Devon Energy
| 150px | |
| Type |
Public (NYSE: DVN) S&P 500 Component |
|---|---|
| Industry | Oil and Gas |
| Founded | 1971 |
| Headquarters | Oklahoma City, U.S. |
| Key people |
J. Larry Nichols (Executive Chairman) John Richels (CEO) |
| Products |
Fuels Petrochemicals |
| Employees | More than 5,000 worldwide (2008) |
| Website | www.devonenergy.com |
Devon Energy Corporation (NYSE: DVN), 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.
Contents
Headquarters
Devon Energy currently occupies space in five buildings in Oklahoma City,[citation needed] including the company owned Mid America Tower. 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.
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 Mexico operator. Employee count reaches 1,500 worldwide.
- 2000 Devon merges with Santa Fe Snyder 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 Canada.
- 2002 Devon acquires Mitchell Energy for $3.5 billion, adding the prolific Barnett Shale of North Texas to its portfolio. Devon is named to the Fortune 500.
- 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 Exchange (NYSE: DVN).
- 2006 Devon acquires Chief Oil and Gas Barnett Shale leasehold for $2.2 billion, expanding Devon’s dominant position in North Texas.
- 2008 Devon announces plans to build a new 925-foot (282 m) tall, 1,900,000-square-foot (180,000 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.[1]
- 2010 In June, Devon president John Richels is promoted to CEO; co-founder and chairman Larry Nichols becomes executive chairman.[2]
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. 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[disambiguation needed] 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.[3]
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.[4]
Devon has also been recognized by FORTUNE magazine, appearing on several of the publication's prestigious lists. Devon is included in FORTUNE's 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, Texas, 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.[5]
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.[6][7] 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 change 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.[8]
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.[9]
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.[10]
References
- ↑ Jay F. Marks "Devon Energy narrows its focus", The Oklahoman, November 17, 2009. (Accessed: 2009-11-17. Archived by WebCite here [1].)
- ↑ Jim Polson, "Devon Promotes Richels to Chief Executive Officer", Bloomberg Businessweek, June 9, 2010.
- ↑ EPA website
- ↑ Railroad Commission of Texas
- ↑ WCMessenger.com: Wise Eyes expands its vision
- ↑ [2]
- ↑ [3]
- ↑ "Funds Want Oil Companies To Report On Climate"
- ↑ "Devon Energy Receives BLM Award"
- ↑ "Devon Canada Corp"
Further reading
- Burke, Robert. Deals, Deals, and More Deals: The Life of John W. Nichols. Oklahoma Heritage Association. 2004.
External links
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