Devon Energy Corporation is an independent natural gas, natural gas liquids, and petroleum exploration company 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.
The company ranks 231st on the Fortune 500.
Current operations
Reserves and production
As of December 31, 2016, the company had 2,058 billion barrels of oil equivalent in total proved reserves.
Devon is one of the largest energy producers in the Barnett Shale, where it controls 600,000 acres.
History
Devon was founded in 1971 by John Nichols and his son, J. Larry Nichols.
In 1988, the company became a public company via an initial public offering.
In August 2000, the company was added to the S&P 500 Index.
In August 2008, the founder, John Nichols, died.
In March 2010, the company sold assets in Brazil, Azerbaijan, and the Gulf of Mexico to BP for $7 billion.
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.
In April 2014, the company sold its conventional assets in Canada to Canadian Natural Resources for C$3.125 billion.
In August 2015, Dave Hager was named President and chief executive officer of the company.
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.
In 2017, the company sold its Lavaca County assets in the Eagle Ford.
Acquisitions
Controversies
Environmental record
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.
In 2014, an investigation by The New York Times uncovered that a three-page letter from Oklahoma's Attorney General Scott Pruitt to the United States 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."
Political contributions of Chairman J. Larry Nichols
In the third quarter of 2014, just before the midterm elections, Nichols made a $136,000 contribution to the Republican "Targeted State Victory" committee.
In 2015, Nichols agreed to lead the energy steering committee of Florida Senator Marco Rubio and made a $50,000 contribution to the super PAC supporting Rubio. Nichols stated that "excessive regulation squashes" energy innovation.
References
Further reading
- Burke, Robert. Deals, Deals, and More Deals: The Life of John W. Nichols. Oklahoma Heritage Association. 2004.
External links
- Voices of Oklahoma interview with Larry Nichols; March 1, 2012.
