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|Traded as||NYSE: DVN
S&P 500 Component
|Headquarters||Oklahoma City, Oklahoma|
|J. Larry Nichols, Executive Chairman
Dave Hager (CEO)
Natural Gas Liquids
|568 thousand barrels of oil equivalent (3,470,000 GJ) per day from retained assets|
|Revenue||US$12.197 billion (2016)|
|-US$2.895 billion (2016)|
|-US$3.302 billion (2016)|
|Total assets||US$25.913 billion (2016)|
|Total equity||US$10.375 billion (2016)|
Number of employees
|5,000, including 1,500 employed by EnLink (2015)|
Devon Energy Corporation is an independent natural gas, natural gas liquids, and petroleum producer focused on onshore exploration and production in North America. The company is headquartered in the 50-story Devon Energy Center, completed in 2012, in Oklahoma City, Oklahoma.
|Formation||Proved Reserves as of December 31, 2016
(% of total)
(thousand barrels of oil equivalent)
|Eagle Ford shale||4%||76|
|Heavy oil in Alberta, Canada||24%||134|
|STACK Formation in Oklahoma||19%||93|
Devon had 2,058 billion barrels of oil equivalent in total proved reserves as of December 31, 2016.
In 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 natural gas, natural gas liquids, and oil.
Mergers and 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|||
|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 change and to disclose its lobbying activity against regulations to prevent climate change.
The company is a member of the Western Energy Alliance, a lobbying group that represents oil and gas drillers.
In 2014, an investigation by the New York Times uncovered that a three-page letter from Oklahoma's Attorney General Scott Pruitt to the U.S. 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."
In 2015, Devon CEO J. Larry Nichols agreed to lead the energy steering committee of Florida Senator Marco Rubio. Nichols stated that "excessive regulation squashes" energy innovation. Nichols also made a $50,000 contribution to the super PAC supporting Marco Rubio.
Awards and recognition
- Devon Energy Corporation 2016 Form 10-K Annual Report
- "Devon Energy #216". Fortune Magazine.
- Baker, Max B. (17 February 2016). "Devon Energy cutting 1,000 jobs, slashing dividend". Fort Worth Star Telegram. Retrieved 20 February 2016.
- Devon Energy: History
- "Devon Energy and Santa Fe Snyder Complete Merger" (Press release). PRNewswire. August 29, 2000.
- Pulsinelli, Olivia (October 11, 2012). "Devon Energy cutting 1,000 jobs, slashing dividend". Houston Business Journal.
- Wilmoth, Adam (February 16, 2016). "Devon Energy to lay off 700 in Oklahoma City". NewsOK. Retrieved February 17, 2016.
- "Hondo Oil Offer". New York Times. February 29, 1992.
- "Devon Energy and Kerr-McGee transaction completed". Alexander's Gas & Oil Connections. December 31, 1996.
- "Devon Energy and Northstar Energy to Combine: US$2 Billion Oil and Gas Company Would be Created" (Press release). PRNewswire. June 29, 1998.
- "Devon Energy and PennzEnergy Announce Completion of Merger" (Press release). PRNewswire. August 17, 1999.
- "Devon Energy to Acquire Anderson Exploration and Become North America's Largest Independent Producer of Oil and Natural Gas" (Press release). PRNewswire. September 4, 2001.
- "Devon Energy Completes Acquisition of Mitchell Energy" (Press release). PRNewswire. January 24, 2002.
- "Devon Energy and Ocean Energy Complete Merger; Creating Largest U.S. Independent Oil and Gas Producer" (Press release). PRNewswire. April 25, 2003.
- "Devon Energy Completes Acquisition of Chief Holdings; Boosts Activity in the Barnett Shale" (Press release). PRNewswire. June 29, 2006.
- "Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern Energy" (Press release). PRNewswire. 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.
- "What is Natural Gas STAR?" (PDF). Environmental Protection Agency. October 2011.
- Feder, Barnaby J. (27 February 2004), "Funds Want Oil Companies To Report On Climate", New York Times, retrieved 21 March 2015
- "Shareholders ask oil producers for climate lobbying disclosure". Corporate Secretary. January 11, 2016.
- "Western Energy Alliance".
- Choma, Russ (7 October 2014). "Super JFC Donors Emerge in Third Quarter". Open Secrets. Retrieved 23 October 2014.
- Lipton, Eric (6 December 2014). "Energy Firms in Secretive Alliance With Attorneys General". The New York Times. Retrieved 20 February 2016.
- "Fracking Pioneer Agrees to Guide Energy Policy for Rubio". Bloomberg L.P. February 22, 2016.
- "Devon Energy". Fortune Magazine.
- Burke, Robert. Deals, Deals, and More Deals: The Life of John W. Nichols. Oklahoma Heritage Association. 2004.