Texas Oil Dynasty Targets Payout With $8 Billion Mitsubishi Deal

Albert and Gordon Huddleston are on the cusp of cementing their place in a gilded lineage of Texas oil tycoons who amassed fortunes drilling across the world.

The father and son — part of the H.L. Hunt family — are in advanced talks to sell the assets of Aethon Energy Management to Mitsubishi Corp. for nearly $8 billion, people familiar with the matter say.

The figure suggests that Gordon, the shale drilling firm’s president and sole owner, would reap a big windfall should the deal go through. Albert, who founded Aethon, remains its chief executive officer.

Gordon Huddleston speaks during CERAWeek in March.

Photographer: F. Carter Smith/Bloomberg