About Devon Oei Operating, Inc.

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. The company boasts proved reserves of about 1.9 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).


The company's operating segments are the US (about 55% of total revenue), 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

Devon's revenue has fallen sharply as natural gas oversupply pushed down prices. In fiscal 2016 sales fell a further 8% to $12.2 billion

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%.


In the wake of a major oil market downturn, in 2016 Devon Energy reported a major loss and cut 20% of its workforce.

Devon Energy focuses on growing and sustaining a portfolio of high-margin and well managed assets, while 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 Barnett Shale for $1 billion and divert the proceeds towards drilling in its more profitable and promising locations of STACK and the Delaware Basin.

Mergers and Acquisitions

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

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

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Devon Oei Operating, Inc.

20 N Broadway
Oklahoma City, OK 73102-9213
Phone: 1 (405) 235-3611


  • Employer Type: Public
  • Sec: Janice Dobbs
  • Owner: Jon Keenze
  • Partner: Jacob Schilling
  • Employees: 5,000

Major Office Locations

  • Oklahoma City, OK

Other Locations

  • Dubach, LA
  • Metairie, LA
  • Havre, MT
  • Midland, TX