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Devon Energy

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"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 Index component
IndustryPetroleum industry
Founded1971; 53 years ago (1971)
FounderJohn Nichols
J. Larry Nichols
HeadquartersDevon Energy Center
Oklahoma City, Oklahoma, United States
Key people
David A. Hager, CEO & President
Jeffrey L. Ritenour, CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
327 thousand barrels of oil equivalent (2,000,000 GJ) per day (2019)
RevenueDecrease $6.220 billion (2019)
Decrease -$0.355 billion (2019)
Total assetsDecrease $13.717 billion (2019)
Total equityDecrease $5.920 billion (2019)
Number of employees
1,800 (2019)
Websitewww.devonenergy.com
Footnotes / references
[1]

Devon Energy Corporation is an American energy company engaged in hydrocarbon exploration in the American market. 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 shale, and the Rocky Mountains.[1]

The company is ranked 297th on the Fortune 500.[2] In the 2019 Forbes Global 2000, Devon Energy was ranked as the 627th -largest public company in the world.[3]

As of December 31, 2019, the company had proved reserves of 757 million barrels of oil equivalent (4.63×109 GJ).[1]

History

Devon was founded in 1971 by John Nichols and his son, J. Larry Nichols.[4]

In 1988, the company became a public company via an initial public offering.[4]

In August 2000, the company was added to the S&P 500 Index.[5]

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.[6]

In August 2008, co-founder John Nichols died.[4]

In March 2010, the company sold assets in Brazil, Azerbaijan, and the Gulf of Mexico to BP for $7 billion.[7]

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.[8]

In April 2014, the company sold its conventional assets in Canada to Canadian Natural Resources for C$3.125 billion.[9]

In June 2014, the company sold assets to Linn Energy for $2.3 billion.[10]

In August 2015, Dave Hager was named president and chief executive officer of the company.[11]

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.[12][13]

In 2017, the company sold its Lavaca County assets in the Eagle Ford.[14]

In June 2019, the company sold its assets in Canada to Canadian Natural Resources for CAD $3.8 billion.[15][16]

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.[17]

On 28 September 2020 the company announced it will acquire WPX Energy, Inc. for $2.56 billion.[18]

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 [19]
2 1996 Kerr-McGee $250 million North American onshore oil and gas properties, 370,000 net acres of undeveloped drilling rights [20]
3 1998 Northstar Energy $750 million Oil and gas properties in Canada [21]
4 1999 PennzEnergy $2.2 billion Oil and gas properties in the Gulf Of Mexico [22]
5 2000 Santa Fe Snyder $2.35 billion [5]
6 2001 Anderson Exploration $4.6 billion Canadian properties [23]
7 2002 Mitchell Energy $3.5 billion Properties in the Barnett Shale of Texas [24]
8 2003 Ocean Energy $5.3 billion Deepwater sites in the Gulf of Mexico [25]
9 2006 Chief Oil and Gas $2.2 billion Barnett Shale leasehold [26]
10 2014 GeoSouthern Energy $6.1 billion Eagle Ford assets [27]
11 2014 Crosstex Energy Merger of midstream assets to form EnLink Midstream, LLC [28]
12 2015 Felix Energy $2.5 billion Assets in the Powder River Basin & Anadarko Basin [29]

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.[30] 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.[31]

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.[32]

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.[33]

References

  1. ^ a b c "Devon Energy Corporation 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Fortune 500: Devon Energy". Fortune.
  3. ^ "Forbes Global 2000". Retrieved 31 October 2020.
  4. ^ a b c Miller, Stephen (August 9, 2008). "Former Accountant Worked to Build Devon Energy Into Industry Giant". The Wall Street Journal.
  5. ^ a b "Devon Energy and Santa Fe Snyder Complete Merger" (Press release). U.S. Securities and Exchange Commission. August 29, 2000.
  6. ^ Feder, Barnaby J. (February 27, 2004). "Funds Want Oil Companies To Report On Climate". The New York Times.
  7. ^ "BP pays Devon Energy $7bn for Brazilian, Azeri, and Gulf of Mexico assets". The Daily Telegraph. Reuters. March 11, 2010.
  8. ^ Pulsinelli, Olivia (October 11, 2012). "Devon Energy cutting 1,000 jobs, slashing dividend". American City Business Journals.
  9. ^ "Devon Energy Completes Sale of Canadian Conventional Assets" (Press release). Business Wire. April 2, 2014.
  10. ^ "LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy" (Press release). GlobeNewswire. June 30, 2014.
  11. ^ "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.
  12. ^ Wilmoth, Adam (February 16, 2016). "Devon Energy to lay off 700 in Oklahoma City". The Oklahoman.
  13. ^ Baker, Max B. (February 17, 2016). "Devon Energy cutting 1,000 jobs, slashing dividend". Fort Worth Star Telegram.
  14. ^ "Devon Energy Announces $340 Million of Non-Core Asset Sales" (Press release). Business Wire. July 31, 2017.
  15. ^ "Devon Energy Completes Sale of Canadian Business" (Press release). Globe Newswire. June 27, 2019.
  16. ^ "Devon Energy Announces Final Step to Complete Transformation to U.S. Oil Growth Company" (Press release). Business Wire. February 19, 2019.
  17. ^ Chapa, Sergio (November 12, 2019). "Devon Energy one step away from capping blowout in DeWitt County". Houston Chronicle.
  18. ^ "Shale producer Devon Energy to buy peer WPX Energy for $2.56 billion". 2020-09-28. Retrieved 2020-09-28.
  19. ^ "Hondo Oil Offer". The New York Times. February 29, 1992.
  20. ^ Vandewater, Bob (January 1, 1997). "Devon Obtains Kerr-McGee Oil, Gas Properties". The Oklahoman.
  21. ^ "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.
  22. ^ "Devon Energy and PennzEnergy Announce Completion of Merger" (Press release). U.S. Securities and Exchange Commission. August 17, 1999.
  23. ^ "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.
  24. ^ "Mitchell Energy & Development Corp acquired by Devon Energy Corp". TechCrunch.
  25. ^ WILMOTH, ADAM (April 26, 2003). "Devon completes $5.3 billion merger with Ocean Energy; More than 98 percent approve companies' deal". The Oklahoman.
  26. ^ "Devon acquiring Barnett shale acreage from Chief". Oil & Gas Journal. May 8, 2006.
  27. ^ "Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern Energy" (Press release). Business Wire. February 28, 2014.
  28. ^ "Devon Energy and Crosstex Energy to Create New Midstream Business" (Press release). Business Wire. October 21, 2013.
  29. ^ "Devon Energy Sharpens Focus on Core Assets" (Press release). Business Wire. December 7, 2015.
  30. ^ "Devon Energy: Total Contributions by Party of Recipient". Center for Responsive Politics.
  31. ^ "Devon Energy: Profile for 2016 Election Cycle". Center for Responsive Politics.
  32. ^ Lipton, Eric (December 6, 2014). "Energy Firms in Secretive Alliance With Attorneys General". The New York Times.
  33. ^ Bogoslaw, David (January 11, 2016). "Shareholders ask oil producers for climate lobbying disclosure". Corporate Secretary.
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