion, according to people close to him and market valuations of assets controlled by his company, of which he is the sole owner.
In the spring of 2020, oil prices were crashing and Autry Stephens was in trouble. When prices stabilized a few months later, his Midland, Texas, oil company decided to take a gamble and expand drilling. His timing was perfect.
With oil prices today gyrating around $100 a barrel, Mr. Stephens’s company, Endeavor Energy Resources, and a few other privately held U.S. drillers, have emerged as pivotal players in the global energy market. The war in Ukraine and sanctions against Russia have hit supplies, and these smaller operators are among the few racing to produce more crude.
That is making them a lot of money. Mr. Stephens, who turned 84 last week, may be the biggest winner. Under financial pressure in early 2020, he now has become one of the wealthiest people in the American energy sector, with a net worth of more than $10 billion, according to people close to him and market valuations of assets controlled by his company, of which he is the sole owner.
