Devon Energy Publishes 2024 Sustainability Report

Rhea-AI Summary

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.

OKLAHOMA CITY, July 25, 2024 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN), a leading U.S. independent oil and natural gas producer, today announced the release of its 2024 Sustainability Report. The report highlights the company’s efforts to deliver industry-leading results while being a good neighbor, valued community partner, responsible environmental steward and supportive employer.

“Integrating sustainable business practices into our core strategy is not just beneficial—it’s essential for our future,” said Rick Muncrief, president and CEO. “As global demand for energy continues to increase, we will answer that call by producing affordable, accessible, reliable energy in a safe, environmentally sound and ethical way.

“I’m proud of the work we do every day to produce energy the world needs, keep our people safe, make progress toward our environmental targets and have a positive impact on communities where we operate. We believe that doing the right thing, in the right way, is not only good for our people and the environment, but it’s also good for our business.”

Accomplishments spotlighted in the report include positively progressing toward all emissions reduction targets, receiving the “Gold Standard Pathway” within the Oil and Gas Methane Partnership 2.0 program for the company’s implementation plan for methane emissions reporting, increasing recycled water usage by 15% compared to 2022, investing $1.2 million in STEM education, comprehensively addressing safety challenges and more.

Find the report complete with performance metrics and targets on Devon’s website at devonenergy.com/sustainability.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and natural 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	Sustainability Contact
Rosy Zuklic, 405-552-7802	Michelle Hindmarch, 405-552-7460	Brooke Baum, 405-552-3448
Chris Carr, 405-228-2496

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are not promises or guarantees of future conduct, policy or performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, Devon’s actual activities and future results, including the development, implementation or continuation of any program, target or initiative discussed in this press release or the 2024 Sustainability Report, may differ materially in the future due to a number of factors, including, but not limited to: the risk that Devon is unable to implement the new technologies and practices contemplated to achieve the relevant emissions, water or other sustainability target successfully or on a timely basis; the risk that such technologies and practices result in higher than anticipated costs or cause operational disruptions that adversely impact Devon’s financial performance; and the other risks identified in Devon’s 2023 Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are made as of the date hereof, and Devon does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

FAQ

What are the main highlights of Devon Energy's 2024 Sustainability Report?

Devon Energy's 2024 Sustainability Report highlights progress towards emissions reduction targets, improved methane emissions reporting, increased water recycling by 15%, $1.2 million investment in STEM education, and comprehensive safety improvements.

How much did Devon Energy (DVN) increase its recycled water usage in 2024?

According to the 2024 Sustainability Report, Devon Energy (DVN) increased its recycled water usage by 15% compared to 2022.

What recognition did Devon Energy (DVN) receive for its methane emissions reporting in 2024?

Devon Energy (DVN) received the 'Gold Standard Pathway' within the Oil and Gas Methane Partnership 2.0 program for its implementation plan for methane emissions reporting.

How much did Devon Energy (DVN) invest in STEM education according to its 2024 Sustainability Report?

Devon Energy (DVN) invested $1.2 million in STEM education, as reported in its 2024 Sustainability Report.

Where can I find Devon Energy's (DVN) 2024 Sustainability Report?

Devon Energy's (DVN) 2024 Sustainability Report, complete with performance metrics and targets, can be found on the company's website at devonenergy.com/sustainability.