Texas oilman Autry Stephens, 84, has experienced lots of ups and downs. Right now, he’s one of the most powerful players in the market—and he’s making a lot of money.
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.
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