CEO Larry Nichols

Devon Energy Corporation, one of the world’s leading independent oil and gas exploration and production firms, is headquartered in downtown Oklahoma City. Like its competitor Chesapeake Energy, Devon Energy Corporation is one of the few prestigious multinational companies that raise the profile of Oklahoma City. Devon’s operations are carried out in USA as well as China, Brazil and Argentina where the company operates for the host countries. Employing around 5,500 personnel worldwide, Devon’s daily natural gas production accounts for around 3 percent of all gas consumed in North America. The company’s production consists of 65% natural gas and 35% oil and natural gas liquids. ... Read Full Story

Independent oil and gas producer Devon Energy says it will divest its Gulf of Mexico and international assets. Devon expects the divestitures will create after-tax proceeds of $4.5 billion to $7.5 billion. The company plans to use the proceeds to invest in its U.S. and Canadian portfolio and retire debt. The sales will add to earnings, cash flow, production and reserves beginning in 2011, the company says. CEO J. Larry Nichols says the company does not believe the value of the assets are adequately reflected in Devon's stock price. The company expects to begin divesting the properties in the first quarter of 2010 and ... Read Full Story

Despite the recession, plans for the new 50-story headquarters for Devon Energy Corp. took another step toward reality Tuesday as company officials and civic leaders gathered for a formal groundbreaking ceremony. The independent oil and natural gas producer formally took possession of the property Thursday, and work already has begun on the site of a former parking garage — a fact marked by a jackhammer next to Devon CEO Larry Nichols, rather than a shovel, at the brief ceremony. Devon began planning in earnest for the $750 million project two years ago, and because the company is financing the project itself, its construction plans ... Read Full Story

Devon Energy Corp. reported record production levels for the second quarter on Wednesday but expects those numbers to fall later this year — in part because lower commodity prices have led it to cut back on drilling. The independent oil and natural gas producer cited those lower prices in reporting that its second-quarter profit fell by 76 percent from a year ago, although the result still beat Wall Street forecasts. Devon's combined oil, natural gas and natural gas liquids production averaged 719,000 barrels of oil equivalent for the quarter, the highest of any quarter in its history. CEO Larry Nichols said that's up 5 ... Read Full Story

Devon Energy Corp. CEO Larry Nichols said Wednesday the company is reducing its natural gas drilling in the short-term until gas prices start to rebound. "We see absolutely no reason to continue to drill at this time and bring natural gas production on at this time, any more than we need to," Nichols said at the company's annual shareholders meeting. "It's better to leave that gas in the ground and sell it next year, or in future years, when we can generate a greater profit for our shareholders." Devon has reduced its exploration and development capital budget to between $3.5 billion and $4.1 billion ... Read Full Story