Devon Energy Corp. promoted David Hager, the head of its exploration and production business, as its chief operating officer.
President and Chief Executive John Richels said Mr. Hager's "extensive industry and leadership experience has enabled him to make a significant contribution to the company over the last four years. He will now be in a position to have an even greater impact upon Devon's success through his leadership of companywide operations and the related administrative functions."
Mr. Hager, 56 years old, has led the exploration and production business since 2009 after serving as a board member since 2007.
Tony Vaughn, 55, was named as Mr. Hager's successor. Mr. Vaughn will be responsible for all of Devon's oil and natural gas exploration, drilling and production operations. He previously had the title senior vice president, exploration and strategic services.
Devon Energy's board recently approved the company's proposed formation of a publicly traded midstream company, joining a long line of energy firms that have formed master limited partnerships.
The company in May reported that it swung to a substantial first-quarter loss as it recorded a $1.9 billion write-down stemming from lower oil and natural-gas liquids prices.
Copyright (c) 2012 Dow Jones & Company, Inc.
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