"Devon Corporation" redirects here. For the fictional company in the Pokémon games, see Hoenn#Devon Corporation.
Devon Energy Corporation
Public
Traded as
Founded1971 (age 55)
Founders
Hq location cityHouston, Texas
Hq location countryU.S.
Key people
IndustryPetroleum industry
ProductsPetroleum
Natural gas
Natural gas liquids
Production840 e3BOE per day (2025)
RevenueUS$17.188 billion (2025)
Net incomeUS$2.642 billion (2025)
AssetsUS$31.599 billion (2025)
EquityUS$15.528 billion (2025)
Num employees2,200 (2025)
Websitedevonenergy.com

Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with headquarters in Houston, Texas. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains (Williston Basin and Powder River Basin).[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 e6BOE, 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

YearCompanyPriceDescription of AssetsRef(s).
1February 1992Hondo Oil and Gas$122 millionOil and gas reserves and seven natural gas processing plants[9]
2January 1996Kerr-McGee$250 millionNorth American onshore oil and gas properties; 370,000 net acres of undeveloped drilling rights[10]
3July 1998Northstar Energy$750 millionOil and gas properties in Canada[11]
4August 1999PennzEnergy$2.2 billionOil and gas properties in the Gulf of Mexico[12]
5May 2000Santa Fe Snyder$3.35 billionOil and gas properties in the Permian Basin, Rocky Mountains, and the Gulf of Mexico[13][14]
6September 2001Anderson Exploration$4.6 billionOil and gas properties in Canada[15]
7August 2002Mitchell Energy$3.1 billionOil and gas properties in the Barnett Shale of Texas[16]
8April 2003Ocean Energy$5.3 billionDeepwater sites in the Gulf of Mexico[17]
9May 2006Chief Oil & Gas$2.2 billionBarnett Shale leaseholds[18]
10February 2014GeoSouthern Energy$6.1 billionEagle Ford assets[19]
11March 2014Crosstex EnergyMerger of midstream assets to form EnLink Midstream, LLC[20]
12December 2015Felix Energy$2.5 billionOil and gas properties in the Powder River Basin and Anadarko Basin[21]
13January 2021WPX Energy$2.56 billionOil and gas properties in the Williston Basin and the Permian Basin[22]
14July 2022RimRock Oil and Gas$865 millionWilliston Basin assets[23]
15September 2022Validus Energy$1.8 billionEagle Ford assets[24]
16October 2024Grayson Mill Energy$5 billionWilliston Basin assets[25]
17May 2026Coterra$26 billion in stockAssets in the Permian Basin, Marcellus Shale, and the Anadarko Basin[26]

Divestitures

YearBuyerPriceDescription of AssetsRef(s).
1March 2010BP$7 billionAssets in Brazil, Azerbaijan, and the Gulf of Mexico[27]
2April 2014Canadian Natural ResourcesC$3.125 billionConventional assets in Canada[28]
3June 2014Linn Energy$2.3 billion900,000 net acres in the Rockies, Mid-Continent, east Texas, north Louisiana, and south Texas[29][30]
4July 2017Penn Virginia$340 millionLavaca County assets in the Eagle Ford[31][32]
5June 2019Canadian Natural ResourcesC$3.8 billionAssets in Canada[33][34]
6October 2020Banpu Kalnin Ventures (BKV)$770 millionAssets in the Barnett Shale[35]

CEOs

  • J. Larry Nichols (1980-2010)
  • John Richels (2010-2015)
  • Dave Hager (2015-2021)[36]
  • 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.[37]

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.[38]

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.[39]

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.[40] The company paid $48,750 in fines for the incident.[41]

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.[42]

References

  1. ^ "Devon Energy Corporation 2025 Form 10-K Annual Report". United States Securities and Exchange Commission. February 18, 2026.
  2. ^ "Fortune: Devon Energy". Fortune
  3. ^ "Forbes: Devon Energy". Forbes
  4. ^ Miller, Stephen (August 9, 2008). "Former Accountant Worked to Build Devon Energy Into Industry Giant". The Wall Street Journal
  5. ^ Pulsinelli, Olivia (October 11, 2012). "Devon Energy to close Houston office, will affect 500 employees". American City Business Journals
  6. ^ Wilmoth, Adam (February 16, 2016). "Devon Energy to lay off 700 in Oklahoma City". The Oklahoman
  7. ^ Baker, Max B. (February 17, 2016). "Devon Energy cutting 1,000 jobs, slashing dividend". Fort Worth Star Telegram
  8. ^ "Devon Energy Announces Fixed-Plus-Variable Dividend for". GlobeNewswire. May 4, 2021.
  9. ^ "Hondo Oil Offer". The New York Times. Bloomberg News. February 29, 1992.
  10. ^ Vandewater, Bob (January 1, 1997). "Devon Obtains Kerr-McGee Oil, Gas Properties". The Oklahoman
  11. ^ "Devon Energy to acquire Canada's Northstar". Oil & Gas Journal. July 6, 1998.
  12. ^ "Devon Energy and PennzEnergy Announce Completion of Merger". U.S. Securities and Exchange Commission. August 17, 1999.
  13. ^ "Devon Energy and Santa Fe Snyder Complete Merger". U.S. Securities and Exchange Commission. August 29, 2000.
  14. ^ "Devon Energy to acquire Santa Fe Snyder in $3.35 billion deal". Oil & Gas Journal. May 26, 2000.
  15. ^ "Devon Energy to Acquire Anderson Exploration and Become North America's Largest Independent Producer of Oil and Natural Gas". U.S. Securities and Exchange Commission. September 4, 2001.
  16. ^ "Devon to buy Mitchell Energy for $3.1 billion, boosting gas reserves". Oil & Gas Journal. August 14, 2001.
  17. ^ Wilmoth, Adam (April 26, 2003). "Devon completes $5.3 billion merger with Ocean Energy; More than 98 percent approve companies' deal". The Oklahoman
  18. ^ "Devon acquiring Barnett shale acreage from Chief". Oil & Gas Journal. May 8, 2006.
  19. ^ "Devon Energy Corporation Form 10-Q for the quarterly period ended March 31, 2014". United States Securities and Exchange Commission
  20. ^ "Devon, Crosstex Energy complete transaction to create EnLink Midstream". March 7, 2014. – via Yahoo Finance
  21. ^ "Devon’s $2.5 Billion Shale Grab Prompts Downgrade Warnings". Bloomberg News. December 7, 2015.
  22. ^ "Devon Energy and WPX Energy Complete Merger of Equals Transaction". GlobeNewswire. January 7, 2021.
  23. ^ "Devon Closes $865 Million Cash Acquisition of RimRock Oil and Gas". Hart Energy. July 21, 2022.
  24. ^ Casey, Simon (August 9, 2022). "Devon Inks $1.8 Billion Shale Deal to Expand in Eagle Ford". Bloomberg News
  25. ^ "Devon Energy Completes Strategic Acquisition in the Williston Basin". GlobeNewswire. September 27, 2024.
  26. ^ McEwen, Mella (May 9, 2026). "Devon Energy, Coterra complete $26 billion merger". Midland Reporter-Telegram
  27. ^ "BP pays Devon Energy $7bn for Brazilian, Azeri, and Gulf of Mexico assets". The Daily Telegraph. Reuters. March 11, 2010.
  28. ^ "Devon Energy completes sale of Canadian assets". The Oklahoman. April 2, 2014.
  29. ^ "LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy". GlobeNewswire. June 30, 2014.
  30. ^ Pramanick, Anannya (June 30, 2014). "Devon to sell oil and gas assets to Linn Energy for $2.3 bln". Reuters
  31. ^ Hiller, Jennifer (July 31, 2017). "Penn Virginia buys Devon’s Eagle Ford Shale acreage". Chron.com
  32. ^ "OKC-based Devon Energy agrees to sell noncore assets for $340 million". The Oklahoman. July 31, 2017.
  33. ^ "Devon Energy Completes Sale of Canadian Business". GlobeNewswire. June 27, 2019.
  34. ^ "Oilsands giant Canadian Natural inks $3.8B deal for Devon assets". CBC News. May 29, 2019.
  35. ^ "Devon Energy Completes Sale of Barnett Shale Assets". GlobeNewswire. October 2, 2020.
  36. ^ "Devon Energy President and CEO, John Richels, to Retire July 31, 2015; Dave Hager, Devon COO, to Succeed Richels Effective Aug. 1, 2015". Devon Energy. December 3, 2014.
  37. ^ "Devon Energy: Total Contributions by Party of Recipient". OpenSecrets
  38. ^ Tabuchi, Hiroko & Lipton, Eric (May 20, 2017). "How Rollbacks at Scott Pruitt's E.P.A. Are a Boon to Oil". The New York Times
  39. ^ Lipton, Eric (December 6, 2014). "Energy Firms in Secretive Alliance With Attorneys General". The New York Times
  40. ^ Chapa, Sergio (November 12, 2019). "Devon Energy one step away from capping blowout in DeWitt County". Houston Chronicle
  41. ^ "State fines Devon Energy $97500 for well blowout in rural". The Victoria Advocate. July 17, 2021.
  42. ^ "Devon Energy Companies Agree to Pay $6.15 Million to Settle False Claims Act Allegations for Underpaying Royalties on Gas from Federal Lands". United States Department of Justice. September 27, 2021.