Devon Energy Company News

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Filing Shows WPX Walked Away from 43% Takeover Premium
Friday, November 06, 2020When Devon Energy agreed to acquire WPX Energy in September, it was the latest US shale merger to be done with little or no takeover premium.

Is a Healthier Oil Market on the Horizon?
Friday, October 23, 2020Here is a look back at oil and gas market hits and misses for the week ending Oct. 23, 2020.

Modest Deals Reflect Slide for US Shale
Tuesday, October 20, 2020There is no more dramatic sign of the US shale industry's fall from grace than one of the best in the business being sold off for less than a third of its peak value.

Another Permian Operator Sale May Be Underway
Tuesday, October 20, 2020Pioneer Natural Resources Co. is in talks to buy rival U.S. shale driller Parsley Energy Inc., according to a person familiar with the matter.

ConocoPhillips to Acquire Permian Operator in $9.7B Deal
Monday, October 19, 2020ConocoPhillips agreed to buy Concho Resources Inc. for about $9.7 billion in stock.

Devon to Become Bigger Permian Player
Monday, September 28, 2020Devon Energy Corp. agreed to acquire WPX Energy Inc. in a $2.56 billion all-stock deal.

Permian Crown Jewel Preps for Biden Ban
Friday, September 25, 2020The Permian in New Mexico, unlike in Texas, lies largely on federal land.

Devon's $830MM Barnett Asset Sale Pushed Back
Thursday, April 16, 2020Devon Energy's scheduled closing date for its pending sale of Barnett Shale assets to Banpu Kalnin Ventures has been extended.

Earnings Show Shale Players Competing for Dividend Growth
Wednesday, February 19, 2020Independent explorers have been punished by investors for aggressive growth plans that favored skyrocketing production over returning cash to shareholders.

Devon Energy Sells Barnett Shale Assets for $770MM
Wednesday, December 18, 2019Devon Energy Corp. has agreed to sell its Barnett Shale assets to Banpu Kalnin Ventures for $770 million.

Devon Energy Sets Goal to Reduce Methane Emissions
Tuesday, June 11, 2019U.S. independent Devon Energy Corp. is looking to reduce its methane emissions for its U.S. oil and natural gas production operations.

Energy Stocks Hurt By Oil Slump Want Value Investors
Thursday, June 06, 2019The Russell 3000 reconstitution later this month will be key for energy companies vying for investor attention, given an already low weighting in the index.

Shale's Growing Pains Could Curb US Oil Production
Tuesday, March 26, 2019The dramatic ramp-up in U.S. shale production is running into a combination of issues that threaten to slow the pace of expansion.

Permian Auction Doubles 2008 Record with near Billion-Dollar Sale
Friday, September 07, 2018The price to access unexplored shale assets on the New Mexico side of the Permian Basin soared to $95,001 an acre in a federal government auction.

Shale Companies Sink On Investor Disappointment, Hedging Losses
Wednesday, August 01, 2018Shares of US oil producers dropped sharply after several companies posted weaker-than-expected results.

Devon Energy Plans to Lay Off 9 Percent of Staff to Boost Returns
Tuesday, April 10, 2018U.S. shale oil producer Devon Energy Corp will lay off 300 workers, roughly 9 percent of staff, as part of a plan to streamline its operations.

A Small Oil Field In Oklahoma Is Seeing Big Bets From Producers
Monday, March 19, 2018Investments are now paying off as production levels rise and soaring land costs in the Permian have producers looking to other fields for expansion.

'Netflix for Oil' Setting Stage for $1 Trillion Data Battle
Monday, March 19, 2018The service companies that map underground pockets of oil, drill the wells and lift crude from miles below are generating vast new amounts of data they never before realized could be valuable.

US Shale Producers Promise both Higher Output and Returns
Friday, November 03, 2017U.S. shale producers are telling investors impatient for better returns that they can keep boosting oil output aggressively and do so while still making money for shareholders.

Devon Energy 3Q Profit Beats Estimates
Tuesday, October 31, 2017Devon reports a bigger-than-expected quarterly profit, helped by higher realized prices for oil.

Shale Drillers Show Few Signs of Slowing as Profits Expand
Wednesday, August 02, 2017Four of the biggest US drillers said they're not backing away from lofty production targets for 2017.

Devon Energy Trims Full-Year Spending
Tuesday, August 01, 2017Devon Energy trims its full-year exploration spending by $100 million, joining a growing list of US shale producers.

Devon Energy Plans To Divest $1B Assets; Profit Beats
Tuesday, May 02, 2017Devon Energy says it will divest about $1 billion of its assets.

Devon Energy Beats Profit Estimates As Cost Cuts Pay Off
Tuesday, February 14, 2017Devon Energy reports a bigger-than-expected quarterly profit, as the US oil producer benefited from its cost-cutting initiatives.

E&P Companies Target Potential of STACK, SCOOP Plays
Thursday, August 25, 2016Operators are testing the oil potential of the STACK and SCOOP plays as they seek E&P opportunities that work in a lower oil price environment.

US Frackers Surprise Themselves As Tweaks Keep Adding Barrels
Wednesday, August 03, 2016Nimble US shale oil producers continue to show an uncanny ability to squeeze more and more crude from new wells, allowing them to do more with less.

Devon Energy Posts Surprising Adjusted Profit On Cost Cuts
Tuesday, August 02, 2016Devon posts an unexpected adjusted quarterly profit and narrows its net loss.

Devon Stacks Up More Success in STACK Play
Tuesday, July 19, 2016Devon Energy reports more testing and production success in the STACK play in Oklahoma.

Oil Patch 'Left for Dead' Will Spark New IPOs for US Explorers
Thursday, June 23, 2016As the oil industry emerges from the biggest bust in three decades, shale drillers in a neglected corner of the biggest US oil field are poised to take a new generation of gushers public.

Devon Sells Texas Land to Pioneer, Undisclosed Buyer for $858M
Wednesday, June 15, 2016U.S. shale oil producer Devon Energy Corp said it would sell Texas acreage to Pioneer Natural Resources Co and an undisclosed buyer for $858 million, as the pace of asset sales picks up on recovering oil prices.

Devon Energy To Divest Nearly $1B Assets
Monday, June 06, 2016Devon Energy Corp says it will sell nearly $1 billion of producing assets in Texas and certain royalty interest as part of its divestiture program to improve its finances.

As Oil Boom Goes Bust, Oklahoma Protects Drillers and Squeezes Schools
Tuesday, May 17, 2016After intense lobbying, Oklahoma's oilmen scored a victory two years ago. State lawmakers voted to keep in place some of lowest taxes on oil and gas production in the United States - a break worth $470 million in fiscal year 2015 alone.

US Shale Oil Drillers Finally Buckling as OPEC Pumps On
Friday, February 26, 2016US oil drillers are finally beginning to buckle. For more than a year, American oil producers found a way to keep pumping despite a worldwide slide in crude prices.

Devon Energy Slashes Spending 75%, Cuts Jobs And Says Output To Dip
Tuesday, February 16, 2016Devon slashes its 2016 capital spending program 75%, announces layoffs for 20% of staff and says production would slip as low prices roil shale oil companies.

Devon Says Hires Jefferies To Sell Non-Core Assets To Cut Debt
Wednesday, February 10, 2016Devon Energy has hired the US investment bank Jefferies Group LLC to market assets across four major shale basins to raise cash and slash debt.

BP Buys New Mexico Oil And Gas Assets From Devon Energy
Friday, December 18, 2015BP says its US onshore unit has acquired all of Devon's oil and gas properties in the San Juan Basin in New Mexico for an undisclosed price.

Report: With Oil Hedges Rolling Off, US Shale Producers Face Stiff Test
Monday, December 14, 2015Cash-strapped U.S. shale oil producers are facing another sharp sell-off in a 18-month-old crude slump with reduced hedging protection, risking a severe hit to earnings if prices fail to recover.

Devon Energy To Buy Assets From Felix Energy For $1.9B
Monday, December 07, 2015Devon Energy says it will buy some assets in the Anadarko Basin from smaller peer Felix Energy for $1.9 billion.

Devon Energy Plans To Cut Capital Spending Next Year
Wednesday, November 04, 2015Devon Energy says it will slash capital spending for its exploration and production budget next year as crude oil prices remain depressed.

Devon Energy Has $3.5B Quarterly Loss On Writedowns
Tuesday, November 03, 2015Devon Energy reports a quarterly loss compared with a year-earlier profit.

Devon Energy Cuts 15% Of Staff In Canada
Wednesday, October 28, 2015Devon Energy has cut around 200 jobs, or 15%, of its staff in Canada following a significant reduction in capital spending, a company spokeswoman says.

Big Data, Internet of Things Transforming Oil and Gas Operations
Thursday, September 17, 2015The amount of Big Data generated by oil and gas operations continues to grow as industry seeks to define Big Data and derive more benefits from it.

Devon Quarterly Results Beat Street, Oil Output Up
Tuesday, August 04, 2015Devon Energy reported quarterly results that topped expectations as it pumped a record amount of US crude oil from shale basins in Texas and costs fell.

Devon Energy Names COO Hager As Chief Executive Officer
Monday, August 03, 2015Devon Energy names Dave Hager chief executive officer.

Suncor Oil Sands Project Aims to Replace Steam with Radio Waves
Tuesday, July 14, 2015Suncor Energy launches a pilot project to replace the high-pressure steam used to extract bitumen from oil sands with radio frequency technology developed by U.S. defence contractor Harris Corporation.

Devon Energy And Apache Shut-In Some Wells For Storms
Wednesday, May 27, 2015Apache and Devon Energy shut-in some oil and gas wells as a precautionary measure because of heavy rains in Texas and Oklahoma.

Oil Companies' New Math Makes Them Look Bigger in Texas
Friday, November 21, 2014Energy companies have long touted to Wall Street investors the number of acres they lease or own as a measure of how many oil and gas shale wells they can potentially drill.

Devon Energy Profit Tops Estimates, Output Jumps 19%
Tuesday, November 04, 2014Devon Energy reports a sharply higher quarterly profit that topped Wall Street estimates.

Devon Energy 2Q Profit Slips; Output Lower
Wednesday, August 06, 2014Devon Energy reports a 1% decrease in quarterly profit, matching Wall Street expectations, as asset sales dented oil and gas production.

Devon To Sell Oil And Gas Assets To Linn Energy For $2.3B
Monday, June 30, 2014Devon Energy says it will sell all of its non-core US oil and gas properties to Linn Energy for $2.3 billion.