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About Devon Energy Corporation

An independent energy company, Devon Energy explores for, develops, and produces oil, natural gas, and NGLs (natural gas liquids) assets onshore in the US. Its primary productive assets are in the Eagle Ford, Powder River Basin, and Delaware Basin shale plays in Texas; STACK shale assets in Oklahoma. In total, Devon boasts proved developed and undeveloped reserves of nearly 210 million barrels of oil equivalent and produces, on average, more than 325,000 barrels daily from more than 3,500 net producing wells.


Devon's upstream activities account for about 55% of the company's revenue. It produces a daily average of approximately 150,000 barrels of oil, roughly 560 million cubic feet of gas, and more than 75,000 barrels of NGLs.

Marketing revenue, which are generated primarily as a result of Devon selling commodities purchased from third parties, accounts for the around 45% of sales.

Geographic Reach

Oklahoma-based Devon Energy has four main productive regions: The area termed STACK in Oklahoma produces nearly 120,000 barrels of oil equivalent per day (boe/d) from more than 130 gross wells; assets in Eagle Ford produce over 45,000 boe/d; the Delaware Basin produces more than 125,000 boe/d; and the Powder River Basin produces roughly 25,000 boe/d.

In the Delaware Basin, Devon's main assets are in the oil-rich Bone Spring, Delaware, Wolfcamp, and Leonard formations. The STACK development is located primarily in Oklahoma's Canadian, Kingfisher, and Blaine.

Sales and Marketing

Devon sells its products under both long-term (one year or more) and short-term (less than one year) agreements at prices negotiated with third parties. The majority of its products are sold at variable, market-sensitive prices. Devon also enters into financial hedging arrangements or fixed-price contracts associated with a portion of our oil, gas and NGL production.

Financial Performance

Devon's revenue has been fluctuating for the last five years. The Company suffered a spike in losses in 2016, managed to resurface for a couple of years, but suffered a minor loss in 2019.

In 2019, Devon's sales declined 30% to $6.2 billion compared to the previous year. Revenue was affected with the sale of its Canadian business in June.

Net income surged fell% to a loss of $355 million in 2019.

Devon's cash, cash equivalents and restricted cash at end of 2019 was $1.8 billion. The company's operations generated $2 billion, while investing activities used $1.6 billion and financing used $2.1 billion. Devon's main cash uses in 2018 were capital expenditures and repurchases of common stock.


Devon's business strategy is focused on delivering a consistently competitive shareholder return among peer group. Because the business of exploring for, developing and producing oil and natural gas is capital intensive, delivering sustainable, capital efficient cash flow growth is a key tenant to the company's success. While the cash flow is highly dependent on volatile and uncertain commodity prices, Devon pursue the strategy throughout all commodity price cycles with four fundamental principles.

The company operates the business with the interests of the stakeholders and environmental, social and governance progress in mind. With vision to be a premier independent oil and natural gas exploration and production company, the work that the employees do every day contributes to the local, national and global economies. Devon produce a valuable commodity that is fundamental to society, and endeavors to do so in a safe, environmentally responsible and ethical way, while striving to deliver strong returns to the shareholders.

The company owns a portfolio of assets located in the United States. Devon strive to own premier assets capable of generating cash flows in excess of capital and operating requirements, as well as competitive rates of return. The company also desire to own a portfolio of assets that can provide a production growth platform extending many years into the future. Due to the strength of oil prices relative to natural gas, Devon have been positioning its portfolio to be more heavily weighted to U.S. oil assets in recent years.

During 2019, Devon completed the transition to a U.S. oil company. The company sold the Canadian business, generating $2.6 billion in proceeds, and announced the sale of Barnett Shale assets for approximately $770 million, before purchase price adjustments.

As Devon pursue cash flow growth, it continually work to optimize the efficiency of capital programs and production operations, with an underlying objective of reducing absolute and per unit costs and enhancing returns. The company also strive to leverage the culture of health, safety and environmental stewardship in all aspects of the business.

Company Background

Devon was founded in 1971 by John Nichols and his son Larry. It became a public company in 1988, and the next year pioneered in the production of coalbed natural gas in the San Juan Basin. Over the next decades it steadily acquired big oil & gas companies with the US and abroad to become of the top independent oil companies. In 2018 and 2019 Devon sold off its midstream and Canadian heavy oil businesses as well as other non-core US assets.

Devon Energy Corporation

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

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: DVN
Stock Exchange: , NYSE
President and CEO: David A. Hager
Chairman: John Richels
COO: Tony D. Vaughn
Employees (This Location): 188
Employees (All Locations): 1,800

Major Office Locations

Oklahoma City, OK

Other Locations

Abbeville, LA
Dubach, LA
Erath, LA
Gibson, LA
Grayson, LA
Lafayette, LA
Livonia, LA
Metairie, LA
Plaquemine, LA
Midland, MI
Lumberton, MS
Maben, MS
Havre, MT
Artesia, NM
Oklahoma City, OK
Montgomeryville, PA
Pittsburgh, PA
Bridgeport, TX
Carthage, TX
Cleburne, TX
Corpus Christi, TX
Cresson, TX
Cuero, TX
Dallas, TX
Denton, TX
Houston, 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
Stettler, Canada
Swan Hills, Canada
Turner Valley, Canada
Woking, Canada