Devon Energy

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Template:Short description Script error: No such module "redirect hatnote". Script error: No such module "Infobox".Template:Template otherTemplate:Main otherScript error: No such module "Check for clobbered parameters".Script error: No such module "Check for unknown parameters". 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).[1]

The company is ranked 267th on the Fortune 500[2] and 607th on the Forbes Global 2000.[3]

As of December 31, 2024, the company had proved reserves of Template:Convert, of which 42% was petroleum, 29% 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 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.[6][7] In 2021, it instituted a fixed plus variable dividend structure that resulted in a record high dividend.[8]

Acquisitions

# Year Company Price Description of Assets Ref(s).
1 Template:Dts Hondo Oil and Gas $122 million Oil and gas reserves and seven natural gas processing plants [9]
2 Template:Dts Kerr-McGee $250 million North American onshore oil and gas properties; 370,000 net acres of undeveloped drilling rights [10]
3 Template:Dts Northstar Energy $750 million Oil and gas properties in Canada [11]
4 Template:Dts PennzEnergy $2.2 billion Oil and gas properties in the Gulf of Mexico [12]
5 Template:Dts Santa Fe Snyder $3.35 billion Oil and gas properties in the Permian Basin, Rocky Mountains, and the Gulf of Mexico [13][14]
6 Template:Dts Anderson Exploration $4.6 billion Oil and gas properties in Canada [15]
7 Template:Dts Mitchell Energy $3.1 billion Oil and gas properties in the Barnett Shale of Texas [16]
8 Template:Dts Ocean Energy $5.3 billion Deepwater sites in the Gulf of Mexico [17]
9 Template:Dts Chief Oil & Gas $2.2 billion Barnett Shale leaseholds [18]
10 Template:Dts GeoSouthern Energy $6.1 billion Eagle Ford assets [19]
11 Template:Dts Crosstex Energy Merger of midstream assets to form EnLink Midstream, LLC [20]
12 Template:Dts Felix Energy $2.5 billion Oil and gas properties in the Powder River Basin and Anadarko Basin [21]
13 Template:Dts WPX Energy $2.56 billion Oil and gas properties in the Williston Basin and the Permian Basin [22]
14 Template:Dts RimRock Oil and Gas $865 million Williston Basin assets [23]
15 Template:Dts Validus Energy $1.8 billion Eagle Ford assets [24]
16 Template:Dts Grayston Mill $5 billion Williston Basin assets [25]

Divestitures

# Year Buyer Price Description of Assets Ref(s).
1 Template:Dts BP $7 billion Assets in Brazil, Azerbaijan, and the Gulf of Mexico [26]
2 Template:Dts Canadian Natural Resources C$3.125 billion Conventional assets in Canada [27]
3 Template:Dts Linn Energy $2.3 billion 900,000 net acres in the Rockies, Mid-Continent, east Texas, north Louisiana, and south Texas [28][29]
4 Template:Dts Penn Virginia $340 million Lavaca County assets in the Eagle Ford [30][31]
5 Template:Dts Canadian Natural Resources C$3.8 billion Assets in Canada [32][33]
6 Template:Dts Banpu Kalnin Ventures (BKV) $770 million Assets in the Barnett Shale [34]

CEOs

  • Larry Nichols (1980-2010)
  • John Richels (2010-2015)
  • Dave Hager (2015-2021)[35]
  • Rick Muncrief (2021-2025)
  • Clay Gaspar (2025-)

Political activity

File:Devon energy center.JPG
The Devon Energy Center 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.[36]

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.[37]

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.[38]

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.[39] The company paid $48,750 in fines for the incident.[40]

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.[41]

References

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External links

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