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.
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.
Devon Energy Corp. (NYSE: DVN) has appointed John Bethancourt as the independent chair of its board of directors, effective July 1, 2024. Bethancourt, who joined Devon's board in 2014 and has extensive experience in the energy sector, succeeds Barbara Baumann. Baumann will remain on the board and join the compensation and governance committees. Rick Muncrief, president and CEO, emphasized Bethancourt's leadership and strategic insight, which have been instrumental in shaping the company. Bethancourt's background includes various roles at Chevron and Texaco, with expertise in human resources, environmental issues, and energy infrastructure. This appointment underscores Devon's commitment to separating chair and CEO roles, enhancing governance practices.
Devon Energy Corp. (NYSE: DVN) reported financial and operational results for the first-quarter 2024, declared its quarterly dividend, and provided an updated outlook for 2024. The company's earnings release and guidance can be accessed on its website. A conference call is scheduled for May 2, 2024.
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