Devon Energy Analysis
What is Devon Energy?
Leading independent oil and natural gas producer
Employees
1001-5000
Founded
1971
Industry
Fossil Fuels
HQ Full Address
333 West Sheridan Avenue, Oklahoma City, Oklahoma 73102-5010, United States
Product Features & Capabilities
- Oil and natural gas exploration
- Production operations in Delaware Basin
- Production operations in Eagle Ford
- Production operations in Anadarko Basin
- Midstream services
Other Considerations
Announced a business optimization plan targeting $1 billion in annual pre-tax free cash flow improvements; Declared a quarterly cash dividend of $0.24 per share; Engaged in sustainability efforts with a focus on reducing carbon intensity
Recent News
Recent developments related to Devon Energy include their strong performance in the fourth quarter of 2023, where they exceeded analyst expectations, leading to positive reactions from investors. The company reported significant financial results and announced a 10% increase in their fixed dividend for 2024. Additionally, Devon Energy has been involved in strategic acquisitions, including a notable $5 billion acquisition of Grayson Mill Energy, which enhances their operational capabilities in the energy sector.
Competitors
- EOG Resources - A leading oil and natural gas exploration and production company, EOG is known for its focus on unconventional resources and has a strong presence in the U.S. shale plays.
- Diamondback Energy
- ConocoPhillips - One of the largest independent exploration and production companies, ConocoPhillips operates globally and is involved in all aspects of the oil and gas industry.
- Apache Corporation - Apache is an independent oil and gas exploration and production company with operations in North America, Egypt, and the North Sea, focusing on both conventional and unconventional resources.
- Range Resources
- Coterra Energy - Formed from the merger of Cabot Oil & Gas and Cimarex Energy, Coterra focuses on the exploration and production of oil and natural gas, with a strong emphasis on operational efficiency.
- Ovintiv Inc - Formerly known as Encana, Ovintiv is a North American energy producer focused on developing its resource base in the U.S. and Canada, with a strong emphasis on technology and innovation.
Sustainability Initiatives
- Environmental Performance Targets - The company has established targets to achieve net zero greenhouse gas (GHG) emissions for Scopes 1 and 2 by 2050. They aim to reduce GHG emissions significantly in the interim.
- Climate Change Initiatives - Devon Energy focuses on climate change as part of their environmental stewardship, implementing practices that align with their governance and organizational structure to address environmental, health, and safety (EHS) concerns.
- Community Engagement - They emphasize being a good neighbor and community partner, which includes philanthropic efforts and social responsibility initiatives.
- Sustainability Reporting - Devon publishes annual sustainability reports that highlight their environmental, social, and governance (ESG) performance, showcasing their commitment to responsible energy production.
- Governance Practices - The company is guided by core values and corporate governance principles that prioritize financial, environmental, and social responsibility. For more detailed information, you can visit their official sustainability page [here](https://www.devonenergy.com/sustainability).
