Independent oil and gas producer Devon Energy gets its energy from oil and gas fields primarily in Western North America. It focuses on exploration and production assets in Oklahoma, Texas, Wyoming, and western Canada. In 2015 Devon Energy reported proved reserves of 2.2 billion barrels of oil equivalent. Devon Energy produces about 2.4 billion cu. ft. of of gas equivalent a day (3% of all the gas consumed in North America). It also has midstream and marketing assets. It is the largest producer and lease holder in the Barnett Shale (Texas). In the wake of a major oil market downturn, in 2016 Devon Energy reported a major loss and made plans to cut 20% of its workforce.


The company's operating segments are the US (63% of total revenues in 2015), midstream business unit EnLink (29%), and Canada (8%). The US and Canadian segments are both primarily engaged in oil and gas exploration and production, while EnLink's operations consist of US midstream assets and operations.

Devon Energy produces more than 1.6 billion cubic feet of natural gas a day and more than 130,000 barrels of natural gas liquids per day.

The Barnett Shale, a non-conventional reservoir, producing natural gas, NGLs and condensate, is the company's largest property both in terms of production and proved reserves. Devon Energy's leases are located in Denton, Johnson, Parker, Tarrant, and Wise counties in north Texas.

Geographic Reach

The company's US operations include the Barnett Shale, Cana-Woodford Shale, Gulf Coast/East Texas, Rocky Mountains, STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher Counties), Granite Wash, and Mississippian. Its Canadian assets include Oil Sands and the Lloydminster heavy oil operations.

Sales and Marketing

Devon Energy sells its production under both long-term and short-term agreements at prices negotiated with third parties. In Canada, the national government and the governments of Alberta, British Columbia, and Saskatchewan regulate the volume of natural gas that may be shipped from those provinces.

Financial Performance

The company's net revenues decreased by 33% in 2015, primarily due to weak commodity prices for the upstream energy sector in spite of increase in production.

Devon Energy's posted a net loss of $14.45 billion (compared to net income of $1.61 billion in fiscal 2014), mainly due to an increase in asset impairments, related to EnLink's business.

In 2015 the company's operating cash inflow decreased by 10%.


Devon Energy focuses on growing and sustaining a premier portfolio of assets focused on high rate-of-return and well managed projects, and optimizing cash flow through disciplined capital allocation and cost management.

In 2016 the company planned to invest $200 million of capital in the Delaware Basin, primarily focused on the second Bone Spring opportunity in the basin of southeast New Mexico.

It is also pursuing a series of measures to increase capital and reduce debt. In 2017 Devon Energy agreed to sell minor assets in the Eagle Ford play and other US operations as part of a broader $1 billion divestiture program initiated that year.

Mergers and Acquisitions

In 2016 the company acquired 80,000 net acres and assets in the STACK play for $1.5 billion.

That year EnLink acquired the company's Anadarko Basin gathering and processing midstream assets, along with dedicated acreage service rights and service contracts, for $1.5 billion.

Growing its US shale portfolio, in 2014 the company agreed to acquire GeoSouthern Energy's assets in the Eagle Ford oil play (53,000 barrels of oil equivalent per day and 82,000 net acres) for $6 billion.

In 2014 the company agreed to acquire 50,000 net acres and associated production primarily in the Cana-Woodford Shale for $249 million. The acquired properties represent half of the interests Cimarex Energy agreed to acquire in a cash transaction. Devon's portion of the agreed acquisition included current production of 5,800 barrels of oil equivalent per day (37% liquids) and proved reserves of 23 million barrels of oil equivalent. These assets directly overlapped Devon Energy's existing core Cana position and expanded its exposure to other western Oklahoma oil and gas plays.

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333 W Sheridan Ave
Oklahoma City, OK 73102-5015
Phone: 1 (405) 235-3611
Fax: 1 (405) 552-4550


  • Employer Type: Public
  • Stock Symbol: DVN
  • Stock Exchange: NYSE
  • President and CEO: David A. Hager
  • Chairman: John Richels
  • COO: Tony D. Vaughn
  • 2016 Employees: 5,000

Major Office Locations

  • Oklahoma City, OK

Other Locations

  • Abbeville, LA
  • Dubach, LA
  • Erath, LA
  • Grayson, LA
  • Livonia, LA
  • Metairie, LA
  • Lumberton, MS
  • Maben, MS
  • Havre, MT
  • Artesia, NM
  • Montgomeryville, PA
  • Pittsburgh, PA
  • Bridgeport, TX
  • Carthage, TX
  • Cleburne, TX
  • Corpus Christi, TX
  • Cresson, TX
  • Dallas, TX
  • Denton, TX
  • Houston, TX
  • Kermit, TX
  • Livingston, TX
  • Midland, TX
  • Portland, TX
  • San Angelo, TX
  • Spearman, TX
  • Thornton, TX
  • Whiteface, TX
  • Zapata, TX
  • Baggs, WY
  • Cheyenne, WY
  • Gillette, WY
  • Riverton, WY
  • Worland, WY
  • Blackfalds, Canada
  • Blairmore, Canada
  • Bonnyville, Canada
  • Calgary, Canada
  • Coleman, Canada
  • Conklin, Canada
  • Eaglesham, Canada
  • Fairview, Canada
  • Fort St. John, Canada
  • Grande Prairie, Canada
  • Halkirk, Canada
  • High Prairie, Canada
  • Hythe, Canada
  • Lloydminster, Canada
  • Midale, Canada
  • Peace River, Canada
  • Red Deer, Canada
  • Red Earth Creek, Canada
  • Rocky Mountain House, Canada
  • Silver Valley, Canada
  • Stettler, Canada
  • Swan Hills, Canada
  • Turner Valley, Canada
  • Whitecourt, Canada
  • Woking, Canada
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