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Devon Energy is an independent oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma. According to its company website, Devon's operations are "focused onshore in the United States and Canada. We also own natural gas pipelines and treatment facilities in many of our producing areas, making us one of North America's larger processors of natural gas liquids." Devon claims to hold "13 million net acres, of which roughly two-thirds are undeveloped." The Devon Canada Corporation division was recently awarded 2012 Producer of the Year by Oilsands Review averaging 153,873 barrels per day between their Jackfish and SAGD projects.
In 2012, Devon Energy recorded total revenues of $9.502 billion.
Devon Energy and Tar Sands
Devon Energy is one of the largest oil sands developers and a leader in Steam Assisted Gravity Drainage (SAGD) technology. In 2010, Devon was already producing 35,000 barrels a day from their Canadian Jackfish I and II projects with plans to "expand its production to 200,000 barrels a day by 2020, in part through a second project with BP." In the summer of 2012, Devon began the 105,000 barrels a day first phase of their Pike project development. As quoted in Calgary Beacon, Devons Executive Vice President for exploration and production David Hagar stated "plans to spend approximately $800 million on oil sands projects in 2012,". According to The Guardian, "The production of Tar Sands is estimated by critics to emit three times more greenhouse gasses than conventional oil production."
Bitumen Steam Leak 2006
In July 2010, a producer well which extracts bitumen, began leaking from too much pressure. This high temperature, bitumen containing, steam leaked for almost 36 hours demanding the shut down of seven wells at the Jackfish oil sands site. The leak occurred 15km from Conklin. The fallen bitumen coated the ground near the leak making it difficult to work near the site and environmentalists worried that oil could have spread to the Sunday Creek which flows into a network of major rivers in the region.
Devon and fracking
Devon’s oil and gas operations in the United States are focused in four regions: Rocky Mountains, Mid-Continent, Permian Basin, and Gulf Coast. Each of the four regions include producing fields and undrilled locations, with Devon continuing its exploration activities for both conventional and unconventional oil and gas.The Mid-Continent regions are home to two significant shale plays, the Cana Woodford Shale and Devon’s largest producing field, the Barnett Shale.
The company also has operations in Canada, which it describes as "almost evenly split between liquids and natural gas, [and] comes from conventional and shale gas resources in addition to cold-flow and thermal heavy oil resources."
Devon, among other companies who will benefit from the Keystone XL Pipeline, has donated money to the Republican Speaker of the House of Representatives and advocate for the Keystone Pipeline John Boehner. During the 2010 elections, Devon gave John Boehner $5,000. Over these elections, Devon gave a total of $133,500 to Republicans of the House and $137,500 to Republicans of the Senate, compared to contributions of $15,000 to Democrats of the House and $7,500 to Democrats of the Senate. Devon's political funding totaled $293,500, 92.3% of which went to the Republican party.
Board of Directors
As of May 2013, Devon's Board of Directors include:
- Executive Chairman, J. Larry Nichols
- President and CEO, John Richels
- Robert H. Henry
- Lead Director, John H. Hill
- Michael M. Kanovsky
- Robert A. Mosbacher Jr.
- Duane C. Radtke
- Mary P. Ricciardello.
As of May 2013 the Executive Management Team includes:
- John Richels, President and CEO
- Jeff A. Agosta, Executive Vice President and Chief Financial Officer
- David A. Hager, Executive Vice President, Exploration and Production
- R. Alan Marcum, Executive Vice President, Administration
- Frank W. Rudolph, Executive Vice President, Human Resources
- Darryl G. Smette, Executive Vice President, Marketing, Midstream, and Supply Chain
- Lyndon C. Taylor, Executive Vice President and General Councel
- William F. Whitsitt, Executive Vice President, Public Affairs
- Sue Alberti, Senior Vice President, Marketing
- Carla Brockman, Vice President, Corporate Governance and Secretary
- Bradley A. Foster, Senior Vice President, U.S. Operations
- David G. Harris, Vice President, Corporate Finance and Treasurer
- Gregg L. Henson, Vice President and Corporate Controller
- Steve Hoppe, Senior Vice President, Midstream
- Jeremy D. Humphers, Vice President, Accounting
- Jeffrey L. Ritenour, Senior Vice President, Investor Relations
- Chris Seasons, Senior Vice President, Canadian Division and President Devon Canada
- Gina E. Sewell, Vice President, Tax
- Tony D. Vaughn, Senior Vice President, Exploration and Strategic Services
- Vincent W. White, Senior Vice President, Communications and Investor Relations
Devon Energy Corporation
333. W. Sheridan Avenue
Oklahoma City, OK 73102-5015
Devon Canada Corporation
2000, 400 3rd Avenue S.W.
Calgary, Alberta T2P 4H2
Tel: 403 232 7100
Manager, Media Relations
Tel: 405 228 8647
Manager, Public Affairs and Corporate
Communications, Canadian Division
Tel: 403 232 7695
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- ↑ Devon Energy,"Deven Energy Corporation," Devon website, accessed January 17, 2013.
- ↑ Devon Energy,"Operations Overview," Devon website, accessed May 29, 2013.
- ↑ Graham Chandler,"Shrewd Operator,""Oilsands Review", December 2012.
- ↑ Devon Energy,2012 Annual Report, Form 10-K, accessed May 29, 2013.
- ↑ Claudia Cattaneo,Canada to Monitor Oil Sands Pollution, Financial Post, November 7th, 2012.
- ↑ Clifford Krauss and Elisabeth Rosenthal,Reliance on Oil Sands Grows Despite Environmental Risks, The New York Times, May 18, 2010.
- ↑ 7.0 7.1 Markham Hislop,Devon Energy commits $800 million to increase oil sands SAGD production, Calgary Beacon, February 16th, 2012.
- ↑ Terry Macalister,Money Spent On Tar Sands Projects Could Decarbonise Western Economies, The Gaurdian, March 14, 2010.
- ↑ Nathan Vanderklippe,Devon Energy shuts down oil sands wells after bitumen-laced steam leak, Dirty Oil Sands, July 12, 2012.
- ↑ "U.S. operations," Devon Energy, accessed Sep 2013.
- ↑ "Canada operations," Devon Energy, accessed Sep 2013.
- ↑ "Big Oil Investments Muddy Boehner's Message On Keystone XL," "Political Correction", January 18, 2012.
- ↑ "Devon Energy Contributions to Federal Candidates," "Open Secrets", February 4, 2013.
- ↑ "Devon Energy Contributions to Federal Candidates," "Open Secrets", March 25th, 2013.
- ↑ Laurie Bennett,"Energy Interests Pour Millions into Campaign" "Muckety", August 9th, 2012.
- ↑ Devon Energy,"About Devon - Board of Directors,"Devon website, accessed May 29th, 2013.
- ↑ Devon Energy,Management Team, Devon website, accessed May 29, 2013.
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