Devon Energy Celebrates 50 Years of Success
May 17 2021 - 4:05PM
Devon Energy Corp. (NYSE: DVN) is celebrating its ‘golden’
anniversary this month after 50 years of success in the oil and gas
industry. Founded by John and Larry Nichols in 1971, the company
started with no assets and five employees, but by 1988, was
publicly traded and then listed on the New York Stock Exchange.
Devon continued to grow organically and by acquisition over the
years and stepped into its place on the S&P 500 in 2000. Today
it is a leading producer of oil and gas in the U.S.
For half a century Devon has prospered and endured through
volatile market cycles, delivering strong performance while
adapting and continuing to innovate. Devon’s historic achievements
and milestone events include being the first to successfully
combine horizontal drilling with hydraulic fracturing in the
Barnett Shale of North Texas, which launched the Shale Revolution
that spread to oil and gas-producing regions across the U.S.
“When we started, the vision was to build a U.S. oil and gas
powerhouse,” said Devon’s co-founder Larry Nichols. “We were always
looking for new technologies and modern ways to produce oil and gas
because we wanted to be innovators. I’m proud to say that I think
that’s exactly what Devon has been in the industry over the
years.”
In addition to its many industry achievements and commitment to
responsible energy development over the last five decades, Devon
has been a major contributor and community partner in all its areas
of operations.
STEM education and social service organizations take center
stage in Devon’s focus on communities. Over the years the company
has partnered with organizations like the Cal Ripken, Sr.
Foundation to install STEM centers in local schools; the United Way
and local food banks in its annual Give for Good campaign; and
emergency responders personnel.
“Devon has always prioritized being a good neighbor and tried to
go above and beyond for the communities that allow us to do
business,” said Nichols. “They support us, and we support
them.”
THE NEXT 50 YEARS
In January 2021 Devon and WPX Energy merged as equals, keeping
Devon’s name and headquarters in Oklahoma City. WPX’s Rick Muncrief
became President and CEO of Devon, and Devon’s Dave Hager became
Executive Chairman of the Company’s board of directors.
Muncrief comes in at a time of great transition in global energy
bringing with him a vision of transforming the company so it will
thrive for the next half century.
“Looking back at Devon’s last 50 years gives us a lot to be
proud of,” said Muncrief. “I’m excited and humbled to lead the
company into its next stage, and am confident that Devon’s culture
of integrity, focus on forging strong relationships and acting
courageously will continue yielding strong results for all of our
stakeholders.
“Devon is a great company, and we intend to build on our past
successes to carry on its legacy into the future.”
ABOUT DEVON ENERGY
Devon Energy is a leading oil and gas producer in the U.S. with
a premier multi-basin portfolio headlined by a world-class acreage
position in the Delaware Basin. Devon’s disciplined cash-return
business model is designed to achieve strong returns, generate free
cash flow and return capital to shareholders, while focusing on
safe and sustainable operations. For more information, please visit
www.devonenergy.com.
Investor Contacts |
Media Contact |
Scott Coody, 405-552-4735 |
Lisa Adams, 405-228-1732 |
Chris Carr, 405-228-2496 |
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