Independent oil and gas producer Devon Energy puts its energy into oil and gas finds far from England's southwestern coast. It focuses on exploration and production assets in Oklahoma, Texas, Wyoming, and western Canada. In 2010 Devon Energy reported proved reserves of 681 million barrels of oil, 10.3 trillion cu. ft. of natural gas, and 479 million barrels of natural gas liquids. That year the company drilled more than 1,580 gross wells with an overall 99% rate of success. Devon Energy produces about 2.5 billion cu. ft. of natural gas a day (more than 3% of all the gas consumed in North America). It is also the largest producer and lease holder in the Barnett Shale area of North Texas.
Once active in major oil patches worldwide such as Azerbaijan, Brazil, and China, in the mid-2000s the company decided to focus on onshore exploration activity in North America. As a result Devon Energy sold its international assets. In 2007 Devon began to divest all of its assets in West Africa. It sold its oil and gas business in Egypt to Dana Petroleum for $375 million and its Gabon assets for $206 million. In 2008 it sold its oil and gas business in Côte d'Ivoire to Afren plc for $205 million and in Equatorial Guinea (to that country's national oil company, GE Petrol) for $2.2 billion.
Consolidating its North American assets to just its onshore properties, in early 2010 it sold its stakes in the Cascade, Jack and St. Malo fields in the Gulf of Mexico (about 200 million barrels of estimated recoverable reserves) to AP Moller-Maersk's oil unit for $1.3 billion. Later in 2010 it agrre to sell most of its remaining international assets to BP for $7 billion. As part of this deal BP sold undeveloped oil sand leases in Canada to Devon Energy for $500 million and formed a joint venture with the company to exploit them. It also sold its remaining Gulf of Mexico shelf assets to Apache for $1 billion. The company also sold its Panyu field, offshore China, to China National Offshore Oil for $515 million.
Devon Energy posted a major improvement in revenues in 2010, thanks to higher commodity prices and an increase in production. It also grew its oil and gas reserves by 9% that year. The strong performance enabled the company to post a solid growth in earnings from continuing operations despite a significant increase in expenses.
Devon Energy veteran John Richels was appointed CEO in 2010. Company cofounder Larry Nichols relinquished the CEO slot but retained the role of chairman.
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