Devon Energy Stock

Devon Energy Corporation (Devon) operates as an independent energy company.

The company is engaged primarily in the exploration, development and production of oil, natural gas and NGLs. The company's operations are concentrated in various onshore areas in the U.S.

Strategy

The company's business strategy is focused on delivering a consistently competitive shareholder return among the company's peer group. The company pursues its strategy throughout all commodity price cycles with various fundamental principles: proven and responsible operator; premier, sustainable portfolio of assets; and superior execution.

Oil and Gas Properties

Delaware Basin - The Delaware Basin is the company's largest and most active program in the portfolio with operations in southeast New Mexico and across the state line into west Texas. The company has built an industry-leading position in this basin. Through capital efficient drilling programs, it offers exploration and low-risk development opportunities from many geologic reservoirs and play types, including the oil-rich Wolfcamp, Bone Spring, Avalon and Delaware formations. With a significant inventory of oil and liquids-rich drilling opportunities that have multi-zone development potential, Devon has a robust platform to deliver high-margin drilling programs. As of December 31, 2023, the company had 17 operated rigs developing this asset in the Wolfcamp and Bone Spring formations.

Eagle Ford - The company's Eagle Ford operations are located in Texas' DeWitt and Karnes counties, situated in the economic core of this south Texas play. Its production is leveraged to oil and has low-cost access to premium Gulf Coast pricing, providing for strong operating margins. As of December 31, 2023, the company had one operated and two non-operated rigs developing this asset.

Anadarko Basin - The company's Anadarko Basin development, located primarily in western Oklahoma's Canadian, Kingfisher and Blaine counties, is one of the largest in the industry, providing substantial long-term inventory optionality. The company has an agreement with Dow to jointly develop a portion of the company's Anadarko Basin acreage and, as of December 31, 2023, the company had a four-operated rig program associated with this joint venture.

Williston Basin - The company's position in the Williston is located entirely on the Fort Berthold Indian Reservation in North Dakota, and its operations are focused in the oil-prone Bakken and Three Forks formations. The company's Williston Basin asset is a high-margin oil resource located in the core of the play.

Powder River Basin - This asset is focused on emerging oil opportunities in Wyoming's Powder River Basin. The company is targeting several Cretaceous oil objectives, including the Turner, Parkman, Teapot and Niobrara formations. Recent drilling success in this basin has expanded the company's drilling inventory, and the company expects further growth as the company continues to de-risk this emerging light-oil opportunity. At December 31, 2023, the company had one operated rig developing this asset.

Marketing Activities

Oil, Gas and NGL Marketing

The company sells its production under both long-term (one year or more) and short-term (less than one year) agreements.

Government Regulation

Certain of the company's leases are granted or approved by the federal government and administered by the BLM or Bureau of Indian Affairs of the Department of the Interior.

History

Devon Energy Corporation, a Delaware corporation, was founded in 1971. The company was incorporated in 1988.