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Devon Energy  

“Market Cap $27.57 B As of May 2014

At a Glance

  • Industry: Oil & Gas Operations
  • Founded: 1971
  • Country: United States
  • CEO: John Richels
  • Website: www.devonenergy.com
  • Employees: 5,900
  • Sales: $10.78 B
  • Headquarters: Oklahoma City, Oklahoma

Forbes Lists

#741 Global 2000

  • #908 in Sales
  • #555 in Assets
  • #398 in Market value
Profile

Devon Energy Corp. is an independent energy company, which is engaged primarily in exploration, development and production of oil and natural gas. Its operations are concentrated mainly in Canada and the United States. It also owns natural gas pipelines, plants and treatment facilities. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

Devon Energy History

Devon was founded in 1971 by John Nichols and his son, Larry. It became a public company in 1988, and expanded greatly through mergers and acquisitions.

In 2008, Devon announced plans to build a new 925-foot (282 m) tall, 1,900,000-square-foot (180,000 m2) corporate tower in downtown Oklahoma City. In 2012, The company closed its Houston office, which was located in the Allen Center in Downtown Houston.

Upon becoming a public company in 1988, Devon was listed on the American Stock Exchange under the ticker symbol DVN. Devon was added to S&P 500 Index in 2000 and to theFortune 500 in 2002. In 2004, Devon transferred its common stock listing to the New York Stock Exchange (NYSE: DVN).

Mergers and acquisitions

  • 1992 – acquisition of Hondo Oil and Gas for $122 million
  • 1996 – acquired Kerr-McGee’s North American onshore oil and gas properties for $250 million
  • 1998 – acquired Northstar Energy for $750 million.
  • 1999 – The $2.6 billion acquisition of PennzEnergy establishes Devon as a significant offshore Gulf Of Mexico operator
  • 2000 – merged with Santa Fe Snyder in a $3.5 billion deal
  • 2001 – acquisition of Anderson Exploration for $4.6 billion, making Devon the third-largest independent gas producer in Canada.
  • 2002 – acquires Mitchell Energy for $3.5 billion, making Devon the largest operator in the Barnett Shale of Texas.
  • 2003 – $5.3 billion merger with Ocean Energy creates the largest U.S.-based independent oil and gas producer.
  • 2006 – acquired Chief Oil and Gas Barnett Shale leasehold for $2.2 billion
  • 2009 – announced plans to sell all of the company’s international and Gulf of Mexico assets during 2010.
  • 2014 – Devon Energy completes acquisition of GeoSouthern Energy Corp for $6.1 billion.
  • 2014 – Devon Energy combines midstream assets with Crosstex Energy, Inc. to form EnLink Midstream, LLC.”

*Information from Forbes.com and Wikipedia.org

**Video published on YouTube by “Devon Energy