|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
|Products|| Petroleum |
Natural Gas Liquids
|500 thousand barrels of oil equivalent (3,100,000 GJ) per day (2018)|
Number of employees
Devon Energy Corporation is a company engaged in hydrocarbon exploration in North America. It is organized in Delaware and headquartered in the 50-story Devon Energy Center in Oklahoma City, Oklahoma.
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology.
North America is a continent entirely within the Northern Hemisphere and almost all within the Western Hemisphere; it is also considered by some to be a northern subcontinent of the Americas. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the west and south by the Pacific Ocean, and to the southeast by South America and the Caribbean Sea.
Delaware is one of the 50 states of the United States, in the South-Atlantic or Southern region. It is bordered to the south and west by Maryland, north by Pennsylvania, and east by New Jersey and the Atlantic Ocean. The state takes its name from Thomas West, 3rd Baron De La Warr, an English nobleman and Virginia's first colonial governor.
The company is ranked 213th on the Fortune 500.
As of December 31, 2018, the company had proved reserves of 1.927 billion barrels of oil equivalent (1.179×1010 GJ).
The barrel of oil equivalent (BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The BOE is used by oil and gas companies in their financial statements as a way of combining oil and natural gas reserves and production into a single measure, although this energy equivalence does not take into account the lower financial value of energy in the form of gas.
|Formation||Proved Reserves as of December 31, 2018|
(% of total)
(thousand barrels of oil equivalent per day)
|STACK Formation in Oklahoma||22%||125|
|Jackfish Heavy crude oil in Alberta, Canada||21%||117|
|Eagle Ford Group shale||3%||54|
Devon was founded in 1971 by John Nichols and his son, J. Larry Nichols.
John Larry Nichols is the co-founder and former chairman, president, and chief executive officer of Devon Energy.
In 1988, the company became a public company via an initial public offering.
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are freely traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be listed or unlisted.
Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors; an IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.
In August 2000, the company was added to the S&P 500 Index.
In August 2008, co-founder John Nichols died.
In March 2010, the company sold assets in Brazil, Azerbaijan, and the Gulf of Mexico to BP for $7 billion.
BP plc is a British multinational oil and gas company headquartered in London, United Kingdom. It is one of the world's seven oil and gas "supermajors", whose performance in 2012 made it the world's sixth-largest oil and gas company, the sixth-largest energy company by market capitalization and the company with the world's 12th-largest revenue (turnover). It is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It also has renewable energy interests in biofuels and wind power.
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 April 2014, the company sold its conventional assets in Canada to Canadian Natural Resources for C$3.125 billion.
In June 2014, the company sold assets to Linn Energy for $2.3 billion.
In August 2015, Dave Hager was named president and chief executive officer of the company.
In February 2016, Devon announced plans to lay off 1,000 employees, including 700 in Oklahoma City, and cut its dividend as part of a cost-cutting effort due to low prices of its products.
In 2017, the company sold its Lavaca County assets in the Eagle Ford.
|#||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|
Shareholders have introduced several resolutions that would require the company to monitor its effect on climate changeand to disclose its lobbying activity against regulations to prevent climate change.
In 2014, an investigation by The New York Times uncovered that a three-page letter from Oklahoma's Attorney General Scott Pruitt to the United States Environmental Protection Agency, bluntly accusing regulators of grossly overestimating the amount of air pollution caused by drilling of new natural gas wells, was actually written by an attorney for Devon. The investigation found that "attorneys general in at least a dozen states are working with energy companies and other corporate interests, which in turn are providing them with record amounts of money for their political campaigns, including at least $16 million this year."
Devon is a major contributor to political campaigns and organizations, 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.
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