CEO Larry Nichols

The massive oil spill in the Gulf of Mexico will significantly set back industry efforts to increase offshore drilling, the CEOs of two Oklahoma City-based independent energy companies said Friday.Devon Energy Corp. CEO Larry Nichols and Chesapeake Energy Corp. CEO Aubrey McClendon spoke during an annual Oklahoma State University energy conference, with OSU President Burns Hargis asking questions submitted by audience members.The first question was about the April 20 explosion of a rig...Read Full Story

The Unites States Natural Gas Fund(NYSE:UNG) has taken another leg down since June 15th, 2010. On August 9th the popular ETF triggered a bearish head and shoulders top pattern and has declined sharply from that date. The ultimate target for that bearish pattern is around $5.60. However, these patterns will have bounces along the way and do not go straight down. In the near term the UNG has bounced slightly higher over the past five trading sessions from an oversold technical condition. The...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...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...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...Read Full Story

Devon Energy Corp. has named a new CEO as the independent oil and natural gas producer finalizes the sale of its Gulf of Mexico assets.Devon announced Wednesday during its annual shareholders meeting that 59-year-old John Richels is the company's third CEO. He succeeds Larry Nichols, who has been the company's CEO since 1980, when he took over for his father.Richels, who has been with Devon for 12 years, also will maintain his role as the company's president.The 67-year-old Nichols will...Read Full Story

Oil company BP PLC said Thursday it will pay $7 billion to acquire exploration rights in Brazil, Azerbaijan and the Gulf of Mexico from Devon Energy Corp.BP will buy the rights for 10 offshore exploration blocks in Brazil and a portfolio of rights in the U.S. Gulf of Mexico and in the Caspian Sea.BP said it is also selling, for $500 million, a 50 percent stake in its Kirby oil sands interests in Canada to Devon, based in Oklahoma City, Oklahoma.Devon is repositioning itself to concentrate on...Read Full Story

Devon Energy Corp. is seeking partners to help lower costs of developing four of its discoveries in the Gulf of Mexico, the top executive of the independent oil and gas producer said Wednesday.During a conference call with analysts, Devon CEO Larry Nichols said the company has seen the amount of money it spends on long-term projects rise above the 10 to 15 percent of the company's exploration and development budget traditionally desired by Devon executives.Nichols said more than one-third of...Read Full Story

Devon Energy Corp. says its net income more than doubled in the second quarter on higher oil and natural gas prices.The Oklahoma City oil and gas company on Wednesday reported earnings of $706 million, or $1.58 per share, in the quarter ended June 30. That compares with earnings of $314 million, or 70 cents per share, in the same period last year. Revenue increased 23 percent to $2.23 billion.Analysts had expected earnings of $1.42 per share on revenue of $2.38 billion.Devon said oil prices...Read Full Story

Devon Energy Corp. said Tuesday that it will sell three development projects in the Gulf of Mexico to Maersk Oil for $1.3 billion, part of its strategy to reposition the company as a North American onshore company.The projects are in the deepwater Walker Ridge federal lease area off of Louisiana. The deal covers Devon's 50 percent working interest in the Cascade project and 25 percent working interests in the Jack and St. Malo projects.Devon Energy, based in Oklahoma City, said it expects to...Read Full Story