Endeavor Energy Partners Eyes: Endeavor Energy Partners, a stalwart in the Permian basin, is mulling a sale that could thrust its valuation to an impressive $30 billion, marking a significant chapter in the journey of Texas oil magnate Autry Stephens and his brainchild, Endeavor. The potential sale, anticipated to kick off in the first quarter of 2024, aligns with Stephens’ strategic move to ride the wave of major deals reshaping the oil and gas sector.
Sources reveal that Stephens, aged 85, has entrusted JPMorgan Chase with the task of orchestrating the sale, a decision prompted by the current industry consolidation and a desire to determine the company’s future on his terms. While these deliberations are confidential, the potential sale underscores the shifting landscape in the Permian basin, the crown jewel of U.S. oilfields.
Endeavor’s expansive operations cover 350,000 net acres in the Permian shale basin, strategically positioning it in a sector where scale and prime acreage are paramount. The consolidation trend, exemplified by Exxon Mobil’s $60 billion deal for Pioneer Natural Resources and Chevron’s $53 billion agreement for Hess, suggests a ripe appetite for acquisitions.
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Interestingly, Exxon, familiar with Endeavor’s operations through a previous collaboration, might consider utilizing its stock as currency, mirroring recent industry trends. Similarly, ConocoPhillips, fresh from a $2.7 billion deal in Canada, remains in the mix of potential bidders.
Autry Stephens, renowned for his unconventional approach and appearances on Black Gold, has steered Endeavor’s growth by acquiring overlooked acreage and optimizing oil and gas extraction. His hands-on strategy, incorporating in-house fracking, construction, and services companies, has contributed to Endeavor’s robust performance, producing 331,000 barrels of oil equivalent in Q2 2023.
As the potential sale unfolds, with outreach from various interested parties, the fate of Endeavor Energy Partners hangs in the balance. The Permian basin’s largest privately-held player is set to make waves in the energy sector, driven by the vision of Autry Stephens and the dynamics of an ever-evolving industry landscape.
Our Reader’s Queries
Who is the owner of Endeavor Energy?
In 1979, Autry C. Stephens established a sole proprietorship which has now evolved into the renowned Endeavor Energy Resources, LP. With a career that began in 1962 at Humble Oil and Refining Company, Mr. Stephens has since grown his business into a successful enterprise.
What are the benefits of Endeavor Energy?
Endeavor employees enjoy a range of benefits that include competitive pay, an annual cash bonus, an 8% 401(k) match, free medical coverage, access to a private healthcare clinic, and an employee-exclusive child learning center. Additionally, the company offers a wellness program and professional development opportunities to help employees grow and thrive. For those who need it, subsidized housing is also available. These benefits are just a few of the many ways that Endeavor invests in its employees’ well-being and success.
How big is Endeavor Energy?
Endeavor’s operations cover a vast area of 350,000 net acres (1,416 square kilometers) in the Midland region of the Permian shale basin, which stretches across West Texas and eastern New Mexico. However, due to its size, the number of potential buyers with deep pockets is limited.
Who is the CFO of Endeavor Energy?
As of January 2023, Endeavor has welcomed Brenda Schroer as their Chief Financial Officer. In this role, she oversees the Finance, Accounting, and Information Technology teams. With over 20 years of experience in the energy industry, Schroer is a seasoned global financial executive, specializing in upstream and midstream sectors.