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this template message learn how and when to remove this template message devon energy corporation type public company traded as nyse dvn s & p 500 component industry petroleum industry founded 1971 1 founder john nichols headquarters oklahoma city oklahoma key people j. larry nichols executive chairman dave hager chief executive officer products petroleum natural gas natural gas liquids production output 600 thousand barrels of oil equivalent 3 700 000 gj per day 2 revenue us 13.145 billion 2015 1 operating income us 20.727 billion 2015 1 net income us 15.203 billion 2015 1 total assets us 29.532 billion 2015 1 total equity us 10.989 billion 2015 1 number of employees 6 600 including 1 400 employed by enlink 2015 1 website www.devonenergy.com devon energy corporation is an independent natural gas natural gas liquids and petroleum producer focused on onshore exploration and production in north america . the company is headquartered in the 50 story devon energy center completed in 2012 in oklahoma city oklahoma . contents 1 current operations 1.1 reserves 1.2 production 2 history 2.1 mergers and acquisitions 3 legal issues 3.1 environmental record 3.2 lobbying 4 awards and recognition 5 references 6 further reading 7 external links current operations edit in 2015 the company ranked 152 on the fortune 500 3 reserves edit as of december 31 2015 the company had 2.182 billion barrels of oil equivalent 1.335 1010 gj in proved reserves of which approximately 75 % was in the united states and 25 % was in canada . 1 it is one of the largest energy producers in the barnett shale where it controls 600 000 acres . 4 of the company s total proved reserves as of december 31 2015 39 % were in the barnett shale 25 % were heavy oil in alberta canada and 12 % were in the stack formation in oklahoma . 1 production edit the company expects to produce approximately 600 thousand barrels of oil equivalent 3 700 000 gj per day in 2016 . 1 in the fourth quarter of 2015 the company produced 66 thousand barrels of oil equivalent 400 000 gj per day from the delaware basin 70 thousand barrels of oil equivalent 430 000 gj per day from the stack formation in oklahoma 111 thousand barrels of oil equivalent 680 000 gj per day from the eagle ford shale 126 thousand barrels of oil equivalent 770 000 gj per day from heavy oil and 175 thousand barrels of oil equivalent 1 070 000 gj per day from the barnett shale . 1 history edit devon was founded in 1971 by john nichols and his son j. larry nichols . it became a public company in 1988 and expanded through mergers and acquisitions . 5 in 2000 the company was added to the s & p 500 index . 6 in 2012 the company completed construction of its current headquarters the 50 story devon energy center in oklahoma city oklahoma and closed its houston office which was located in the allen center in downtown houston . 7 in 2016 devon announced plans to lay off 1 000 employees including 700 in oklahoma city as part of a cost cutting effort due to low prices of natural gas natural gas liquids and oil . 8 the company reduced its drilling budget by 75 percent . earlier in 2016 the company hired the jefferies group investment bank to sell assets to reduce debt . the company hopes to raise 2 billion to 3 billion from the sales . devon also cut its quarterly dividend from 24 cents to 6 cents per share . 4 mergers and acquisitions edit year company price description of assets ref s . 1 000000001992 01 01 00001992 hondo oil and gas 122 million oil and gas reserves and seven natural gas processing plants 9 2 000000001996 01 01 00001996 kerr mcgee 250 million north american onshore oil and gas properties 370 000 net acres of undeveloped drilling rights 10 3 000000001998 01 01 00001998 northstar energy 750 million oil and gas properties in canada 11 4 000000001999 01 01 00001999 pennzenergy 2.2 billion oil and gas properties in the gulf of mexico 12 5 000000002000 01 01 00002000 santa fe snyder 2.35 billion 6 6 000000002001 01 01 00002001 anderson exploration 4.6 billion canadian properties 13 7 000000002002 01 01 00002002 mitchell energy 3.5 billion properties in the barnett shale of texas 14 8 000000002003 01 01 00002003 ocean energy 5.3 billion deepwater sites in the gulf of mexico 15 9 000000002006 01 01 00002006 chief oil and gas 2.2 billion barnett shale leasehold 16 10 000000002 014 01 01 00002014 geosouthern energy 6.1 billion eagle ford assets 17 11 000000002 014 01 01 00002014 crosstex energy merger of midstream assets to form enlink midstream llc 18 12 000000002 015 01 01 00002015 felix energy 2.5 billion assets in the powder river basin & anadarko basin 19 legal issues edit environmental record edit in october 2011 the company stated that its efforts to reduce greenhouse gas emissions have resulted in company wide emission reductions of 31 billion cubic feet of methane since 1990 . 20 shareholders have introduced several resolutions that would require the company to monitor its effect on climate change 21 and to disclose its lobbying activity against regulations to prevent climate change . 22 lobbying edit the company is a member of the western energy alliance a lobbying group that represents oil and gas drillers . 23 in the third quarter of 2014 just before the midterm elections devon ceo j. larry nichols made a 136 000 contribution to the republican targeted state victory committee . 24 in 2014 an investigation by the new york times uncovered that a three page letter from oklahoma s attorney general scott pruitt to the u.s. environmental protection agency bluntly accusing regulators of grossly overestimating the amount of air pollution caused by drilling of new natural gas wells was actually written by an attorney for devon . the investigation found that attorneys general in at least a dozen states are working with energy companies and other corporate interests which in turn are providing them with record amounts of money for their political campaigns including at least 16 million this year . 25 in 2015 devon ceo j. larry nichols agreed to lead the energy steering committee of florida senator marco rubio . nichols stated that excessive regulation squashes energy innovation . nichols also made a 50 000 contribution to the super pac supporting marco rubio . 26 awards and recognition edit in 2015 the company was ranked 38 among the best companies to work for by fortune magazine and was noted for its local community involvement . 27 references edit a b c d e f g h i j k devon energy corporation 2015 form 10 k annual report devon energy reports fourth quarter and full year 2015 results ; provides 2016 capital and production outlook . business wire . february 16 2016 . devon energy 152 . fortune magazine . a b baker max b. 17 february 2016 . devon energy cutting 1 000 jobs slashing dividend . star telegram fort worth . retrieved 20 february 2016 . devon energy history a b devon energy and santa fe snyder complete merger press release . prnewswire . august 29 2000 . pulsinelli olivia . devon energy to close houston office will affect 500 employees . houston business journal . thursday october 11 2012 . retrieved on october 14 2012 . wilmoth adam february 16 2016 . devon energy to lay off 700 in oklahoma city . newsok . retrieved february 17 2016 . hondo oil offer . new york times . february 29 1992 . devon energy and kerr mcgee transaction completed . alexander s gas & oil connections . december 31 1996 . devon energy and northstar energy to combine us 2 billion oil and gas company would be created press release . prnewswire . june 29 1998 . devon energy and pennzenergy announce completion of merger press release . prnewswire . august 17 1999 . devon energy to acquire anderson exploration and become north america s largest independent producer of oil and natural gas press release . prnewswire . september 4 2001 . devon energy completes acquisition of mitchell energy press release . prnewswire . january 24 2002 . devon energy and ocean energy complete merger ; creating largest u.s. independent oil and gas producer press release . prnewswire . april 25 2003 . devon energy completes acquisition of chief holdings ; boosts activity in the barnett shale press release . prnewswire . june 29 2006 . devon energy completes acquisition of eagle ford assets from geosouthern energy press release . prnewswire . february 28 2014 . devon energy and crosstex energy to create new midstream business press release . business wire . october 21 2013 . devon energy sharpens focus on core assets press release . business wire . december 7 2015 . what is natural gas star pdf . environmental protection agency . october 2011 . feder barnaby j. 27 february 2004 funds want oil companies to report on climate new york times retrieved 21 march 2015 shareholders ask oil producers for climate lobbying disclosure . corporate secretary . january 11 2016 . western energy alliance . choma russ 7 october 2014 . super jfc donors emerge in third quarter . open secrets . retrieved 23 october 2014 . lipton eric 6 december 2014 . energy firms in secretive alliance with attorneys general . the new york times . retrieved 20 february 2016 . fracking pioneer agrees to guide energy policy for rubio . bloomberg l.p. february 22 2016 . devon energy . fortune magazine . further reading edit burke robert . deals deals and more deals the life of john w. nichols . oklahoma heritage association . 2004 . external links edit oklahoma portal companies portal energy portal official devon energy website voices of oklahoma interview with larry nichols conducted on october 26 2011 2015 social responsibility report v t e major corporations within the oklahoma city metropolitan area nyse listed chesapeake energy continental resources devon energy og e energy paycom sandridge energy tronox nasdaq listed bancfirst sonic drive in major private companies ackerman mcqueen american fidelity assurance braum s digital designs globe life and accident insurance company griffin communications hobby lobby love s travel stops midfirst bank the oklahoman taco mayo tyler media group law firms crowe & dunlevy retrieved from https en.wikipedia.org w index.php title devon energy & oldid 743587905 categories natural gas companies of the united statesoil companies of the united statespetroleum in oklahomacompanies based in oklahoma cityenergy companies established in 1971non renewable resource companies established in 19711971 establishments in oklahomacompanies listed on the new york stock exchangehidden categories articles lacking reliable references from february 2016all articles lacking reliable referencesarticles needing additional references from february 2016all articles needing additional referencesarticles needing more viewpoints from february 2016 navigation menu personal tools not logged