 In 1945, Stephens purchased Arkansas Oklahoma Gas Company in Fort Smith, Arkansas, and in 1953, acquired what is now Stephens Production, an independent oil and gas exploration company.In 1954, they purchased a controlling interest in the Arkansas Louisiana Gas Company.In 1948, Stephens sold Sheridan Telephone Exchange to Allied Telephone Company, which later became Alltel Corporation, thus beginning a decades-long relationship that in part continues today.