Devon Energy Corporation

Devon Energy Corporation

Devon Energy Corporation

Overview
Date Founded

1999

Headquarters

333 West Sheridan Avenue,Oklahoma City, OK 73102-5015

Type of Company

Public

Employees (Worldwide)

1,800

Industries

Oil & Gas
Power & Utilities
Alternative Energy

Company Description

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It operates through the following geographical segments: U.S., Canada, and EnLink. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

Contact Data
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Executives & Employees

Co-Founder & Executive Chairman

Director, President & Chief Executive Officer

Executive Vice President & Chief Financial Officer

Executive Vice President & General Counsel

Senior Vice President & Chief Accounting Officer

Vice President & Controller

Vice President, Corporate Finance & Treasurer

Benefit Plan Administrator

Senior Vice President-Operations

Secretary & Vice President-Corporate Governance

Board of Directors

President, Chief Executive Officer & Owner at Valiant Exploration LLC

Former President & Chief Executive Officer at Overseas Private Investment Corporation

President at Sky Energy Investment Ltd.

Former Managing Director, Business Development at Texaco, Inc.

President & Owner at Cross Creek Energy Corp.

Former Chief Accounting Officer & Senior Vice President at Reliant Energy, Inc.

Former President & Chief Executive Officer at Oklahoma City University

Director at Qep Field Services Co.

Operating Partner at Clayton Dubilier & Rice LLC

Co-Founder & Executive Chairman at Devon Energy Corporation

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Owners & Shareholders
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EnCap Investments provides private equity to the independent sector of the US oil and gas, energy industry. The firm focuses on providing growth capital to small- to mid-cap independent companies. They work with management teams to address strategic issues regarding capital employment, capital structure, hedging policies and exit alternatives. EnCap seeks to consistently generate superior returns across multiple industry and hydrocarbon price cycles by applying a lower-risk, philosophy that balances capital preservation and value creation. EnCap's capital is typically advanced incrementally, and whether the opportunity is centered on a reserve acquisition, drilling project or midstream investment, the firm is heavily focused on managing risk to ensure capital preservation.

Details Hidden

Shapiro Capital Management (SCM) is a value manager that adheres to an absolute value approach to investing in US equities. The firm manages small-cap, mid-cap and all-cap equity products. SCM employs a bottom-up investment selection process that is based on research-intensive fundamental analysis. The firm's value approach often includes a contrarian philosophy. They do not employ technical analysis in their investment decisions. SCM seeks to identify companies that compete in a business that is easily understood and that demonstrate superior economic characteristics. The firm typically invests in companies with high returns on invested assets, free cash flow, true franchise characteristics, significant barriers to competitive entry, products with minimal chance of obsolescence and significant managerial ownership. SCM's research includes an analysis of financial statements including all published material for at least the three most recent years. They focus on historical accounting procedures, asset valuations and cash flow. SCM will sell when a stock reaches what they believe to be its intrinsic value, when there is an unanticipated corporate reorganization, there is a change in business philosophy or when there is an unanticipated change in management.

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SIR Capital Management manages privately-offered hedge funds that focus on investments in energy and related industries. The firm's Hedged Equity Funds aim to achieve superior absolute returns that are not correlated with or dependent upon changes in commodity prices, the S&P 500 Index, energy equity indices or any other equity market index. The core investments usually have a 3 to 6 month expected time horizon. Their Energy Opportunities Funds seeks to achieve long-term capital appreciation and superior risk adjusted returns. The core investments will generally be directionally biased and have a 6- to 36-month expected time horizon. Both funds employ a fundamental bottom-up approach in their investment decision-making process and may invest in a wide variety of market capitalizations of companies involved in exploration and production, refining and marketing, oil field services, drilling, shipping, coal, chemicals, steel, engineering and construction, alternative energy and natural gas processing, transportation and distribution, as well as regulated utilities. They may also invest in MLPs, royalty trusts, ETFs, listed and over-the-counter derivatives, private placements and other securities.

Recent Transactions
Details Hidden

Kalnin Ventures LLC purchases Devon Energy Corp. /Barnett Shale Oil & Gas Assets from Devon Energy Corporation

Details Hidden

Canadian Natural Resources Ltd. purchases Devon Canada Corp. from Devon Energy Corporation

Details Hidden

Carrizo Oil & Gas Inc. purchases Devon Energy Production Co. LP /Delaware Basin from Devon Energy Corporation

Insider Transactions
Details Hidden
Transaction Advisors
Legal Advisor

Advised onBP Plc purchases Devon Energy Corp. /Brazil, Azerbaijan & US Deepwater Ops from Devon Energy Corporation

Accountant

Advised onDevon Energy Corporation purchases Ocean Energy, Inc. (Texas)

Investment Advisor

Advised onGEPetrol purchases Devon Energy Corp. /Equatorial Guinea Oil & Gas Bus from Devon Energy Corporation

Legal Advisor

Advised onBP Plc purchases Devon Energy Corp. /Brazil, Azerbaijan & US Deepwater Ops from Devon Energy Corporation

Legal Advisor

Advised onDevon Energy Corporation purchases Crosstex Energy, Inc. from Blackstone/GSO Capital Solutions Fund LP, Blackstone/GSO Capital Solutions Overseas Master Fund LP resulting in a new company EnLink Midstream LLC

Legal Advisor

Advised onKalnin Ventures LLC purchases Devon Energy Corp. /Barnett Shale Oil & Gas Assets from Devon Energy Corporation

Advisors & Consultants
Special Advisor

Vice Chairman-Finance at Offshore Energy Center

Legal Advisor

Partner at Vinson & Elkins LLP

Legal Advisor

Partner at Vinson & Elkins LLP

Clients

Atmos Energy Corp. engages in the regulated natural gas distribution and pipeline and storage businesses. It operates through the Distribution, and Pipeline and Storage business segments. The Distribution segment comprises regulated natural gas distribution and related sales operations. The Pipeline and Storage segment includes the pipeline and storage operations of Atmos Pipeline-Texas division and natural gas transmission operations in Louisiana. The company was founded in 1983 and is headquartered in Dallas, TX.

Martin Midstream Partners LP engages in the diverse set of operations focused primarily in the United States Gulf Coast region. The firm collects, transports, stores and distributes the petroleum products and by-products. It operates through the following segments: Terminalling and Storage, Natural Gas Liquids, Sulfur Services, and Transportation. The Terminalling and Storage segment offers storage, refining, blending, packaging, and handling services for producers and suppliers of petroleum products and by-products, including the refining of naphthenic crude oil and the blending and packaging of various grades and quantities of industrial, commercial, and automotive lubricants and greases. The Natural Gas Liquids segment distributes natural gas liquids. The Sulfur Services segment develops an integrated system of transportation assets and facilities relating to sulfur services. The Transportation segment manages a fleet of inland marine tank barges, inland push boats and offshore tug, and barge unit that transport petroleum products and by-products. The company was founded in 2002 and is headquartered in Kilgore, TX.

Key Stats and Financials As of 2019
Market Capitalization
$3.43B
Total Enterprise Value
$13.2B
Earnings Per Share
$-0.89
Revenue
$6.34B
Total Equity
$5.92B
Enterprise Value Sales
2.09x
Enterprise Value EBITDAOperating
7.3x
TEVNet Income
-37.1x
Debt TEV
0.34x
EBITDAMargin
28.59%
Total Debt
$4.56B
Net Profit
$-357M
EBITDA
$1.81B
Three Year Compounded Annual Growth Rate Of Revenue
-15.55%
Non-Profit Donations & Grants
Political Donations
$2,500
2012
$2,000
2012
$500
2012
Investments
Details Hidden

The Petroleum Place LLC engages in property acquisition and divestiture services, business operations software, and geospatial data solutions. It offers solutions specifically designed to help its clients acquire, develop, manage, divest, and account for oil and gas properties. The company was founded by Gary R. Vickers on January 28, 1999 and is headquartered in Denver, CO.

Details Hidden

Colt WTX Resources LLC engages in the exploration, development and production of oil and natural gas properties. The firm owns a non-op working interest in a drilling and development unit operated by Devon Energy. The company was founded on September 4, 2012 and is headquartered in Dallas, TX.

Details Hidden

Colt CTX Resources LLC engages in the exploration, development and production of drills horizantal wells. The company is headquartered in Dallas, TX.

Suppliers
MarkWest Energy Partners LP Oil & Gas | Denver, Colorado

MarkWest Energy Partners LP engages in the business of gathering, processing and transportation of natural gas; the transportation, fractionation, storage and marketing of natural gas liquids; and the gathering and transportation of crude oil. It operates through four segments: Marcellus, Utica, Northeast and Southwest. The Southwest segment includes the operations of processing facilities in Corpus Christi, Texas. The Northeast segment assets include the Kenova, Boldman, Cobb, Kermit and the Langley natural gas processing complexes, NGL pipeline and Siloam NGL fractionation facility. The Marcellus segment includes gathering, processing and fractionation infrastructure in the liquids-rich area of the Marcellus Shale The Utica segment provides fractionation services. The company was founded in January 2002 and is headquartered in Denver, CO.

Forbes Energy Services Ltd. Oil & Gas | Alice, TX

Forbes Energy Services Ltd. engages in the provision of drilling-related and production-related services to oil and natural gas companies. It operates through the following segments: Well Servicing, Coiled Tubing, and Fluid Logistics. The Well Servicing segment provides well maintenance, well workovers, completion and swabbing activities, plugging and abandonment services, and pressure testing of oil and natural gas production. The Coiled Tubing segment offers a range of services accomplishing a wide variety of goals including horizontal completions, well bore clean-outs and maintenance, nitrogen services, thru-tubing services, formation stimulation using acid and other chemicals, and other pre- and post-hydraulic fracturing well preparation services. The Fluid Logistics segment utilizes its fleet of owned and leased fluid transport truck and related assets to provide, transport, store, and dispose of a variety of drilling and produced fluids. The company was founded by John E. Crisp, Janet L. Forbes and Charles C. Forbes, Jr. in September 2003 and is headquartered in Alice, TX.

PROFIRE ENERGY INC Building Products & Construction Materials | Lindon, UT

Profire Energy, Inc. engages in the manufacture of burner-management systems used on a variety of oilfield forced-air and natural-draft fire-tube applications. Its product categories include burner management, combustion control, waste management, fuel and gas train management, stands, pilots, burners, chemical management, flame arrestors, combustion equipment, accessories and components, and legacy products. It operates through the United States and Canada geographical segments. The company was founded on May 5, 2003 and is headquartered in Lindon, UT.

Competitors
Hess Corp. Oil & Gas - New York, NY

Hess Corp is an exploration and production company, which engages in exploration, development, production, transportation, purchase & sale of crude oil, natural gas liquids and natural gas with production operations. It operates through the following segments: Exploration and Production and Midstream. The Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, natural gas liquids and natural gas. The Midstream segment provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, primarily in the Bakken shale play of North Dakota. The company was founded by Leon Hess in 1920 and is headquartered in New York, NY.

Continental Resources, Inc. Oil & Gas - Oklahoma City, OK

Continental Resources is a Top 10 petroleum liquids producer in the United States and the largest leaseholder in the nation’s premier oil play, the Bakken Play of North Dakota and Montana. Based in Oklahoma City, the company also has a leading presence in the Anadarko Woodford Play of Oklahoma and the Red River Units Play of North Dakota, South Dakota and Montana. Founded in 1967, Continental’s growth strategy has focused on crude oil since the 1980s. The company reported total revenues of $1.6 billion for 2011 and is on track to triple production and proved reserves from 2009 to 2014.

Pioneer Natural Resources Co. Oil & Gas - Irving, TX

Pioneer Natural Resources is a large independent oil and natural gas company that is focused on helping meet the world’s energy needs. We deliver strong production and reserve growth through onshore exploration and production in the United States, while providing opportunities for growth and enrichment for business partners, employees and the communities in which we operate. With a foundation of long-lived and stable properties providing steady growth, Pioneer’s advanced technology, strategic practices and integrated services model make us an industry leader in developing new resource plays, especially in Texas. Pioneer is one of the most active drillers in Texas’ Spraberry/Wolfcamp oil field in the Permian Basin and the Eagle Ford Shale play in South Texas. We are one of the largest natural gas operators in the Rockies and Mid-Continent regions with assets in the coal bed methane-rich Raton Basin as well as in the Hugoton and Texas Panhandle gas fields. Our operations include ongoing drilling programs in Texas’ liquids-rich Barnett Shale Combo play and in Alaska’s Oooguruk field, where Pioneer became the first independent operator to produce oil on the North Slope

Awards & Honors
Rank #216
2016
Fortune Magazine - Fortune 1000 Companies
Sponsored by Fortune Magazine
Rank #216
2016
Fortune Magazine - Fortune 500 Companies
Sponsored by Fortune Magazine
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