He was a long-time UNC benefactor who grew up on the family farm in Pasquotank County outside Elizabeth City. He graduated from Hargrave Military Academy and, with no money to attend college, supported himself with jobs as a clerk and truck driver. He eventually settled in Texas, where he parlayed a $1,000 loan and five trucks into the world's largest independent petroleum transport company. After merging his company with Occidental Petroleum, Davis went on to lead Occidental as it developed the first oil wells in the Middle East.

A three-term member of the university's board of trustees, Davis successfully lobbied the state legislature during the 1970s to return funds from the sale of university-owned utilities to Carolina. He was instrumental in acquiring the $32 million used to pay for construction of the Walter Royall Davis Library, as well as renovations to Wilson Library and the Health Sciences Library. His many gifts have provided funds for students, faculty, campus buildings, research and strategic initiatives such as the Davis Oral History Fund supporting scholarly works in the Southern Oral History Program, a component of the Center for the Study of the American South. Davis served on the Board of Governors and the Board of Visitors. In addition to the inaugural Light on the Hill Award, Davis has received the university's prestigious William Richardson Davie Award from the board of trustees and the Distinguished Service Medal from the General Alumni Association.

A memorial service was conducted May 23 at Chapel of the Cross Episcopal Church in Chapel Hill.

Survivors include his wife, JoAnne; children Melba Davis Whafley, George Davis, Mary Ann Davis Eubanks, Eva Emelio and Mitch Davis; nine grandchildren and eight great-grandchildren.

In lieu of flowers, donations may be sent to the Lineberger Comprehensive Cancer Institute, UNC CB 7295, Chapel Hill, N.C. 27514; or to the Walter Davis Library.