Current Investments: Energy

Acute Technological Services, LLC

Acute is dedicated to the advancement of welding science and technology through applications of new methodologies and proven scientific methods. As a leader in fabrication solutions for deepwater, Acute has invested thousands of man-hours and substantial capital into the development of automated and mechanized welding systems and procedures for critical applications. Acute has provided this support for clients around the world under some of the most demanding conditions. Based in Houston, Texas, Acute is positioned to provide rapid response services for all onshore and offshore activities in the Gulf Coast Region. Acute has provided high-tech welding engineering, welding inspection, and specialized welding services to prestigious clients around the world in at least 20 different countries. Acute participates in welding engineering activities of key offshore oil and gas projects at the highest technical levels within the major operating companies. In order to maintain its leadership, Acute has built a staff of more than twenty degreed Welding Engineers and Mechanical Engineers, ten Certified Welding Inspectors, and more than 100 highly trained welding technicians. This highly qualified staff possesses extensive experience with a multitude of exotic alloys and applications. To support this staff in their performance of critical tasks for the energy industry, Acute has invested millions of dollars in state-of-the-art welding and electronic monitoring equipment to provide high tech welding development and production services. (www.acutetechserv.com)

Atlantic Oil Corporation

Atlantic Oil Corp., based in Denver, Colorado, owns natural gas reserves with its primary holdings in South Texas. The Stephens family took the company private in 1983.

BTEC Turbines L.P.

BTEC Turbines engages in the design, construction, commissioning and support of turnkey power plants for green field construction and plant overhauls. It also offers gas turbine generator packages, control systems and a wide range of field services. The company was founded in 1997 and is headquartered in Houston, Texas. (www.btecturbines.com)

Energy Transfer Partners L.P.

Energy Transfer Partners (ETP) engages in various natural gas operations, including gathering, processing and pipeline transportation. ETP is also the fourth largest retail propane distributor in the country. The company was formed in January 2004 when the retail propane operations of Heritage Propane Partners, L.P. were combined with the natural gas midstream and transportation operations of Energy Transfer Co., a Stephens family investment. (NYSE: ETP) (www.energytransfer.com)

Energy Transfer Equity, L.P.

Energy Transfer Equity, L.P. owns partnership interests in Energy Transfer Partners, L.P. (ETP). The partnership’s interests include a 2% general partner interest of ETP, 50% of the outstanding incentive distribution rights in ETP and approximately 33% of the outstanding limited partner interests of ETP. (NYSE: ETE) (www.energytransfer.com)

ISS

ISS, LLC is an oil and gas exploration and production company located in Houston, Texas, with operations focused on the onshore Gulf Coast. ISS utilizes several proprietary three-dimensional seismic data sets to generate drilling prospects, acquire oil and gas leases, drill exploratory and development wells, and produce oil and natural gas. ISS currently has an inventory of prospects in various stages of development, from unleased ideas through permitted wells waiting on drilling rigs.

JEBCO

Founded in 1975, JEBCO is one of the largest independent international geophysical contractors. JEBCO supplies world-class geophysical products, services and solutions. JEBCO’s non-exclusive surveys (2-D seismic data, 3-D seismic data, gravity, gravity gradiometry, aeromagnetics and well data) and third party datasets represent a unique and readily available source of information for both mature and frontier regions. In 2001, JEBCO entered into the oil and gas exploration business and has participated in the drilling of 34 wells, of which 24 have been successful, in Texas, Oklahoma and Louisiana. (www.jebcoseis.com)

JOG Capital Inc.

Based in Calgary, Alberta, JOG Capital is private equity firm that specializes in Canadian oil and gas companies. (www.jogcapital.com)

JV Industrial Companies, Ltd.

JV Industrial Companies, based in La Porte, Texas, offers engineering and technical services to heavy industrial clients in the United States. It provides engineering procurement and construction services; turnaround management, planning and controls; general mechanical and turnaround services; specialty welding; automated welding technology; scaffolding and insulation; field machining and bold torquing; and shop fabrication. In February of 2008, The Stephens Group bought out a minority shareholder in JV Industrial Companies to further consolidate the shareholder base. This buy out effectively doubles The Stephens Group's ownership stake in JV and streamlines the Company's ability to pursue strategic alternatives in a growing industrial services market. (www.jvpiping.com)

North American Energy Partners, Inc.

Based in Acheson, Canada, North American Energy Partners provides mining and site preparation, piling and pipeline installation services to oil and natural gas, petrochemical and other natural resource companies operating in western Canada. (NYSE: NOA) (www.naepi.ca)

Seminole Energy Services LLC

Seminole Energy Services L.L.C. is engaged in natural gas marketing with related activities in natural gas gathering and processing. The company acquires gathering and processing properties and purchases natural gas at the wellhead across the Mid-Continent region for industrial, commercial, municipal and agricultural customers. The company owns and operates more than 300 miles of natural gas gathering systems and pipelines in the Oklahoma, Kansas and Texas Panhandle regions. In addition, it offers consulting support services in areas such as regulatory issues, risk management strategies, severance tax audits, transportation agreement analysis, well connect and transportation negotiations, and review and administration of third-party agreements. The company was founded in 1998 and is headquartered in Tulsa, Oklahoma, with additional offices in Little Rock, Arkansas; Kansas City, Missouri; Wichita, Kansas; Denver, Colorado; Detroit, Michigan; Houston, Texas; and Naperville, Illinois. (www.seminoleenergy.com)

Stephens Production Company

Stephens Production Company (SPC) explores for and produces natural gas and oil. Acquired in the early 50's through a series of acquisitions, SPC is one of the largest privately owned, independent natural gas companies in the U.S. The company, headquartered in Fort Smith, Arkansas, is active in Arkansas, Oklahoma, Texas, Louisiana, Mississippi, Colorado, Wyoming and the Gulf of Mexico.

SeverCorr

SeverCorr is a steel company with a next-generation steel plant under construction outside of Columbus, Mississippi. When complete, the plant will produce 1.5 million tons of Hot Roll, Hot Roll P&O, Cold Roll and Hot-Dip Galvanized steels for a number of industries. The steel mill will have a state-of-the-art melt shop, thin slab caster, 6 stand hot mill, cold mill and a hot-dip galvanizing line, and serve a growing manufacturing infrastructure in the Southern United States. The plant is expected to be completed and in production by late 2007. SeverCorr was founded by a handful of steel industry veterans dedicated to creating a next-generation steel production facility.(www.severcorr.com)

Spitzer Industries, Inc.

Spitzer Industries, Inc. is a leading custom fabricator of specialized equipment and systems, pressure vessels and other custom weldments. Spitzer fabricates products for oil and gas production, subsea oil and gas tie-back, ASME Code pressure vessel and other segments of the energy services industry. Spitzer serves an international customer base from its headquarters in Houston, Texas. In December of 2007, Spitzer acquired Curtis Kelly, Inc., a Houston based company specializing in design and fabrication of large vessels and other process equipment. In conjunction with this acquisition, Spitzer acquired access to the former Brown & Root Deck Building, a premium facility on the Houston Ship Channel. In April of 2008, Spitzer completed its acquisition of Orizon Industries, Inc., another Houston area company which specializes in heavy industrial steel fabrication. These acquisitions quadruple Spitzer's fabrication capacity and will expand the company's presence in the subsea, deepwater production, and petrochemical/refining markets. (www.spitzerind.com)