Welcome to our dedicated page for Devon Energy Corporation news (Ticker: DVN), a resource for investors and traders seeking the latest updates and insights on Devon Energy Corporation stock.
Devon Energy Corporation (NYSE: DVN) is a top-tier independent oil and natural gas exploration and production company. Headquartered in Oklahoma City, Devon boasts premier positions in North America's most prolific plays, including the Permian Basin, Eagle Ford, and Canada's oil sands. With a reported net production averaging approximately 658,000 barrels of oil equivalent per day in 2023, Devon’s operations significantly contribute to North America's energy supply. The company’s portfolio reported net proved reserves of 1.8 billion barrels of oil equivalent at the end of 2023, with a production mix of 73% oil and natural gas liquids and 27% natural gas.
Devon’s business model emphasizes entrepreneurialism, innovation, leadership, and collaboration, which drive its mission to meet North America's growing energy demands. The company is a staple in the US energy sector, listed on the Fortune 500 and recognized as one of the Fortune 100 Best Companies to Work For. It is also a respected employer in Canada, featured on the Best Workplaces in Canada list by the Globe and Mail.
Recent achievements include a strategic partnership with WaterBridge NDB to form NDB Midstream LLC, creating the largest private water infrastructure system in the Delaware Basin. This partnership enhances Devon's water management capabilities, supporting its drilling plans and water reuse operations. Devon also maintains a robust financial position, ensuring sustainable operations and capital returns to shareholders.
Devon's core business lies in oil and gas production, with significant acreage in the Permian Basin, Anadarko, Eagle Ford, and Bakken basins. The company focuses on maximizing asset development through a disciplined cash-return business model, aiming to generate free cash flow and strong returns for investors. Recent developments also highlight Devon's commitment to sustainable practices and innovation in the energy sector.
For career opportunities and more information, visit Devon Energy Careers.
WaterBridge has announced long-term commercial agreements with BPX Energy to support development in the Delaware Basin. WaterBridge will construct and operate 400MBbls/d of new produced water handling capacity over the next three years, with potential expansion to 600MBbls/d. This agreement includes a 10-year minimum volume commitment by BPX Energy.
WaterBridge’s affiliate relationship with LandBridge Company enables sustainable development, leveraging over 273,000 surface acres in the Delaware Basin. The agreements include constructing a large-diameter gathering and transportation system to efficiently transport water from BPX Energy’s development sites in Reeves County, Texas.
WaterBridge’s CEO, Jason Long, emphasized the strategic expansion of their relationship with BPX Energy, highlighting their resources and scalable infrastructure. BPX Energy’s CEO, Kyle Koontz, praised WaterBridge’s operational expertise and sustainable water solutions. Michael Reitz, COO of WaterBridge, noted the importance of surface access and their ability to disperse water volumes across a broad area.
Devon Energy (NYSE: DVN) announced key updates to its executive leadership team. John Raines has been promoted to Senior Vice President, E&P Asset Management from his previous role as Vice President, Delaware Basin. Trey Lowe has been elevated to Senior Vice President and Chief Technology Officer, previously serving as Vice President and CTO.
Additionally, Tom Hellman joins Devon as Senior Vice President, E&P Operations, bringing over 30 years of industry experience, most recently from Marathon Oil where he served as Vice President, Operations for Permian and Oklahoma assets.
The appointments were announced by Clay Gaspar, Devon's incoming CEO, who expressed confidence in the leadership capabilities and industry expertise of all three executives.
Devon Energy (NYSE: DVN) has announced its schedule for the release of fourth-quarter and full-year 2024 financial results. The company will publish its earnings report on Tuesday, February 18, 2025, after U.S. financial markets close. The earnings release and presentation will be accessible on Devon's website.
Following the release, Devon will host a conference call on Wednesday, February 19, at 10 a.m. CST (11 a.m. EST), primarily focused on addressing questions from analysts and investors. A webcast of the conference call will be available on the company's website, along with a replay option for those unable to attend the live session.
Devon Energy (NYSE: DVN) has announced that President and CEO Rick Muncrief, 66, will retire effective March 1, 2025. The board has appointed current Chief Operating Officer Clay Gaspar to succeed Muncrief as President, CEO, and board member.
Board chair John Bethancourt praised Muncrief's 45-year industry career and his contributions since the WPX Energy merger in 2021. Gaspar's appointment results from a comprehensive succession planning process, with the board expressing confidence in his experience and vision to create additional long-term shareholder value.
The company confirmed that its strategic objectives will remain unchanged during this leadership transition.
Devon Energy (NYSE: DVN) has released its third-quarter 2024 financial and operational results. The company declared a quarterly dividend and updated its 2024 outlook. Detailed earnings release, supplemental financial tables, and related earnings presentation are available on Devon's website. A conference call for analysts and investors will be held on Nov. 6, 2024, at 10:00 a.m. Central time. The call will mainly address questions from analysts and investors.
Devon Energy Corp. (NYSE: DVN) has announced its schedule for the release of third-quarter 2024 earnings and the subsequent conference call. The company will report its Q3 2024 results on Tuesday, November 5, after U.S. financial markets close. Both the earnings release and presentation will be made available on Devon's official website. Following this, on Wednesday, November 6, at 10 a.m. CST (11 a.m. EST), Devon will host a conference call primarily focused on addressing questions from analysts and investors. A webcast link for the conference call will be provided on the company's website, along with a replay option available after the call.
Devon Energy Corp. (NYSE: DVN) released its financial and operational results for Q2 2024 on Aug. 06, 2024. Key highlights include earnings, updates to 2024 guidance, and a declared quarterly dividend. Detailed results and supplementary information are available on their website. A conference call for analysts and investors is scheduled for Aug 7, 2024, at 10:00 a.m. Central (11:00 a.m. Eastern).
Devon Energy (NYSE: DVN) has released its 2024 Sustainability Report, showcasing the company's commitment to sustainable practices while delivering industry-leading results. The report highlights Devon's progress in emissions reduction, methane emissions reporting, and water recycling.
Key accomplishments include:
- Advancing towards all emissions reduction targets
- Receiving the 'Gold Standard Pathway' for methane emissions reporting
- Increasing recycled water usage by 15% compared to 2022
- Investing $1.2 million in STEM education
- Addressing safety challenges comprehensively
CEO Rick Muncrief emphasized the importance of integrating sustainable practices into Devon's core strategy to meet global energy demands responsibly.
Devon Energy (NYSE: DVN) announced a $5 billion acquisition of Grayson Mill Energy's Williston Basin business, paying $3.25 billion in cash and $1.75 billion in stock. The deal, expected to close by Q3 2024, is aimed at expanding Devon's oil production and operational scale, projecting an average of 375,000 barrels per day of oil production. The acquisition, which adds 307,000 net acres and a production of 100,000 Boe/day, is anticipated to provide immediate financial benefits and enhance shareholder returns, including a 67% increase in share repurchase authorization to $5 billion. The company's net debt-to-EBITDAX ratio is expected to remain strong at 1.0 times post-acquisition. Additionally, Devon plans to allocate up to 30% of annual free cash flow to debt reduction over the next two years.
Devon Energy Corp. (NYSE: DVN) announced it will release its second-quarter 2024 earnings on Tuesday, August 6, after U.S. financial markets close. The earnings release and related presentation will be accessible on the company's website. Additionally, a conference call to discuss the results will be held on Wednesday, August 7, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The call will primarily address questions from analysts and investors, and a webcast link will be available on Devon's website. A replay of the conference call will also be made available online.
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