Devon Energy

"Devon Corporation" redirects here. For the fictional company in the Pokémon games, see Hoenn § Devon Corporation.
Devon Energy Corporation
Public
Traded as NYSE: DVN
S&P 500 Component
Industry Oil and Gas
Founded 1971
Headquarters Oklahoma City, U.S.
Key people
 J. Larry Nichols
(Executive Chairman)
Dave Hager (CEO)
Products Oil
Natural Gas
Revenue
  • Increase US$ 10,397.0 million (2013) [1]
  • Decrease US$ 9,501.0 million (2012) [1]
  • Increase US$ 621.0 million (2013) [1]
  • Decrease US$ 148.0 million (2012) [1]
  • Increase US$ -20.0 million (2013) [1]
  • Decrease US$ -206.0 million (2012) [1]
Total assets
  • Decrease US$ 42,877.0 million (2013) [2]
  • Increase US$ 43,326.0 million (2012) [1]
Total equity
  • Decrease US$ 20,499.0 million (2013) [2]
  • Decrease US$ 21,278.0 million (2012) [2]
Number of employees
 5,900 (December 2013)[3]
Website www.devonenergy.com

Devon Energy Corporation is among the largest American independent natural gas and oil producers. Based in Oklahoma City, Oklahoma, the company's operations are focused on North American onshore exploration and production. Devon is one of North America’s larger processors of natural gas liquids and owns natural gas pipelines and treatment facilities in many of the company’s producing areas.

The company is ranked among Fortune's 500 largest corporations in America, and is also included on the publication's 100 Best Companies to Work For and Most Admired Companies lists. Devon is also included in the S&P 500 Index and trades on the New York Stock Exchange under the ticker symbol DVN.

Headquarters

Devon Energy is headquartered in Oklahoma City, at the 50-story Devon Energy Center, which was completed in 2012.

History

Devon was founded in 1971 by John Nichols and his son, Larry. It became a public company in 1988, and expanded greatly through mergers and acquisitions.

In 2008, Devon announced plans to build a new 925-foot (282 m) tall, 1,900,000-square-foot (180,000 m2) corporate tower in downtown Oklahoma City. In 2012, The company closed its Houston office, which was located in the Allen Center in Downtown Houston.[4]

Upon becoming a public company in 1988, Devon was listed on the American Stock Exchange under the ticker symbol DVN. Devon was added to S&P 500 Index in 2000 and to the Fortune 500 in 2002. In 2004, Devon transferred its common stock listing to the New York Stock Exchange (NYSE: DVN).

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 [5]
2 1996 Kerr-McGee $250 million North American onshore oil and gas properties, 370,000 net acres of undeveloped drilling rights [6]
3 1998 Northstar Energy $750 million Oil and gas properties in Canada [7]
4 1999 PennzEnergy $2.2 billion Oil and gas properties in the Gulf Of Mexico [8]
5 2000 Santa Fe Snyder $2.35 billion [9]
6 2001 Anderson Exploration $4.6 billion Canadian properties [10]
7 2002 Mitchell Energy $3.5 billion Properties in the Barnett Shale of Texas [11]
8 2003 Ocean Energy $5.3 billion Deepwater sites in the Gulf of Mexico [12]
9 2006 Chief Oil and Gas $2.2 billion Barnett Shale leasehold [13]
10 2014 GeoSouthern Energy $6.1 billion Eagle Ford assets [14]
11 2014 Crosstex Energy Merger of midstream assets to form EnLink Midstream, LLC [15]
12 2015 Felix Energy $2.5 billion Assets in the Powder River Basin & Anadarko Basin [16]

Corporate social responsibility

According to a report in The Daily Oklahoman dated August 3, 2007, Devon is one of the first independent oil and natural gas companies to file a corporate responsibility report. The report focuses on the company's environmental initiatives and community involvement. Since 1990, Devon has been taking measures to reduce greenhouse gas emissions from natural gas production and transportation operations in the United States, resulting in companywide emission reductions of six billion cubic feet of methane, or 2.6 million tons of carbon dioxide equivalents in 2005.

Devon is a member of the Environmental Protection Agency’s Natural Gas STAR Program, a voluntary partnership between the energy industry and government to reduce methane emissions. Devon was named the Natural Gas STAR Rookie of the Year in 2004 and Natural Gas STAR Production Partner of the Year in 2005.[17]

Devon also is a forerunner in the use of mobile recycling technology to reclaim wastewater produced from gas well completions in the Barnett Shale natural gas field in north Texas. The technology reduces Devon’s demand for fresh water and leaves more of the resource for surrounding communities. Recycling units stationed in several locations in the Barnett Shale treat a half million gallons of water per day. The process removes hydrocarbons, dissolved salts and other impurities, allowing the company to reuse up to 85 percent of the recovered water for other well completion projects.

Devon also has water conservation programs in Wyoming and Canada.[18]

Devon has been recognized by FORTUNE magazine, appearing on FORTUNE's 100 Best Companies to Work For, the magazine's list of Most Admired Companies and the annual list of the top 500 US companies.

Community outreach

Devon contributes financial resources to law enforcement agencies, fire departments, schools, youth programs, and civic organizations through the company’s community outreach program. It is the corporate sponsor of the Wise Eyes community watch program, begun in 1993 in and named for Wise County, Texas, which is located in the Barnett Shale, where Devon has a large presence. Devon's Community Outreach and Ambassador Program, created and developed by Brian Engel, includes the Barnet Shale and 17 other operation regions nationwide. The program is also in at least 20 other mostly rural counties where Devon operates.[19]

The company also has a robust volunteer program. In 2003, Devon established a partnership with Mark Twain Elementary School, an inner-city, multicultural school located near downtown Oklahoma City. Hundreds of volunteer tutors work with over 150 elementary students every year on a one-on-one basis.[20][21] In September 2006, Mark Twain Elementary was removed from the Oklahoma State Department of Education’s School Improvement List, also known as the “at risk” list.

Environmental Record

In 2004, Devon Energy was targeted by a shareholder resolution that would have required it to monitor its effect on climate change. Devon Energy was described as among a number that had previously not been targeted by shareholder activists, because it was a mid-size business. If passed, the resolution would have required Devon to report to investors its plans to deal with its effect on climate change.[22]

Devon Energy Corporation received an award from the Bureau of Land Management (BLM) in 2005 for their outstanding showing of exceeding the required environmental standards in the Worland, Wyoming area. They initiated contact with BLM regularly on their field related projects in order to work closely with them to help maintain the standards the BLM was aiming for.[23]

Devon Canada, part of Devon Energy Corporation, holds the Voluntary Challenge & Registry (VCR) Gold Champion Level Reporting Status for implementing and reporting greenhouse gas reduction initiatives to the VCR. The gold champion level is the highest status ranking awarded by the VCR. They have voluntarily been providing the VCR with an annual report on their actions taken since 1995.[24]

Lobbying

After a first disclosure report from October 15, 2014 the largest check for Republican "Targeted State Victory committee" came from J. Larry Nichols, chairman of Devon Energy. The Targeted State Victory committee reported it had raised $2.3 million from 14 individuals and 70 PACs. Fourteen individuals accounted for more than $1 million in donations.[25]

Advocacy

Devon Energy's representative on the Board of Directors of Western Energy Alliance is Dru Bower-Moore.

References

  1. 1 2 3 4 5 6 7 "DEVON ENERGY CORP/DE 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 28, 2014.
  2. 1 2 3 "DEVON ENERGY CORP/DE 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. May 9, 2014.
  3. ↑ "Devon Energy Corporation 2013 Annual Report, Form 10-K, Filing Date Feb 12, 2014". SEC. Retrieved May 22, 2014.
  4. ↑ Pulsinelli, Olivia. "Devon Energy to close Houston office, will affect 500 employees." Houston Business Journal. Thursday October 11, 2012. Retrieved on October 14, 2012.
  5. ↑ "Hondo Oil Offer". New York Times. February 29, 1992.
  6. ↑ "Devon Energy and Kerr-McGee transaction completed". Alexander's Gas & Oil Connections. December 31, 1996.
  7. ↑ "Devon Energy and Northstar Energy to Combine: US$2 Billion Oil and Gas Company Would be Created". PRNewswire. June 29, 1998.
  8. ↑ "Devon Energy and PennzEnergy Announce Completion of Merger". PRNewswire. August 17, 1999.
  9. ↑ "Devon Energy and Santa Fe Snyder Complete Merger". PRNewswire. August 29, 2000.
  10. ↑ "Devon Energy to Acquire Anderson Exploration and Become North America's Largest Independent Producer of Oil and Natural Gas". PRNewswire. September 4, 2001.
  11. ↑ "Devon Energy Completes Acquisition of Mitchell Energy". PRNewswire. January 24, 2002.
  12. ↑ "Devon Energy and Ocean Energy Complete Merger; Creating Largest U.S. Independent Oil and Gas Producer". PRNewswire. April 25, 2003.
  13. ↑ "Devon Energy Completes Acquisition of Chief Holdings; Boosts Activity in the Barnett Shale". PRNewswire. June 29, 2006.
  14. ↑ "Devon Energy Completes Acquisition of Eagle Ford Assets from GeoSouthern Energy". PRNewswire. February 28, 2014.
  15. ↑ "Devon Energy and Crosstex Energy to Create New Midstream Business". Business Wire. October 21, 2013.
  16. ↑ "Devon Energy Sharpens Focus on Core Assets". Business Wire. December 7, 2015.
  17. ↑ EPA website
  18. ↑ Railroad Commission of Texas
  19. ↑ WCMessenger.com: Wise Eyes expands its vision
  20. ↑
  21. ↑
  22. ↑ Feder, Barnaby J. (27 February 2004), "Funds Want Oil Companies To Report On Climate", New York Times, retrieved 21 March 2015
  23. ↑ "Devon Energy Receives BLM Award"
  24. ↑ "Devon Canada Corp"
  25. ↑ Choma, Russ (7 October 2014). "Super JFC Donors Emerge in Third Quarter". Open Secrets. Retrieved 23 October 2014.

Further reading

External links

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