Devon Energy
American energy company
From Wikipedia, the free encyclopedia
Devon Energy Corporation is an American company engaged in hydrocarbon exploration. 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]
| |
| Company type | Public |
|---|---|
| Industry | Petroleum industry |
| Founded | 1971 |
| Founders |
|
| Headquarters | Devon Energy Center, , U.S. |
Key people | |
| Products | Petroleum Natural gas Natural gas liquids |
Production output | 840 thousand barrels of oil equivalent (5,100,000 GJ) per day (2025) |
| Revenue |  US$17.188 billion (2025) |
 US$2.642 billion (2025) | |
| Total assets | US$31.599 billion (2025) |
| Total equity | US$15.528 billion (2025) |
Number of employees | 2,200 (2025) |
| Website | devonenergy |
| Footnotes / references [1] | |
The company is ranked 267th on the Fortune 500[2] and 607th on the Forbes Global 2000.[3]
As of December 31, 2025, the company had proved reserves of 2,428 million barrels of oil equivalent (1.485×1010 GJ), of which 40% was petroleum, 30% was natural gas liquids, and 30% 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 | February 1992 | Hondo Oil and Gas | $122 million | Oil and gas reserves and seven natural gas processing plants | [9] |
| 2 | January 1996 | Kerr-McGee | $250 million | North American onshore oil and gas properties; 370,000 net acres of undeveloped drilling rights | [10] |
| 3 | July 1998 | Northstar Energy | $750 million | Oil and gas properties in Canada | [11] |
| 4 | August 1999 | PennzEnergy | $2.2 billion | Oil and gas properties in the Gulf of Mexico | [12] |
| 5 | May 2000 | Santa Fe Snyder | $3.35 billion | Oil and gas properties in the Permian Basin, Rocky Mountains, and the Gulf of Mexico | [13][14] |
| 6 | September 2001 | Anderson Exploration | $4.6 billion | Oil and gas properties in Canada | [15] |
| 7 | August 2002 | Mitchell Energy | $3.1 billion | Oil and gas properties in the Barnett Shale of Texas | [16] |
| 8 | April 2003 | Ocean Energy | $5.3 billion | Deepwater sites in the Gulf of Mexico | [17] |
| 9 | May 2006 | Chief Oil & Gas | $2.2 billion | Barnett Shale leaseholds | [18] |
| 10 | February 2014 | GeoSouthern Energy | $6.1 billion | Eagle Ford assets | [19] |
| 11 | March 2014 | Crosstex Energy | Merger of midstream assets to form EnLink Midstream, LLC | [20] | |
| 12 | December 2015 | Felix Energy | $2.5 billion | Oil and gas properties in the Powder River Basin and Anadarko Basin | [21] |
| 13 | January 2021 | WPX Energy | $2.56 billion | Oil and gas properties in the Williston Basin and the Permian Basin | [22] |
| 14 | July 2022 | RimRock Oil and Gas | $865 million | Williston Basin assets | [23] |
| 15 | September 2022 | Validus Energy | $1.8 billion | Eagle Ford assets | [24] |
| 16 | October 2024 | Grayson Mill Energy | $5 billion | Williston Basin assets | [25] |
Divestitures
| # | Year | Buyer | Price | Description of Assets | Ref(s). |
|---|---|---|---|---|---|
| 1 | March 2010 | BP | $7 billion | Assets in Brazil, Azerbaijan, and the Gulf of Mexico | [26] |
| 2 | April 2014 | Canadian Natural Resources | C$3.125 billion | Conventional assets in Canada | [27] |
| 3 | June 2014 | Linn Energy | $2.3 billion | 900,000 net acres in the Rockies, Mid-Continent, east Texas, north Louisiana, and south Texas | [28][29] |
| 4 | July 2017 | Penn Virginia | $340 million | Lavaca County assets in the Eagle Ford | [30][31] |
| 5 | June 2019 | Canadian Natural Resources | C$3.8 billion | Assets in Canada | [32][33] |
| 6 | October 2020 | 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
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]
