|Traded as||NYSE: DVN
S&P 500 Index component
J. Larry Nichols
|Headquarters||Devon Energy Center
Oklahoma City, Oklahoma, United States
|David A. Hager, CEO & President
Jeffrey L. Ritenour, CFO
Natural Gas Liquids
|500 thousand barrels of oil equivalent (3,100,000 GJ) per day (2018)|
|Revenue||$10.734 billion (2018)|
|$3.224 billion (2018)|
|Total assets||$19.566 billion (2018)|
|Total equity||$9.186 billion (2018)|
Number of employees
Footnotes / references
Devon Energy Corporation is a company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and headquartered in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Barnett Shale, STACK Formation in Oklahoma, Delaware Basin, Eagle Ford Group shale, and the Rocky Mountains.
History [ edit ]
In 2004, Devon was one of several companies in the petroleum industry for which shareholder resolutions were introduced that would have required the companies to monitor their effects on climate change.
In August 2008, co-founder John Nichols died.
In October 2012, the company completed construction of its current headquarters, the 50-story Devon Energy Center in Oklahoma City, Oklahoma and closed its office in the Allen Center in Downtown Houston.
In 2017, the company sold its Lavaca County assets in the Eagle Ford.
Acquisitions [ edit ]
|#||Year||Company||Price||Description of Assets||Ref(s).|
|1||1992||Hondo Oil and Gas||$122 million||Oil and gas reserves and seven natural gas processing plants|||
|2||1996||Kerr-McGee||$250 million||North American onshore oil and gas properties, 370,000 net acres of undeveloped drilling rights|||
|3||1998||Northstar Energy||$750 million||Oil and gas properties in Canada|||
|4||1999||PennzEnergy||$2.2 billion||Oil and gas properties in the Gulf Of Mexico|||
|5||2000||Santa Fe Snyder||$2.35 billion|||
|6||2001||Anderson Exploration||$4.6 billion||Canadian properties|||
|7||2002||Mitchell Energy||$3.5 billion||Properties in the Barnett Shale of Texas|||
|8||2003||Ocean Energy||$5.3 billion||Deepwater sites in the Gulf of Mexico|||
|9||2006||Chief Oil and Gas||$2.2 billion||Barnett Shale leasehold|||
|10||2014||GeoSouthern Energy||$6.1 billion||Eagle Ford assets|||
|11||2014||Crosstex Energy||Merger of midstream assets to form EnLink Midstream, LLC|||
|12||2015||Felix Energy||$2.5 billion||Assets in the Powder River Basin & Anadarko Basin|||
Political activity [ edit ]
Devon contributed over $1 million in each of the last 3 U.S. election cycles, almost entirely to organizations and individuals affiliated with the Republican Party. In 2016, the company contributed $750,000 to the Senate Leadership Fund, whose goal is to protect the Republican majority in the United States Senate. It also gave $500,000 to the Congressional Leadership Fund, whose goal is to protect the Republican majority in the United States House of Representatives.
Devon and its lobbyists have been noted to have close ties to government officials. In 2014, an investigation by The New York Times uncovered that a three-page letter signed by Scott Pruitt, then the Attorney General of Oklahoma, to the United States Environmental Protection Agency advocating for a relaxing of laws related to hydraulic fracturing was actually written by lobbyists for Devon Energy and not by Pruitt.
In 2015, a shareholder resolution was introduced that would have required the company to disclose its lobbying activity against regulations to prevent climate change. The resolution received votes of support by approximately 20% of shareholders.
References [ edit ]
- "Devon Energy Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Fortune 500: Devon Energy". Fortune.
- Miller, Stephen (August 9, 2008). "Former Accountant Worked to Build Devon Energy Into Industry Giant". The Wall Street Journal.
- "Devon Energy and Santa Fe Snyder Complete Merger" (Press release). U.S. Securities and Exchange Commission. August 29, 2000.
- Feder, Barnaby J. (February 27, 2004). "Funds Want Oil Companies To Report On Climate". The New York Times.
- "BP pays Devon Energy $7bn for Brazilian, Azeri, and Gulf of Mexico assets". The Daily Telegraph. Reuters. March 11, 2010.
- Pulsinelli, Olivia (October 11, 2012). "Devon Energy cutting 1,000 jobs, slashing dividend". American City Business Journals.
- "Devon Energy Completes Sale of Canadian Conventional Assets" (Press release). Business Wire. April 2, 2014.
- "LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy" (Press release). GlobeNewswire. June 30, 2014.
- "Devon Energy Completes Leadership Transition as Board of Directors Elects Dave Hager New President and CEO, Succeeding Retiring John Richels" (Press release). Business Wire. August 3, 2015.
- Wilmoth, Adam (February 16, 2016). "Devon Energy to lay off 700 in Oklahoma City". The Oklahoman.
- Baker, Max B. (February 17, 2016). "Devon Energy cutting 1,000 jobs, slashing dividend". Fort Worth Star Telegram.
- "Devon Energy Announces $340 Million of Non-Core Asset Sales" (Press release). Business Wire. July 31, 2017.
- "Devon Energy Completes Sale of Canadian Business" (Press release). Globe Newswire. June 27, 2019.
- "Hondo Oil Offer". The New York Times. February 29, 1992.
- Vandewater, Bob (January 1, 1997). "Devon Obtains Kerr-McGee Oil, Gas Properties". The Oklahoman.
- "Devon Energy and Northstar Energy to Combine: US$2 Billion Oil and Gas Company Would be Created" (Press release). U.S. Securities and Exchange Commission. June 29, 1998.
- "Devon Energy and PennzEnergy Announce Completion of Merger" (Press release). U.S. Securities and Exchange Commission. August 17, 1999.
- "Devon Energy to Acquire Anderson Exploration and Become North America's Largest Independent Producer of Oil and Natural Gas" (Press release). U.S. Securities and Exchange Commission. September 4, 2001.
- "Mitchell Energy & Development Corp acquired by Devon Energy Corp". TechCrunch.
- WILMOTH, ADAM (April 26, 2003). "Devon completes $5.3 billion merger with Ocean Energy; More than 98 percent approve companies' deal". The Oklahoman.
- "Devon acquiring Barnett shale acreage from Chief". Oil & Gas Journal. May 8, 2006.
- "Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern Energy" (Press release). Business Wire. February 28, 2014.
- "Devon Energy and Crosstex Energy to Create New Midstream Business" (Press release). Business Wire. October 21, 2013.
- "Devon Energy Sharpens Focus on Core Assets" (Press release). Business Wire. December 7, 2015.
- "Devon Energy: Total Contributions by Party of Recipient". Center for Responsive Politics.
- "Devon Energy: Profile for 2016 Election Cycle". Center for Responsive Politics.
- Lipton, Eric (December 6, 2014). "Energy Firms in Secretive Alliance With Attorneys General". The New York Times.
- Bogoslaw, David (January 11, 2016). "Shareholders ask oil producers for climate lobbying disclosure". Corporate Secretary.
[ edit ]
- Official website
- Business data for Devon Energy: