Devon Energy

Devon Energy Corporation stands as one of the largest independent oil and natural gas producers in the United States, with operations strategically focused on high-quality, oil-rich resource plays. Headquartered in Oklahoma City, Oklahoma, the company operates a 50-story Devon Energy Center that symbolizes its prominence in the American energy landscape. Devon's current portfolio is concentrated in three core operating areas: the Delaware Basin of southeast New Mexico and west Texas, the Eagle Ford in south Texas, and the Williston Basin in North Dakota and Montana. As of December 31, 2024, the company held proved reserves of 2,155 million barrels of oil equivalent, with a production mix of 42% petroleum, 29% natural gas liquids, and 29% natural gas.

The company has distinguished itself through strategic acquisitions and operational excellence. The 2021 merger with WPX Energy created a significantly larger and more resilient exploration and production company, particularly strengthening Devon's position in the Delaware Basin. More recently, the September 2024 acquisition of Grayson Mill Energy's Williston Basin operations for $5 billion transformed Devon's position in the Bakken formation, adding 307,000 net acres and approximately 100,000 barrels of oil equivalent per day in production. In 2024, Devon maintained production levels around 848,000 barrels of oil equivalent per day, with the Delaware Basin accounting for 67% of total production at 488,000 BOE/d.

Devon's financial performance has been strong, with 2024 revenue reaching $15.94 billion, up from $15.25 billion in 2023. The company reported net earnings of $639 million in the fourth quarter of 2024, with full-year core earnings demonstrating the company's ability to generate substantial cash flow. Devon has pioneered shareholder returns in the independent E&P sector, implementing an industry-first fixed-plus-variable dividend framework following the WPX merger. This approach has enabled the company to return significant capital to shareholders while maintaining investment discipline.

With 2,300 employees as of December 2024, Devon combines technical expertise with operational scale to deliver consistent results. The company's commitment to sustainability is demonstrated through significant reductions in greenhouse gas emissions, methane intensity, and flaring, while advancing emissions detection and abatement initiatives. As Devon looks to 2025 and beyond, the company continues to focus on capital efficiency, operational excellence, and delivering superior returns to shareholders through disciplined investment in its high-quality asset base.