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| image_caption = The [[Devon Energy Center]] in [[Oklahoma City]], [[Oklahoma]], the headquarters of Devon Energy.
| image_caption = The [[Devon Energy Center]] in [[Oklahoma City]], [[Oklahoma]], the headquarters of Devon Energy.
| type = [[Public company]]
| type = [[Public company]]
| traded_as = {{New York Stock Exchange|DVN}}<br />[[S&P 500]] component
| traded_as = {{New York Stock Exchange|DVN}}<br>[[S&P 500]] component
| foundation = {{Start date|1971}}
| foundation = {{Start date and age|1971}}
| founder = John Nichols<br />[[J. Larry Nichols]]
| founder = John Nichols<br>[[J. Larry Nichols]]
| hq_location = [[Devon Energy Center]]
| hq_location = [[Devon Energy Center]]
| hq_location_city = [[Oklahoma City]], [[Oklahoma]]
| hq_location_city = [[Oklahoma City]], [[Oklahoma]]
| hq_location_country = [[United States]]
| hq_location_country = [[United States]]
| key_people = Rick Muncrief, [[CEO]] & [[President (corporate title)|President]]<br />Jeffrey L. Ritenour, [[CFO]]
| key_people = Rick Muncrief, [[CEO]] & [[President (corporate title)|President]]<br>Jeffrey L. Ritenour, [[CFO]]
| industry = [[Petroleum industry]]
| industry = [[Petroleum industry]]
| products = [[Petroleum]]<br />[[Natural gas]]<br />[[Natural gas liquids]]
| products = [[Petroleum]]<br>[[Natural gas]]<br>[[Natural gas liquids]]
| production = {{convert|572|e3BOE|lk=in}} per day (2021)
| production = {{convert|658|e3BOE|lk=in}} per day (2023)
| revenue = {{increase}} $12.206 billion (2021)
| revenue = {{decrease}} $15.258 billion (2023)
| net_income = {{increase}} $2.808 billion (2021)
| net_income = {{decrease}} $3.747 billion (2023)
| assets = {{increase}} $21.025 billion (2021)
| assets = {{increase}} $24.490 billion (2023)
| equity = {{increase}} $9.399 billion (2021)
| equity = {{increase}} $12.061 billion (2023)
| num_employees = 1,600 (2021)
| num_employees = 1,900 (2023)
| homepage = {{URL|https://www.devonenergy.com/}}
| homepage = {{URL|https://www.devonenergy.com/}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001090012/000156459022005321/dvn-10k_20211231.htm | title=Devon Energy Corporation 2021 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1090012/000095017024021781/dvn-20231231.htm | title=Devon Energy Corporation 2023 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]] | date=February 28, 2024}}</ref>
}}
}}


'''Devon Energy Corporation''' is an energy company engaged in [[hydrocarbon exploration]] in the United States. It is organized in [[Delaware]] and its corporate operative headquarters are in the 50-story [[Devon Energy Center (Oklahoma City)|Devon Energy Center]] in [[Oklahoma City]], [[Oklahoma]]. Its primary operations are in the [[Barnett Shale]] STACK formation in [[Oklahoma]], [[Delaware Basin]], [[Eagle Ford Group]], and the [[Rocky Mountains]].<ref name=10K/>
'''Devon Energy Corporation''' is an energy company engaged in [[hydrocarbon exploration]] in the United States. It is organized in [[Delaware]] and its corporate operative headquarters are in the 50-story [[Devon Energy Center (Oklahoma City)|Devon Energy Center]] in [[Oklahoma City]], [[Oklahoma]]. Its primary operations are in the [[Barnett Shale]] STACK formation in [[Oklahoma]], [[Delaware Basin]], [[Eagle Ford Group]], and the [[Rocky Mountains]].<ref name=10K/>


In 2023 the company ranked 216th on the [[Fortune 500]]<ref>{{cite web | url=https://fortune.com/company/devon-energy/fortune500/ | title=Fortune 500: Devon Energy | publisher=[[Fortune (magazine)|Fortune]]}}</ref> and 445th on the [[Forbes Global 2000]].<ref>{{cite web |title=Forbes Global 2000 | url=https://www.forbes.com/companies/devon-energy/ | work=[[Forbes]]}}</ref>
In 2023, the company was ranked 216th on the [[Fortune 500]]<ref>{{cite web | url=https://fortune.com/company/devon-energy/fortune500/ | title=Fortune 500: Devon Energy | publisher=[[Fortune (magazine)|Fortune]] | url-access=subscription}}</ref> and 445th on the [[Forbes Global 2000]].<ref>{{cite web |title=Forbes Global 2000 | url=https://www.forbes.com/companies/devon-energy/ | work=[[Forbes]]}}</ref>


As of December 31, 2021, the company had proved reserves of {{convert|1625|e6BOE|lk=in}}, of which 44% was [[petroleum]], 27% was [[natural gas liquids]], and 29% was [[natural gas]].<ref name=10K/>
As of December 31, 2023, the company had proved reserves of {{convert|1817|e6BOE|lk=in}}, of which 43% was [[petroleum]], 28% was [[natural gas liquids]], and 29% was [[natural gas]].<ref name=10K/>


==History==
==History==
Devon was founded in 1971 by John Nichols and his son, [[J. Larry Nichols]].<ref name=acct/> In 1988, the company became a [[public company]] via an [[initial public offering]].<ref name=acct/>
Devon was founded in 1971 by John Nichols (1914-2008) and his son, [[J. Larry Nichols]].<ref name=acct>{{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}}</ref> In 1988, the company became a [[public company]] via an [[initial public offering]].<ref name=acct/>
In August 2000, the company was added to the [[S&P 500]].<ref name=santafe>{{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}}</ref> In 2004, Devon was one of several companies in the [[petroleum industry]] for which [[shareholder resolution]]s were introduced that would have required the companies to monitor their effects on [[climate change]].<ref>{{cite news | url=https://www.nytimes.com/2004/02/27/business/funds-want-oil-companies-to-report-on-climate.html | title=Funds Want Oil Companies To Report On Climate | first=Barnaby J. | last=Feder | work=[[The New York Times]] | date=February 27, 2004 | url-access=subscription}}</ref> In August 2008, co-founder John Nichols died.<ref name=acct>{{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}}</ref>


In March 2010, the company sold assets in Brazil, Azerbaijan, and the Gulf of Mexico to [[BP]] for $7 billion.<ref>{{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]] | publisher=[[The Daily Telegraph]] | date=March 11, 2010}}</ref> In October 2012, the company completed construction of its current headquarters, the 50-story [[Devon Energy Center (Oklahoma City)|Devon Energy Center]] in [[Oklahoma City]], [[Oklahoma]] and closed its office in the [[Allen Center]] in [[Downtown Houston]].<ref>{{cite news | url=https://www.bizjournals.com/houston/news/2012/10/11/devon-energy-to-close-houston-office.html | title=Devon Energy cutting 1,000 jobs, slashing dividend | first=Olivia | last=Pulsinelli | work=[[American City Business Journals]] | date=October 11, 2012}}</ref> In April 2014, the company sold its conventional assets in Canada to [[Canadian Natural Resources]] for C$3.125 billion.<ref>{{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}}</ref> In June 2014, the company sold assets to [[Linn Energy]] for $2.3 billion.<ref>{{cite press release | url=https://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}}</ref>
In October 2012, the company completed construction of its current headquarters, the 50-story [[Devon Energy Center (Oklahoma City)|Devon Energy Center]] in [[Oklahoma City]], [[Oklahoma]] and closed its office in the [[Allen Center]] in [[Downtown Houston]].<ref>{{cite news | url=https://www.bizjournals.com/houston/news/2012/10/11/devon-energy-to-close-houston-office.html | title=Devon Energy cutting 1,000 jobs, slashing dividend | first=Olivia | last=Pulsinelli | work=[[American City Business Journals]] | date=October 11, 2012 | url-access=subscription}}</ref>


In August 2015, Dave Hager was named [[President (corporate title)|president]] and [[chief executive officer]] of the company.<ref>{{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}}</ref>
In August 2015, Dave Hager was named [[President (corporate title)|president]] and [[chief executive officer]] of the company.<ref>{{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 }}</ref> 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.<ref>{{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}}</ref><ref>{{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}}</ref> In 2017, the company sold its Lavaca County assets in the Eagle Ford.<ref>{{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}}</ref> In June 2019, the company sold its assets in Canada to [[Canadian Natural Resources]] for CAD $3.8 billion.<ref>{{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=[[Globe Newswire]] | date=June 27, 2019}}</ref><ref>{{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}}</ref> In November 2019, the company almost capped a blowout at a natural gas well, which prompted authorities to seal off thousands of acres of land near the Eagle Ford Shale towns of Yorktown and Nordheim. Crews were able to install a capping stack on the well to reduce natural gas flowing from the well.<ref>{{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}}</ref>


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.<ref>{{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}}</ref><ref>{{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}}</ref>
⚫
===Acquisitions===


In November 2019, the company almost capped a blowout at a natural gas well, which prompted authorities to seal off thousands of acres of land near the Eagle Ford Shale towns of Yorktown and Nordheim. Crews were able to install a capping stack on the well to reduce natural gas flowing from the well.<ref>{{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}}</ref>

⚫
===Acquisitions===
{| class="wikitable sortable"
{| class="wikitable sortable"
|-
|-
Line 56: Line 58:
| $122 million
| $122 million
| Oil and gas reserves and seven natural gas processing plants
| Oil and gas reserves and seven natural gas processing plants
| <ref>{{cite web | url=https://www.nytimes.com/1992/02/29/business/company-news-hondo-oil-offer.html | title=Hondo Oil Offer | work=[[The New York Times]] | date=February 29, 1992}}</ref>
| <ref>{{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}}</ref>
|-
|-
| 2
| 2
Line 70: Line 72:
| $750 million
| $750 million
| Oil and gas properties in Canada
| Oil and gas properties in Canada
| <ref>{{cite press release | url=https://sec.report/Document/0000837330-98-000024 | title=Devon Energy and Northstar Energy to Combine: US$2 Billion Oil and Gas Company Would be Created | publisher=[[U.S. Securities and Exchange Commission]] | date=June 29, 1998}}</ref>
| <ref>{{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}}</ref>
|-
|-
| 4
| 4
Line 84: Line 86:
| $3.35 billion
| $3.35 billion
| Oil and gas properties in the [[Permian Basin (North America)|Permian Basin]], Rocky Mountains, and the Gulf of Mexico
| Oil and gas properties in the [[Permian Basin (North America)|Permian Basin]], Rocky Mountains, and the Gulf of Mexico
| <ref name=santafe/><ref>{{cite news|title=Devon Energy to acquire Santa Fe Snyder in $3.35 billion deal|work=Oil & Gas Journal|date=May 26, 2000|access-date=August 9, 2022|url=https://www.ogj.com/general-interest/companies/article/17254270/devon-energy-to-acquire-santa-fe-snyder-in-335-billion-deal}}</ref>
| <ref name=santafe>{{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}}</ref><ref>{{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}}</ref>
|-
|-
| 6
| 6
Line 98: Line 100:
| $3.1 billion
| $3.1 billion
| Oil and gas properties in the [[Barnett Shale]] of Texas
| Oil and gas properties in the [[Barnett Shale]] of Texas
| <ref>{{cite news|title=Devon to buy Mitchell Energy for $3.1 billion, boosting gas reserves|work=Oil & Gas Journal|date=August 14, 2001|access-date=August 9, 2022|url=https://www.ogj.com/general-interest/companies/article/17260523/devon-to-buy-mitchell-energy-for-31-billion-boosting-gas-reserves}}</ref>
| <ref>{{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}}</ref>
|-
|-
| 8
| 8
Line 105: Line 107:
| $5.3 billion
| $5.3 billion
| Deepwater sites in the Gulf of Mexico
| Deepwater sites in the Gulf of Mexico
| <ref>{{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}}</ref>
| <ref>{{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}}</ref>
|-
|-
| 9
| 9
Line 136: Line 138:
|-
|-
| 13
| 13
| {{dts|2021}}
| {{dts|2021|01}}
| [[WPX Energy]]
| [[WPX Energy]]
| $2.56 billion
| $2.56 billion
| Oil and gas properties in the [[Williston Basin]] and the Permian Basin
| Oil and gas properties in the [[Williston Basin]] and the Permian Basin
| <ref>{{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=[[Globe Newswire]] | date=January 7, 2021}}</ref>
| <ref>{{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}}</ref>
|-
|-
| 14
| 14
| {{dts|2022}}
| {{dts|2022|07}}
| RimRock Oil and Gas
| $865 million
| Williston Basin assets
| <ref>{{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}}</ref>
|-
| 15
| {{dts|2022|09}}
| Validus Energy
| Validus Energy
| $1.8 billion
| $1.8 billion
| Eagle Ford assets
| Eagle Ford assets
| <ref>{{cite news|last=Casey|first=Simon|title=Devon Inks $1.8 Billion Shale Deal to Expand in Eagle Ford|work=Bloomberg|date=August 9, 2022|access-date=August 9, 2022|url=https://www.bloomberg.com/news/articles/2022-08-09/devon-to-buy-validus-for-1-8-billion-for-eagle-ford-shale-boost}}</ref>
| <ref>{{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}}</ref>
|}
|}


===Divestitures===
⚫
==Political activity==
{| class="wikitable sortable"
⚫
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 (United States)|Republican Party]].<ref>{{cite web | url=https://www.opensecrets.org/orgs/totals.php?id=D000025483&cycle=2016 | title=Devon Energy: Total Contributions by Party of Recipient | publisher=[[OpenSecrets]]}}</ref> 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]].<ref>{{cite web | url=https://www.opensecrets.org/orgs/summary.php?id=D000025483 | title=Devon Energy: Profile for 2016 Election Cycle | publisher=[[OpenSecrets]]}}</ref>
|-
! 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|03}}
| [[BP]]
| $7 billion
| Assets in Brazil, Azerbaijan, and the Gulf of Mexico
| <ref>{{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}}</ref>
|-
| 2
| {{dts|2014|04}}
| [[Canadian Natural Resources]]
| C$3.125 billion
| Conventional assets in Canada
| <ref>{{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}}</ref>
|-
| 3
| {{dts|2014|06}}
| [[Linn Energy]]
| $2.3 billion
| 900,000 net acres in the Rockies, Mid-Continent, east Texas, north Louisiana, and south Texas
| <ref>{{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}}</ref><ref>{{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}}</ref>
|-
| 4
| {{dts|2017|07}}
| [[Penn Virginia]]
| $340 million
| Lavaca County assets in the Eagle Ford
| <ref>{{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}}</ref><ref>{{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}}</ref>
|-
| 5
| {{dts|2019|06}}
| [[Canadian Natural Resources]]
| CAD $3.8 billion
| Assets in Canada
| <ref>{{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}}</ref><ref>{{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}}</ref>
|}


⚫
==Political activity==
⚫
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.<ref>{{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=subscription}}</ref>
⚫
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 (United States)|Republican Party]].<ref>{{cite web | url=https://www.opensecrets.org/orgs/totals.php?id=D000025483&cycle=2016 | title=Devon Energy: Total Contributions by Party of Recipient | work=[[OpenSecrets]]}}</ref> 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]].<ref>{{cite web | url=https://www.opensecrets.org/orgs/summary.php?id=D000025483 | title=Devon Energy: Profile for 2016 Election Cycle | work=[[OpenSecrets]]}}</ref>


⚫
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.<ref>{{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}}</ref>
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.<ref>{{cite web | url=https://www.corporatesecretary.com/articles/shareholders/30282/shareholders-ask-oil-producers-climate-lobbying-disclosure | title=Shareholders ask oil producers for climate lobbying disclosure | first=David | last=Bogoslaw | work=[[Corporate Secretary]] | date=January 11, 2016}}</ref>


==References==
==References==
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| yahoo = DVN
| bloomberg = DVN:US
| bloomberg = DVN:US
| symbol = DVN
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| sec_cik = DVN
| sec_cik = DVN
| nasdaq = DVN
}}
}}
{{Oklahoma City companies}}
{{Oklahoma City companies}}

Revision as of 17:43, 25 June 2024

"Devon Corporation" redirects here. For the fictional company in the Pokémon games, see Hoenn § Devon Corporation.
Devon Energy Corporation
Company typePublic company
NYSE: DVN
S&P 500 component
IndustryPetroleum industry
Founded1971; 53 years ago (1971)
FounderJohn Nichols
J. Larry Nichols
HeadquartersDevon Energy Center,
Oklahoma City, Oklahoma
,
United States
Key people
Rick Muncrief, CEO & President
Jeffrey L. Ritenour, CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
658 thousand barrels of oil equivalent (4,030,000 GJ) per day (2023)
RevenueDecrease $15.258 billion (2023)
Decrease $3.747 billion (2023)
Total assetsIncrease $24.490 billion (2023)
Total equityIncrease $12.061 billion (2023)
Number of employees
1,900 (2023)
Websitewww.devonenergy.com
Footnotes / references
[1]

Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale STACK formation in Oklahoma, Delaware Basin, Eagle Ford Group, and the Rocky Mountains.[1]

In 2023, the company was ranked 216th on the Fortune 500[2] and 445th on the Forbes Global 2000.[3]

As of December 31, 2023, the company had proved reserves of 1,817 million barrels of oil equivalent (1.112×1010 GJ), of which 43% was petroleum, 28% was natural gas liquids, and 29% was natural gas.[1]

History

Devon was founded in 1971 by John Nichols (1914-2008) and his son, J. Larry Nichols.[4] In 1988, the company became a public company via an initial public offering.[4]

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.[5]

In August 2015, Dave Hager was named president and chief executive officer of the company.[6]

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.[7][8]

In November 2019, the company almost capped a blowout at a natural gas well, which prompted authorities to seal off thousands of acres of land near the Eagle Ford Shale towns of Yorktown and Nordheim. Crews were able to install a capping stack on the well to reduce natural gas flowing from the well.[9]

Acquisitions

# 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 [10]
2 1996 Kerr-McGee $250 million North American onshore oil and gas properties; 370,000 net acres of undeveloped drilling rights [11]
3 1998 Northstar Energy $750 million Oil and gas properties in Canada [12]
4 1999 PennzEnergy $2.2 billion Oil and gas properties in the Gulf of Mexico [13]
5 2000 Santa Fe Snyder $3.35 billion Oil and gas properties in the Permian Basin, Rocky Mountains, and the Gulf of Mexico [14][15]
6 2001 Anderson Exploration $4.6 billion Oil and gas properties in Canada [16]
7 2002 Mitchell Energy $3.1 billion Oil and gas properties in the Barnett Shale of Texas [17]
8 2003 Ocean Energy $5.3 billion Deepwater sites in the Gulf of Mexico [18]
9 2006 Chief Oil and Gas $2.2 billion Barnett Shale leaseholds [19]
10 2014 GeoSouthern Energy $6.1 billion Eagle Ford assets [20]
11 2014 Crosstex Energy Merger of midstream assets to form EnLink Midstream, LLC [21]
12 2015 Felix Energy $2.5 billion Oil and gas properties in the Powder River Basin and Anadarko Basin [22]
13 January 2021 WPX Energy $2.56 billion Oil and gas properties in the Williston Basin and the Permian Basin [23]
14 July 2022 RimRock Oil and Gas $865 million Williston Basin assets [24]
15 September 2022 Validus Energy $1.8 billion Eagle Ford assets [25]

Divestitures

# Year Buyer Price Description of Assets Ref(s).
1 March 2010 BP $7 billion Assets in Brazil, Azerbaijan, and the Gulf of Mexico [26]
2 April 2014 Canadian Natural Resources C$3.125 billion Conventional assets in Canada [27]
3 June 2014 Linn Energy $2.3 billion 900,000 net acres in the Rockies, Mid-Continent, east Texas, north Louisiana, and south Texas [28][29]
4 July 2017 Penn Virginia $340 million Lavaca County assets in the Eagle Ford [30][31]
5 June 2019 Canadian Natural Resources CAD $3.8 billion Assets in Canada [32][33]

Political activity

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.[34] 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.[35]

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.[36]

References

  1. ^ a b c "Devon Energy Corporation 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 28, 2024.
  2. ^ "Fortune 500: Devon Energy". Fortune.
  3. ^ "Forbes Global 2000". Forbes.
  4. ^ a b Miller, Stephen (August 9, 2008). "Former Accountant Worked to Build Devon Energy Into Industry Giant". The Wall Street Journal.
  5. ^ Pulsinelli, Olivia (October 11, 2012). "Devon Energy cutting 1,000 jobs, slashing dividend". American City Business Journals.
  6. ^ "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.
  7. ^ Wilmoth, Adam (February 16, 2016). "Devon Energy to lay off 700 in Oklahoma City". The Oklahoman.
  8. ^ Baker, Max B. (February 17, 2016). "Devon Energy cutting 1,000 jobs, slashing dividend". Fort Worth Star Telegram.
  9. ^ Chapa, Sergio (November 12, 2019). "Devon Energy one step away from capping blowout in DeWitt County". Houston Chronicle.
  10. ^ "Hondo Oil Offer". The New York Times. Bloomberg News. February 29, 1992.
  11. ^ Vandewater, Bob (January 1, 1997). "Devon Obtains Kerr-McGee Oil, Gas Properties". The Oklahoman.
  12. ^ "Devon Energy to acquire Canada's Northstar". Oil & Gas Journal. July 6, 1998.
  13. ^ "Devon Energy and PennzEnergy Announce Completion of Merger" (Press release). U.S. Securities and Exchange Commission. August 17, 1999.
  14. ^ "Devon Energy and Santa Fe Snyder Complete Merger" (Press release). U.S. Securities and Exchange Commission. August 29, 2000.
  15. ^ "Devon Energy to acquire Santa Fe Snyder in $3.35 billion deal". Oil & Gas Journal. May 26, 2000.
  16. ^ "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.
  17. ^ "Devon to buy Mitchell Energy for $3.1 billion, boosting gas reserves". Oil & Gas Journal. August 14, 2001.
  18. ^ Wilmoth, Adam (April 26, 2003). "Devon completes $5.3 billion merger with Ocean Energy; More than 98 percent approve companies' deal". The Oklahoman.
  19. ^ "Devon acquiring Barnett shale acreage from Chief". Oil & Gas Journal. May 8, 2006.
  20. ^ "Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern Energy" (Press release). Business Wire. February 28, 2014.
  21. ^ "Devon Energy and Crosstex Energy to Create New Midstream Business" (Press release). Business Wire. October 21, 2013.
  22. ^ "Devon Energy Sharpens Focus on Core Assets" (Press release). Business Wire. December 7, 2015.
  23. ^ "Devon Energy and WPX Energy Complete Merger of Equals Transaction" (Press release). GlobeNewswire. January 7, 2021.
  24. ^ "Devon Closes $865 Million Cash Acquisition of RimRock Oil and Gas". Hart Energy. July 21, 2022.
  25. ^ Casey, Simon (August 9, 2022). "Devon Inks $1.8 Billion Shale Deal to Expand in Eagle Ford". Bloomberg News.
  26. ^ "BP pays Devon Energy $7bn for Brazilian, Azeri, and Gulf of Mexico assets". The Daily Telegraph. Reuters. March 11, 2010.
  27. ^ "Devon Energy Completes Sale of Canadian Conventional Assets" (Press release). Business Wire. April 2, 2014.
  28. ^ "LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy" (Press release). GlobeNewswire. June 30, 2014.
  29. ^ Pramanick, Anannya (June 30, 2014). "Devon to sell oil and gas assets to Linn Energy for $2.3 bln". Reuters.
  30. ^ Hiller, Jennifer (July 31, 2017). "Penn Virginia buys Devon's Eagle Ford Shale acreage". Houston Chronicle.
  31. ^ "Devon Energy Announces $340 Million of Non-Core Asset Sales" (Press release). Business Wire. July 31, 2017.
  32. ^ "Devon Energy Completes Sale of Canadian Business" (Press release). GlobeNewswire. June 27, 2019.
  33. ^ "Devon Energy Announces Final Step to Complete Transformation to U.S. Oil Growth Company" (Press release). Business Wire. February 19, 2019.
  34. ^ "Devon Energy: Total Contributions by Party of Recipient". OpenSecrets.
  35. ^ "Devon Energy: Profile for 2016 Election Cycle". OpenSecrets.
  36. ^ Lipton, Eric (December 6, 2014). "Energy Firms in Secretive Alliance With Attorneys General". The New York Times.
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