Devon Energy Corp. (NYSE: DVN) is celebrating its ‘golden’ anniversary this month after 50 years of success in the oil and gas industry. Founded by John and Larry Nichols in 1971, the company started with no assets and five employees, but by 1988, was publicly traded and then listed on the New York Stock Exchange. Devon continued to grow organically and by acquisition over the years and eventually settled into its place on the S&P 500. Today it is a leading producer of oil and gas in the U.S.
For half a century Devon has endured and prospered through volatile market cycles and continued delivering strong performance while adapting and continuing to innovate. Devon’s historic achievements and milestone events include being the first to successfully combine horizontal drilling with hydraulic fracturing in the Barnett Shale of North Texas, which launched the Shale Revolution that spread to oil and gas-producing regions across the U.S.
“When we started, the vision was to build a U.S. oil and gas powerhouse,” said Devon’s co-founder Larry Nichols. “We were always looking for new technologies and modern ways to produce oil and gas — we wanted to be innovators, and I’m proud to say that I think that’s exactly what Devon has been to the industry over the years.”
In addition to its many industry achievements and commitment to responsible energy development over the last five decades, Devon has been a major contributor and community partner in all its areas of operations.
STEM education and social service organizations take center stage in Devon’s community giving efforts, and over the years the company has partnered with organizations like the Cal Ripken, Sr. Foundation to install STEM centers across the Delaware Basin, the United Way of Lea and Eddy County, the Girl Scouts of the Desert Southwest, emergency responder organizations and many other local charities.
Shannon Johnson, senior community relations specialist, said Devon’s consistent support of local nonprofits matters to her.
“I greatly appreciate working for a company which has always given back to our neighbors,” Johnson said. “Devon is embedded in the community and dedicated to making a positive difference. We are all excited about building stronger relationships and doing even more in the next 50 years.”
In January 2021 Devon and WPX Energy merged as equals but kept Devon’s name and headquarters in Oklahoma City. As a result of the deal, WPX’s Rick Muncrief became President and CEO of Devon, and Devon’s Dave Hager became Executive Chairman on the Company’s board of directors.
Muncrief comes in at a time of great transition in the industry with a vision of transforming the newly integrated company so that it will thrive for the next half century.
“Looking back at Devon’s last 50 years gives us a lot to be proud of,” said Muncrief. “I’m excited and humbled to lead the company into its next stage, and am confident that Devon’s culture of integrity, focus on forging strong relationships and acting courageously will continue yielding strong results for all of our stakeholders.”
“Devon is a great company, and we intend to build on our past successes to carry on its legacy into the future.”
ABOUT DEVON ENERGY
Devon Energy is a leading oil and 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.