Devon Energy
Encyclopedia
Devon Energy Corporation , is among the largest U.S.-based 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.
. However, the company has significantly outgrown the space, and construction is underway for the new 50-story Devon Energy World Headquarters Tower
, scheduled for completion in 2012.
Since 1990, Devon has been taking measures to reduce greenhouse gas
emissions from natural gas production and transportation operations in the United States. The result of those improvements accounted for companywide emission reductions in 2005 of six billion cubic feet of methane, or 2.6 million tons of carbon dioxide equivalents.
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.
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.
Devon has also been recognized by FORTUNE
magazine, appearing on several of the publication's prestigious lists. Devon is included in FORTUNEs 100 Best Companies to Work For, as well as the magazine's list of Most Admired Companies. Additionally, the company appears on the magazine's annual list of the top 500 US companies.
, which is located in the Barnett Shale
, where Devon has a large presence. The program is also in at least 20 other mostly rural counties where Devon operates.
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. 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.
in their businesses. Devon Energy was described as among a number that had previously flown under the radar of the proposers of the resolution because it was a mid-size business. The companies targeted would have to report their plans on how to deal with their findings to investors, if the resolution passed.
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.
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.
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
and oil producers. Based in Oklahoma City
Oklahoma city
Oklahoma City is the capital and largest city of the U.S. state of Oklahoma.Oklahoma City may also refer to:*Oklahoma City metropolitan area*Downtown Oklahoma City*Uptown Oklahoma City*Oklahoma City bombing*Oklahoma City National Memorial...
, Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
, the company's operations are focused on North American
North American
North American generally refers to an entity, people, group, or attribute of North America, especially of the United States and Canada together.-Culture:*North American English, a collective term used to describe American English and Canadian English...
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
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
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
S&P 500
The S&P 500 is a free-float capitalization-weighted index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States. The stocks included in the S&P 500 are those of large publicly held companies that trade on either of the two largest American stock...
Index and trades on the New York Stock Exchange under the ticker symbol DVN.
Headquarters
Devon Energy currently occupies space in five buildings in Oklahoma City, including the company owned Mid America TowerMid America Tower
Mid America Tower is a highrise tower in downtown Oklahoma City, Oklahoma. It is 262 feet and has 19 floors. The building was finished in 1981 and is the current world headquarters for Devon Energy Corporation. Devon Energy Center, the future headquarters, will become the tallest building in...
. However, the company has significantly outgrown the space, and construction is underway for the new 50-story Devon Energy World Headquarters Tower
Devon Tower
Devon World Headquarters Tower is a 50-story corporate skyscraper under construction in downtown Oklahoma City, Oklahoma. Construction began October 6, 2009, and is expected to be completed in 2012...
, scheduled for completion in 2012.
Timeline
- 1971 Devon founded by John Nichols and his son, Larry.
- 1988 Devon becomes a public company, listing on the American Stock Exchange under the ticker symbol DVN.
- 1992 Acquisition of Hondo Oil and Gas for $122 million sets the stage for a series of major acquisitions in the years to come.
- 1996 Devon acquired Kerr-McGee’s North American onshore oil and gas properties for $250 million, increasing the company’s reserves by 46 percent.
- 1998 Devon acquired Northstar Energy for $750 million.
- 1999 The $2.6 billion acquisition of PennzEnergy establishes Devon as a significant offshore Gulf Of MexicoGulf of MexicoThe Gulf of Mexico is a partially landlocked ocean basin largely surrounded by the North American continent and the island of Cuba. It is bounded on the northeast, north and northwest by the Gulf Coast of the United States, on the southwest and south by Mexico, and on the southeast by Cuba. In...
operator. Employee count reaches 1,500 worldwide. - 2000 Devon merges with Santa Fe SnyderSanta Fe SnyderSanta Fe Snyder Corporation was an independent oil & gas exploration and production company headquartered in Houston, Texas. The company was formed by the 1999 merger of Houston based Santa Fe Energy Resources and Fort Worth based Snyder Oil Corporation. Santa Fe Snyder merged with Devon Energy in...
in a $3.5 billion deal. Larry Nichols is named Chairman of the Board and Devon is added to S&P 500 Index. - 2001 Acquisition of Anderson Exploration for $4.6 billion, positioning Devon as the third-largest independent gas producer in CanadaCanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. - 2002 Devon acquires Mitchell Energy for $3.5 billion, adding the prolific Barnett ShaleBarnett ShaleThe Barnett Shale is a geological formation located in the Bend Arch-Fort Worth Basin. It consists of sedimentary rocks of Mississippian age in Texas...
of North TexasNorth TexasNorth Texas is a distinct cultural and geographic area forming the central-northeastern section of the U.S. state of Texas. North Texas is generally considered to include the area south of Oklahoma, east of Abilene, and north of Waco...
to its portfolio. Devon is named to the Fortune 500Fortune 500The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
. - 2003 Devon’s $5.3 billion merger with Ocean Energy creates the largest U.S.-based independent oil and gas producer.
- 2004 Devon transfers its common stock listing to the New York Stock ExchangeNew York Stock ExchangeThe New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
. - 2006 Devon acquires Chief Oil and GasChief Oil and GasChief Oil & Gas was founded in Dallas, Texas in 1994 by President and CEO Trevor Rees-Jones. Its primary holdings of natural gas were developed in the core areas of the Barnett Shale in Tarrant County, Denton County and Parker County...
Barnett Shale leasehold for $2.2 billion, expanding Devon’s dominant position in North Texas. - 2008 Devon announces plans to build a new 925 feet (281.9 m) tall, 1900000 square feet (176,515.8 m²) corporate tower in Downtown Oklahoma City.
- 2009 Devon executives announce plans to sell all of the company's international and Gulf of Mexico assets during 2010.
- 2010 In June, Devon president John Richels is promoted to CEO; co-founder and chairman Larry Nichols becomes executive chairman.
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
Greenhouse gas
A greenhouse gas is a gas in an atmosphere that absorbs and emits radiation within the thermal infrared range. This process is the fundamental cause of the greenhouse effect. The primary greenhouse gases in the Earth's atmosphere are water vapor, carbon dioxide, methane, nitrous oxide, and ozone...
emissions from natural gas production and transportation operations in the United States. The result of those improvements accounted for companywide emission reductions in 2005 of six billion cubic feet of methane, or 2.6 million tons of carbon dioxide equivalents.
Devon is a member of the Environmental Protection Agency’s Natural Gas STAR
Star
A star is a massive, luminous sphere of plasma held together by gravity. At the end of its lifetime, a star can also contain a proportion of degenerate matter. The nearest star to Earth is the Sun, which is the source of most of the energy on Earth...
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.
Devon also is a forerunner in the use of mobile recycling technology to reclaim wastewater
Wastewater
Wastewater is any water that has been adversely affected in quality by anthropogenic influence. It comprises liquid waste discharged by domestic residences, commercial properties, industry, and/or agriculture and can encompass a wide range of potential contaminants and concentrations...
produced from gas well completions in the Barnett Shale
Barnett Shale
The Barnett Shale is a geological formation located in the Bend Arch-Fort Worth Basin. It consists of sedimentary rocks of Mississippian age in Texas...
natural gas field in north Texas
North Texas
North Texas is a distinct cultural and geographic area forming the central-northeastern section of the U.S. state of Texas. North Texas is generally considered to include the area south of Oklahoma, east of Abilene, and north of Waco...
. 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.
Devon has also been recognized by FORTUNE
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
magazine, appearing on several of the publication's prestigious lists. Devon is included in FORTUNEs 100 Best Companies to Work For, as well as the magazine's list of Most Admired Companies. Additionally, the company appears on the magazine's 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, TexasWise County, Texas
As of the census of 2000, there were 48,793 people, 17,178 households, and 13,467 families residing in the county. The population density was 54 people per square mile . There were 19,242 housing units at an average density of 21 per square mile...
, which is located in the Barnett Shale
Barnett Shale
The Barnett Shale is a geological formation located in the Bend Arch-Fort Worth Basin. It consists of sedimentary rocks of Mississippian age in Texas...
, where Devon has a large presence. The program is also in at least 20 other mostly rural counties where Devon operates.
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. 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 as part of a resolution that would have required that companies monitor the amount of impact their business has on climate changeClimate change
Climate change is a significant and lasting change in the statistical distribution of weather patterns over periods ranging from decades to millions of years. It may be a change in average weather conditions or the distribution of events around that average...
in their businesses. Devon Energy was described as among a number that had previously flown under the radar of the proposers of the resolution because it was a mid-size business. The companies targeted would have to report their plans on how to deal with their findings to investors, if the resolution passed.
Devon Energy Corporation received an award from the Bureau of Land Management
Bureau of Land Management
The Bureau of Land Management is an agency within the United States Department of the Interior which administers America's public lands, totaling approximately , or one-eighth of the landmass of the country. The BLM also manages of subsurface mineral estate underlying federal, state and private...
(BLM) in 2005 for their outstanding showing of exceeding the required environmental standards in the Worland, Wyoming
Worland, Wyoming
Worland is a city in Washakie County, Wyoming, United States. The population was 5,250 at the 2000 census. It is the county seat of Washakie County. The City of Worland is served by the Worland Municipal Airport.-Geography:...
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.
Devon Canada, part of Devon Energy Corporation, holds the Voluntary Challenge & Registry (VCR) Gold Champion Level Reporting Status for implementing and reporting greenhouse gas
Greenhouse gas
A greenhouse gas is a gas in an atmosphere that absorbs and emits radiation within the thermal infrared range. This process is the fundamental cause of the greenhouse effect. The primary greenhouse gases in the Earth's atmosphere are water vapor, carbon dioxide, methane, nitrous oxide, and ozone...
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.
Further reading
- Burke, Robert. Deals, Deals, and More Deals: The Life of John W. Nichols. Oklahoma Heritage Association. 2004.