Bud's Offshore Energy (BOE)

A Fortune article about Autry Stephens, Endeavor Energy Resources CEO, pegs him as the world’s richest oilman following the sale of his company to Diamondback Energy. His story reinforces many of the success messages previously discussed on BOE:

• Humble beginnings: As the son of peanut-and-melon farmers, his work ethic was no doubt established at a young age.
• Diverse experience starting with entry level positions: He “wore nearly every hat in the oil industry, from trucker to driller to engineer.”
• Private land: Stephens started buying Texas Permian rights early in his career.
• Technology leader: His company embraced the horizontal drilling and advanced well stimulation practices critical to Permian success.
• Contrarian who stuck with his plan: When major oil companies left for more lucrative opportunities overseas, he continued adding Permian leases acquiring a total of 344,000 acres.
• Low debt: His insistence on using cash to acquire drilling rights helped him survive the 2008 financial crisis, which crushed oil demand and bankrupted some US operators.
• Lean organization: He focused on maintaining a lean staff and efficient operations, which no doubt facilitated effective communication and instilled common values.
• Take care of your employees: He insisted that none of Endeavor’s 1200 employees be let go after the merger with Diamondback.
• Support the community: Served Midland and merged with the company that was located right across the street.
• Former Federal employee 😉: Not known as a key to success, but I’ll take it 😀. (Stephens once worked for the Army Corps of Engineers.)

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