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.
In 2016, the company ranked #216 on the Fortune 500.
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Current operations
Reserves and production
Devon had 2,058 billion barrels of oil equivalent in total proved reserves as of December 31, 2016.
Devon is one of the largest energy producers in the Barnett Shale, where it controls 600,000 acres.
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History
Devon was founded in 1971 by John Nichols and his son, J. Larry Nichols. It became a public company in 1988, and expanded through mergers and acquisitions.
In 2000, the company was added to the S&P 500 Index.
In 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 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
Legal Issues
Environmental record
In October 2011, the company stated that its efforts to reduce greenhouse gas emissions have resulted in company-wide emission reductions of 31 billion cubic feet of methane since 1990.
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.
Lobbying
The company is a member of the Western Energy Alliance, a lobbying group that represents oil and gas drillers.
In the third quarter of 2014, just before the midterm elections, Devon CEO J. Larry Nichols made a $136,000 contribution to the Republican "Targeted State Victory" committee.
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
In 2015, the company was ranked #38 among the best companies to work for by Fortune Magazine and was noted for its local community involvement.
Source of the article : Wikipedia
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