Devon Energy

Devon Energy is a leading independent energy company headquartered in Oklahoma City, Oklahoma. Founded in 1971, it is one of the largest independent oil and gas companies in the United States. Devon Energy is engaged in the exploration, development, production, and marketing of oil and natural gas, as well as related activities such as midstream and marketing.

The company operates in three main segments: Exploration and Production (E&P), Midstream, and Marketing and Refining. Devon Energy’s E&P assets are located mainly in the United States and Canada, while its midstream assets are primarily located in the United States.

Devon Energy’s production comes from various sources, including conventional and unconventional reservoirs, such as shale and tight sands. Its operations are focused on oil and liquids-rich gas and are located mainly in the United States, Canada, and the United Kingdom. Devon Energy’s reserves consist of both proved and probable oil and natural gas liquids (NGLs), and natural gas.

Devon Energy was founded in 1971 by John Nichols and his son, J. Larry Nichols. The company quickly gained a reputation for going against the grain, a tendency that was exemplified in 1981 when Devon acquired its first interest in the San Juan Basin of New Mexico. The area soon became one of the top natural gas providers in the lower 48 states.

In January 1984, Devon decided to create a master limited partnership to attract investors and pursue acquisitions. After studying MLPs already in operation for 18 months, the company launched Devon Resource Investors in July 1985. The MLP raised $42 million in property, with an 85 to 15 percent mix of gas to oil. However, changes in tax laws in 1986 made the investment less attractive.

Devon became a public company in 1988 and expanded greatly through mergers and acquisitions. In 1989, Devon returned to profitability. By the fiscal year 1993, the company posted record results in terms of production, revenues, profits, and shareholders' equity.

In March 1994, Devon completed its next significant purchase, paying $66 million for Denver-based Alta Energy Corporation. However, by 1997, with oil going for as much as $26 a barrel, many producers borrowed money and bought each other out, according to Forbes.

In 2000, Devon merged with Santa Fe Snyder in a $3.5 billion deal. Larry Nichols then returned to Oklahoma City to help run Devon, and in 2001, the company acquired Anderson Exploration for $4.6 billion, making Devon the third-largest independent gas producer in Canada. In 2002, Devon acquired Mitchell Energy for $3.5 billion, making it the largest operator in the Barnett Shale of Texas.

In 2003, Devon's interest payments were an estimated $550 million. The company then merged with Ocean Energy in a $5.3 billion deal, creating the largest US-based independent oil and gas producer. In 2004, Devon transferred its common stock listing to the New York Stock Exchange and 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.

In 2008, co-founder John Nichols died, and Devon announced plans to build a new corporate tower in downtown Oklahoma City. In 2010, the company sold assets in Brazil, Azerbaijan, and the Gulf of Mexico to BP for $7 billion. In June 2014, Devon sold assets to Linn Energy for $2.3 billion and combined midstream assets with Crosstex Energy, Inc. to form EnLink Midstream, LLC.

In 2016, Devon announced plans to lay off 1,000 employees, cut its dividend, and restructure the company due to the low prices of its products. In 2019, the company sold its assets in Canada to Canadian Natural Resources for CAD $3.8 billion. In 2020, Devon merged with WPX to become a leading energy company with daily production of approximately 300,000 barrels of oil, more than 125,000 barrels of natural gas liquids, and about 920 million cubic feet of natural gas.

Devon Energy is committed to conducting its operations in a safe, ethical, and environmentally responsible manner. The company has implemented a number of initiatives to reduce its environmental footprint, including reducing greenhouse gas emissions, minimizing water use, and improving waste management practices.

Devon Energy has also established a strong presence in the communities where it operates, supporting local education, health, and social welfare programs. The company's charitable giving program, the Devon Energy Community Fund, provides funding to nonprofit organizations in the areas of education, arts and culture, human services, and the environment.

Devon Energy Corporation's mission statement is "to create value for our shareholders and the communities where we operate by producing oil and natural gas in a safe, environmentally responsible and profitable manner." 

Devon Energy is committed to conducting its operations with the highest standards of safety and environmental responsibility, as well as to being a good corporate citizen in the communities where it operates. The company seeks to achieve its mission by maintaining a focus on innovation, operational excellence, and financial discipline.

The company's vision is to be a "premier independent oil and natural gas exploration and production company in North America."

In addition to its focus on operational and financial performance, Devon Energy is also committed to developing a diverse and inclusive workforce and fostering a culture of integrity, respect, and accountability. The company aims to create an environment where employees are encouraged to collaborate, share ideas, and work together to achieve the company's goals.

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties.