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Devon Energy

{{Short description|American energy company}}

{{Redirect|Devon Corporation|the fictional company in the Pokémon games|Hoenn#Devon Corporation}}

{{Infobox company

| name = Devon Energy Corporation

| logo = Devon-Energy-Logo.svg

| type = Public

| traded_as = {{ubl|{{NYSE|DVN}}|S&P 500 component}}

| founded = {{Start date and age|1971}}

| founders = {{ubl|John Nichols|J. Larry Nichols}}

| hq_location = Devon Energy Center

| hq_location_city = Oklahoma City, Oklahoma

| hq_location_country = U.S.

| key_people = {{ubl|Clay Gaspar (CEO & president)|Jeffrey L. Ritenour (CFO)

}}

| industry = Petroleum industry

| products = Petroleum
Natural gas
Natural gas liquids

| production = {{convert|737|e3BOE|lk=in}} per day (2024)

| revenue = {{increase}} {{US$|15.9 billion|link=yes}} (2024)

| net_income = {{increase}} US$2.89 billion (2024)

| assets = {{increase}} US$30.5 billion (2024)

| equity = {{increase}} US$14.5 billion (2024)

| num_employees = 2,300 (2024)

| website = {{URL|devonenergy.com}}

| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1090012/000095017025022844/dvn-20241231.htm | title=Devon Energy Corporation 2024 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission | date=February 19, 2025}}

}}

Devon Energy Corporation is a company engaged in hydrocarbon exploration in the United States. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains (Williston Basin and Powder River Basin).

The company is ranked 267th on the Fortune 500{{cite web | url=https://fortune.com/company/devon-energy/fortune500/ | title=Fortune 500: Devon Energy | publisher=Fortune | url-access=subscription}} and 607th on the Forbes Global 2000.{{cite web |title=Forbes Global 2000 | url=https://www.forbes.com/companies/devon-energy/ | work=Forbes}}

As of December 31, 2024, the company had proved reserves of {{convert|2155|e6BOE|lk=in}}, of which 42% was petroleum, 29% was natural gas liquids, and 29% was natural gas.

History

Devon was founded in 1971 by John Nichols (1914-2008) and his son, J. Larry Nichols.{{cite news | url=https://www.wsj.com/articles/SB121824455241326449 | title=Former Accountant Worked to Build Devon Energy Into Industry Giant | first=Stephen | last=Miller | work=The Wall Street Journal | date=August 9, 2008 | url-access=subscription}} In 1988, the company became a public company via an initial public offering.

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.{{cite news | url=https://www.bizjournals.com/houston/news/2012/10/11/devon-energy-to-close-houston-office.html | title=Devon Energy to close Houston office, will affect 500 employees | first=Olivia | last=Pulsinelli | work=American City Business Journals | date=October 11, 2012 | url-access=subscription}}

In February 2016, Devon announced plans to lay off 1,000 employees, including 700 in Oklahoma City, and cut its quarterly dividend to $0.06 per share due to low prices of its products.{{cite news | url=https://newsok.com/article/5479257/devon-energy-to-lay-off-700-in-oklahoma-city? | title=Devon Energy to lay off 700 in Oklahoma City | first=Adam | last=Wilmoth | work=The Oklahoman | date=February 16, 2016}}{{cite news | title=Devon Energy cutting 1,000 jobs, slashing dividend | url=https://www.star-telegram.com/news/business/article60819026.html | first=Max B. | last=Baker | work=Fort Worth Star Telegram | date=February 17, 2016}} In 2021, it instituted a fixed plus variable dividend structure that resulted in a record high dividend.{{Cite press release | url=https://www.globenewswire.com/news-release/2021/05/04/2222801/0/en/Devon-Energy-Announces-Fixed-Plus-Variable-Dividend-for-Common-Stockholders.html | title=Devon Energy Announces Fixed-Plus-Variable Dividend for | publisher=GlobeNewswire | date=May 4, 2021}}

=Acquisitions=

class="wikitable sortable"
scope="col" | #

! scope="col" | Year

! scope="col" | Company

! scope="col" style="width:80px;"| Price

! scope="col" | Description of Assets

! scope="col" class="unsortable" | Ref(s).

1

| {{dts|1992|2}}

| Hondo Oil and Gas

| $122 million

| Oil and gas reserves and seven natural gas processing plants

| {{cite web | url=https://www.nytimes.com/1992/02/29/business/company-news-hondo-oil-offer.html | title=Hondo Oil Offer | agency=Bloomberg News | work=The New York Times | date=February 29, 1992 | url-access=limited}}

2

| {{dts|1996|1}}

| Kerr-McGee

| $250 million

| North American onshore oil and gas properties; 370,000 net acres of undeveloped drilling rights

| {{cite news | url=https://newsok.com/article/2569210/devon-obtains-kerr-mcgee-oil-gas-properties? | title=Devon Obtains Kerr-McGee Oil, Gas Properties | first=Bob | last=Vandewater | work=The Oklahoman | date=January 1, 1997}}

3

| {{dts|1998|7}}

| Northstar Energy

| $750 million

| Oil and gas properties in Canada

| {{cite news | url=https://www.ogj.com/general-interest/companies/article/17226383/devon-energy-to-acquire-canada39s-northstar | title=Devon Energy to acquire Canada's Northstar | work=Oil & Gas Journal | date=July 6, 1998}}

4

| {{dts|1999|8}}

| PennzEnergy

| $2.2 billion

| Oil and gas properties in the Gulf of Mexico

| {{cite press release | url=https://www.sec.gov/Archives/edgar/data/1090012/0000899243-99-001876.txt | title=Devon Energy and PennzEnergy Announce Completion of Merger | publisher=U.S. Securities and Exchange Commission | date=August 17, 1999}}

5

| {{dts|2000|5}}

| Santa Fe Snyder

| $3.35 billion

| Oil and gas properties in the Permian Basin, Rocky Mountains, and the Gulf of Mexico

| {{cite press release | url=https://www.sec.gov/Archives/edgar/data/1090012/000090933400000117/0000909334-00-000117-0002.txt | title=Devon Energy and Santa Fe Snyder Complete Merger | publisher=U.S. Securities and Exchange Commission | date=August 29, 2000}}{{cite news | url=https://www.ogj.com/general-interest/companies/article/17254270/devon-energy-to-acquire-santa-fe-snyder-in-335-billion-deal | title=Devon Energy to acquire Santa Fe Snyder in $3.35 billion deal | work=Oil & Gas Journal | date=May 26, 2000}}

6

| {{dts|2001|9}}

| Anderson Exploration

| $4.6 billion

| Oil and gas properties in Canada

| {{cite press release | url=https://www.sec.gov/Archives/edgar/data/311995/000095013401506404/d90696e425.htm | title=Devon Energy to Acquire Anderson Exploration and Become North America's Largest Independent Producer of Oil and Natural Gas | publisher=U.S. Securities and Exchange Commission | date=September 4, 2001}}

7

| {{dts|2002|8}}

| Mitchell Energy

| $3.1 billion

| Oil and gas properties in the Barnett Shale of Texas

| {{cite news |url=https://www.ogj.com/general-interest/companies/article/17260523/devon-to-buy-mitchell-energy-for-31-billion-boosting-gas-reserves |title=Devon to buy Mitchell Energy for $3.1 billion, boosting gas reserves| work=Oil & Gas Journal | date=August 14, 2001}}

8

| {{dts|2003|4}}

| Ocean Energy

| $5.3 billion

| Deepwater sites in the Gulf of Mexico

| {{cite news | url=https://newsok.com/article/1926626/devon-completes-53-billion-merger-with-ocean-energybrmore-than-98-percent-approve-companies-deal | title=Devon completes $5.3 billion merger with Ocean Energy; More than 98 percent approve companies' deal | first=Adam | last=Wilmoth | work=The Oklahoman | date=April 26, 2003}}

9

| {{dts|2006|5}}

| Chief Oil & Gas

| $2.2 billion

| Barnett Shale leaseholds

| {{cite news | url=https://www.ogj.com/articles/print/volume-104/issue-18/general-interest/company-news-devon-acquiring-barnett-shale-acreage-from-chief.html | title=Devon acquiring Barnett shale acreage from Chief | work=Oil & Gas Journal | date=May 8, 2006 | url-access=subscription}}

10

| {{dts|2014|2}}

| GeoSouthern Energy

| $6.1 billion

| Eagle Ford assets

| {{cite press release | url=https://www.businesswire.com/news/home/20140228005832/en/Devon-Energy-Completes-Acquisition-Eagle-Ford-Assets | title=Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern Energy | publisher=Business Wire | date=February 28, 2014}}

11

| {{dts|2014|10}}

| Crosstex Energy

|

| Merger of midstream assets to form EnLink Midstream, LLC

| {{cite press release | url=https://www.businesswire.com/news/home/20131021005763/en/Devon-Energy-Crosstex-Energy-Create-New-Midstream | title=Devon Energy and Crosstex Energy to Create New Midstream Business | publisher=Business Wire | date=October 21, 2013}}

12

| {{dts|2015|12}}

| Felix Energy

| $2.5 billion

| Oil and gas properties in the Powder River Basin and Anadarko Basin

| {{cite press release | url=https://www.businesswire.com/news/home/20151207005488/en/Devon-Energy-Sharpens-Focus-Core-Assets | title=Devon Energy Sharpens Focus on Core Assets | publisher=Business Wire | date=December 7, 2015}}

13

| {{dts|2021|1}}

| WPX Energy

| $2.56 billion

| Oil and gas properties in the Williston Basin and the Permian Basin

| {{cite press release | url=https://www.globenewswire.com/news-release/2021/01/07/2154994/0/en/Devon-Energy-and-WPX-Energy-Complete-Merger-of-Equals-Transaction.html | title=Devon Energy and WPX Energy Complete Merger of Equals Transaction | publisher=GlobeNewswire | date=January 7, 2021}}

14

| {{dts|2022|7}}

| RimRock Oil and Gas

| $865 million

| Williston Basin assets

| {{cite news |url=https://www.hartenergy.com/exclusives/devon-closes-865-million-cash-acquisition-rimrock-oil-and-gas-201276 | title=Devon Closes $865 Million Cash Acquisition of RimRock Oil and Gas | work=Hart Energy |date=July 21, 2022 | url-access=subscription}}

15

| {{dts|2022|9}}

| Validus Energy

| $1.8 billion

| Eagle Ford assets

| {{cite news |url=https://www.bloomberg.com/news/articles/2022-08-09/devon-to-buy-validus-for-1-8-billion-for-eagle-ford-shale-boost | title=Devon Inks $1.8 Billion Shale Deal to Expand in Eagle Ford |last=Casey | first=Simon | work=Bloomberg News |date=August 9, 2022 | url-access=subscription}}

16

| {{dts|2024|10}}

| Grayston Mill

| $5 billion

| Williston Basin assets

| {{cite press release |url=https://www.globenewswire.com/news-release/2024/09/27/2954702/0/en/devon-energy-completes-strategic-acquisition-in-the-williston-basin.html | title=Devon Energy Completes Strategic Acquisition in the Williston Basin | publisher=GlobeNewswire | date=September 27, 2024}}

=Divestitures=

class="wikitable sortable"
scope="col" | #

! scope="col" | Year

! scope="col" | Buyer

! scope="col" style="width:80px;"| Price

! scope="col" | Description of Assets

! scope="col" class="unsortable" | Ref(s).

1

| {{dts|2010|3}}

| BP

| $7 billion

| Assets in Brazil, Azerbaijan, and the Gulf of Mexico

| {{cite news | url=https://www.telegraph.co.uk/finance/newsbysector/epic/bpdot/7419419/BP-pays-Devon-Energy-7bn-for-Brazilian-Azeri-and-Gulf-of-Mexico-assets.html | title=BP pays Devon Energy $7bn for Brazilian, Azeri, and Gulf of Mexico assets | agency=Reuters | work=The Daily Telegraph | date=March 11, 2010}}

2

| {{dts|2014|4}}

| Canadian Natural Resources

| C$3.125 billion

| Conventional assets in Canada

| {{cite press release | url=https://www.businesswire.com/news/home/20140402005361/en/Devon-Energy-Completes-Sale-Canadian-Conventional-Assets | title=Devon Energy Completes Sale of Canadian Conventional Assets | publisher=Business Wire | date=April 2, 2014}}

3

| {{dts|2014|6}}

| Linn Energy

| $2.3 billion

| 900,000 net acres in the Rockies, Mid-Continent, east Texas, north Louisiana, and south Texas

| {{cite press release | url=https://www.globenewswire.com/news-release/2014/06/30/647595/10087503/en/LINN-Energy-Announces-2-3-Billion-Acquisition-of-Assets-from-Devon-Energy.html | title=LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy | publisher=GlobeNewswire | date=June 30, 2014}}{{Cite news | url=https://www.reuters.com/article/idUSL4N0PB3AR/ | title=Devon to sell oil and gas assets to Linn Energy for $2.3 bln | first=Anannya | last=Pramanick | work=Reuters | date=June 30, 2014}}

4

| {{dts|2017|7}}

| Penn Virginia

| $340 million

| Lavaca County assets in the Eagle Ford

| {{cite news | url=https://www.chron.com/business/eagle-ford-energy/article/Penn-Virginia-buys-Devon-s-Eagle-Ford-Shale-11721435.php | title=Penn Virginia buys Devon’s Eagle Ford Shale acreage | first=Jennifer | last=Hiller | work=Houston Chronicle | date=July 31, 2017}}{{cite press release | url=https://www.businesswire.com/news/home/20170731005336/en/Devon-Energy-Announces-340-Million-Non-Core-Asset | title=Devon Energy Announces $340 Million of Non-Core Asset Sales | publisher=Business Wire | date=July 31, 2017}}

5

| {{dts|2019|6}}

| Canadian Natural Resources

| C$3.8 billion

| Assets in Canada

| {{cite press release | url=https://www.globenewswire.com/news-release/2019/06/27/1875657/0/en/Devon-Energy-Completes-Sale-of-Canadian-Business.html | title=Devon Energy Completes Sale of Canadian Business | publisher=GlobeNewswire | date=June 27, 2019}}{{Cite press release | url=https://www.businesswire.com/news/home/20190219006005/en/Devon-Energy-Announces-Final-Step-Complete-Transformation|title=Devon Energy Announces Final Step to Complete Transformation to U.S. Oil Growth Company | publisher=Business Wire | date=February 19, 2019}}

6

| {{dts|2020|10}}

| Banpu Kalnin Ventures (BKV)

| $770 million

| Assets in the Barnett Shale

| {{cite press release | url=https://www.globenewswire.com/news-release/2020/10/02/2102692/0/en/Devon-Energy-Completes-Sale-of-Barnett-Shale-Assets.html | title=Devon Energy Completes Sale of Barnett Shale Assets | publisher=GlobeNewswire | date=October 2, 2020}}

=CEOs=

  • Larry Nichols (1980-2010)
  • John Richels (2010-2015)
  • Dave Hager (2015-2021){{cite press release | url=https://www.businesswire.com/news/home/20150803005201/en/Devon-Energy-Completes-Leadership-Transition-Board-Directors | title=Devon Energy Completes Leadership Transition as Board of Directors Elects Dave Hager New President and CEO, Succeeding Retiring John Richels | publisher=Business Wire | date=August 3, 2015}}
  • Rick Muncrief (2021-2025)
  • Clay Gaspar (2025-)

Political activity

File:Devon energy center.JPG in Oklahoma City, Oklahoma, the headquarters of Devon Energy.]]

Devon has contributed millions of dollars to politicians and political organizations, almost entirely to organizations and individuals affiliated with the Republican Party.{{cite web | url=https://www.opensecrets.org/orgs/totals.php?id=D000025483 | title=Devon Energy: Total Contributions by Party of Recipient | work=OpenSecrets}}

After agreeing with the Obama administration to install systems to control the illegal emission of hazardous chemicals, Devon backed out of such agreements during the first presidency of Donald Trump due to rollbacks of environmental regulations.{{Cite news | url=https://www.nytimes.com/2017/05/20/business/energy-environment/devon-energy.html | title=How Rollbacks at Scott Pruitt's E.P.A. Are a Boon to Oil | first1=Hiroko | last1=Tabuchi | first2=Eric |last2=Lipton | work=The New York Times | date=May 20, 2017 | url-access=limited}}

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.{{cite news | url=https://www.nytimes.com/2014/12/07/us/politics/energy-firms-in-secretive-alliance-with-attorneys-general.html | title=Energy Firms in Secretive Alliance With Attorneys General | first=Eric | last=Lipton | work=The New York Times | date=December 6, 2014 | url-access=limited}}

Environmental and legal issues

In November 2019, a blowout at a Devon natural gas well prompted authorities to seal off thousands of acres of land near the Eagle Ford Shale towns of Yorktown, Texas and Nordheim, Texas until the well was capped. It took 35 hours to get the issue under control.{{Cite news | url=https://www.chron.com/business/energy/article/Devon-Energy-one-step-away-from-capping-blowout-14826975.php | title=Devon Energy one step away from capping blowout in DeWitt County | last=Chapa | first=Sergio | work=Houston Chronicle | date=November 12, 2019}} The company paid $48,750 in fines for the incident.{{Cite news | url=https://www.victoriaadvocate.com/premium/state-fines-devon-energy-97-500-for-well-blowout-in-rural-dewitt-county/article_15f3fa62-e3ff-11eb-92c0-f7856f5a1369.html | title=State fines Devon Energy $97500 for well blowout in rural | work=The Victoria Advocate | date=July 17, 2021}}

In September 2021, the company agreed to pay $6.15 million to resolve allegations that it violated the False Claims Act of 1863 by underpaying and underreporting royalties for natural gas from federal lands in Wyoming and New Mexico.{{Cite press release | url=https://www.justice.gov/archives/opa/pr/devon-energy-companies-agree-pay-615-million-settle-false-claims-act-allegations-underpaying | title=Devon Energy Companies Agree to Pay $6.15 Million to Settle False Claims Act Allegations for Underpaying Royalties on Gas from Federal Lands | publisher=United States Department of Justice | date=September 27, 2021}}

References

{{reflist}}

External links

{{Portal|Oklahoma|Companies|Energy}}

  • {{Official website|https://www.devonenergy.com}}

{{Finance links

| name = Devon Energy Corporation

| google = DVN:NYSE

| reuters = DVN.N

| sec_cik = 1090012

| yahoo = DVN

}}

{{Oklahoma City companies}}

{{Authority control}}

Category:1971 establishments in Oklahoma

Category:Companies based in Oklahoma City

Category:Companies listed on the New York Stock Exchange

Category:Energy companies established in 1971

Category:Natural gas companies of the United States

Category:Non-renewable resource companies established in 1971

Category:Oil companies of the United States

Category:Petroleum in Oklahoma