His father, a Civil War veteran, died in the early s, and when Walter was six he and his family moved to Arkansas in search of more productive farmland. In he accepted the post of district director of the Houston office of the Federal Housing Administration. Company activities included acquiring, exploring, and developing oilfields in Texas, Oklahoma, Louisiana, and Arkansas; the company also refined oil, transported crude oil, and distributed refined products.

Fondren was a Methodist and served as a trustee and member of the executive committee of Southern Methodist University; he was also a member of the general missionary council of the Methodist Episcopal Church, South. From its beginnings in the Humble oilfield , the company was highly successful.

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