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    Devon Energy Corp (DVN)

    CEO Change
    Board Change

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    Business Description

    Devon Energy Corporation is a leading independent oil and natural gas exploration and production company with operations focused onshore in the United States, particularly in five core areas: the Delaware Basin, Eagle Ford, Anadarko Basin, Williston Basin, and Powder River Basin . The company's asset base is underpinned by premium acreage in the Delaware Basin, which is a significant contributor to their operations . Devon's business strategy emphasizes delivering competitive shareholder returns through sustainable, capital-efficient cash flow growth, with a focus on maintaining financial strength and flexibility . Devon sells oil, natural gas, and natural gas liquids (NGLs), and also generates marketing and midstream revenues .

    1. Oil - Engages in the exploration, production, and sale of oil, which is a major contributor to the company's revenue.
    2. Natural Gas - Involves the extraction and sale of natural gas, providing a significant portion of the company's diversified commodity mix.
    3. Natural Gas Liquids (NGLs) - Produces and sells natural gas liquids, contributing to the company's balanced exposure to energy markets.
    4. Marketing and Midstream - Generates additional revenue through marketing and midstream operations, supporting the company's core exploration and production activities.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Richard E. MuncriefPresident and Chief Executive OfficerJanuary 2021Richard E. Muncrief was appointed as the President and CEO of Devon Energy in January 2021 following Devon's merger with WPX. He previously served as CEO and Chairman of WPX. Muncrief has extensive experience in the energy industry, having held managerial roles at companies like Continental Resources and ConocoPhillips . He will retire on March 1, 2025 .
    Dennis C. CameronExecutive Vice President and General CounselJanuary 2021Dennis C. Cameron is responsible for Devon's legal and public and government affairs functions. Before joining Devon, he served as Executive Vice President and General Counsel at WPX, where he joined in 2012. Cameron has over 25 years of legal experience and began his career at GableGotwals .
    Tana K. CashionExecutive Vice President Human Resources and AdministrationFebruary 2022Tana K. Cashion oversees Devon's human resources, corporate communications, community relations, and various administrative functions. She joined Devon in 2005 and has held roles of increasing responsibility. Before joining Devon, she worked in the retail, wholesale, and tourism industries .
    Clay M. GasparExecutive Vice President and Chief Operating OfficerJanuary 2021Clay M. Gaspar is responsible for Devon's geosciences, reservoir, production, drilling, completions, facilities, field operations, environmental, health and safety, and ESG functions. Before joining Devon, he served as President and COO of WPX and held various senior roles at Newfield Exploration and Anadarko Petroleum . He will become President and CEO on March 1, 2025 .
    David G. HarrisExecutive Vice President and Chief Corporate Development OfficerJanuary 2021David G. Harris is responsible for Devon's business development, new ventures, subsurface, land, and technology functions. He has been with Devon since 2007 and has held various roles, including executive vice president of exploration and production .
    Jeffrey L. RitenourExecutive Vice President and Chief Financial OfficerApril 2017Jeffrey L. Ritenour is responsible for Devon's corporate finance, treasury, planning, reserves, accounting, tax, internal audit, investor relations, marketing, and supply chain functions. He has been with Devon since 2001 and previously worked at Ernst & Young .

    Questions to Ask Management

    1. Given the current $8 billion of debt and a backward-dated oil curve, how do you justify prioritizing shareholder returns through buybacks and dividends over accelerating debt reduction, especially considering the uncertainty in oil prices?

    2. With the acquisition of Grayson Mill at a higher oil price of around $75-$76 per barrel, how has the lower current commodity price environment impacted your view of the asset's forward free cash flow and overall value, and do you still believe this was the right strategic investment?

    3. Considering the efficiency gains from larger projects like the 21-well pad, what limitations prevent you from replicating these large-scale developments across your portfolio, and how do you plan to overcome challenges such as limited undeveloped areas to further enhance productivity and cost savings?

    4. Given that some peers pursue transformational M&A while others focus on bolt-on acquisitions, can you elaborate on your M&A strategy and explain whether you plan to target smaller tuck-in deals or larger, more transformative transactions in the current market environment?

    5. Regarding the midstream assets acquired with Grayson Mill, have you considered divesting these assets to accelerate debt reduction, and what factors influence your decision to retain or monetize these midstream holdings, especially in light of your debt reduction goals?

    Share Repurchase Program

    Program DetailsProgram 1Program 2Program 3
    Approval DateNovember 2, 2021 N/AJuly 2024
    End Date/DurationDecember 31, 2022 December 31, 2024 June 30, 2026
    Total Additional Amount$1.0 billion $3.0 billion $5.0 billion
    Remaining AuthorizationN/AN/A$1.9 billion
    DetailsInitial program First expansion Second expansion

    Debt Maturity Schedule

    YearAmount Due (millions)Debt TypeInterest Rate (%)% of Total Debt
    2025485 5.85% Senior Notes5.85 5.5% = (485 / 8,884) * 100
    20261,000 Term LoanSOFR + Spread 11.3% = (1,000 / 8,884) * 100
    202773 7.50% Senior Notes7.50 0.8% = (73 / 8,884) * 100
    2027390 5.25% Senior Notes5.25 4.4% = (390 / 8,884) * 100
    2028325 5.875% Senior Notes5.875 3.7% = (325 / 8,884) * 100
    2030585 4.50% Senior Notes4.50 6.6% = (585 / 8,884) * 100
    2031675 7.875% Senior Notes7.875 7.6% = (675 / 8,884) * 100
    2032366 7.95% Senior Notes7.95 4.1% = (366 / 8,884) * 100
    20341,250 5.20% Senior Notes5.20 14.1% = (1,250 / 8,884) * 100
    20411,250 5.60% Senior Notes5.60 14.1% = (1,250 / 8,884) * 100
    2042750 4.75% Senior Notes4.75 8.4% = (750 / 8,884) * 100
    2045750 5.00% Senior Notes5.00 8.4% = (750 / 8,884) * 100
    20541,000 5.75% Senior Notes5.75 11.3% = (1,000 / 8,884) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    KPMG LLP1980 PresentCurrent auditor

    Latest news

    Recent developments and announcements about DVN.

    Corporate Leadership

      Leadership Change

      ·
      Jan 13, 2025, 1:43 PM

      Who's Leaving: David G. Harris, Executive Vice President and Chief Corporate Development Officer, is leaving Devon Energy. His position is being eliminated effective February 10, 2025. He will assist with the transition until then and is eligible for a severance package, including a lump-sum payment and accelerated vesting of long-term incentives.

      Why: The company decided to eliminate his position as part of organizational changes.

      Who's Stepping Up:

      • Thomas J. Hellman will become Senior Vice President, E&P Operations, effective January 20, 2025. He will oversee drilling, completions, and other operational teams.
      • John D. Raines will become Senior Vice President, E&P Asset Management, effective February 8, 2025. He will manage business units and regulatory teams.

      Leadership Change

      ·
      Dec 9, 2024, 12:39 PM

      Richard E. Muncrief is retiring as President and CEO of Devon Energy Corporation, effective March 1, 2025. His decision is not due to any disagreement with the company. Clay M. Gaspar will step up as the new President and CEO. Gaspar is currently the Executive Vice President and COO. His new compensation includes a $1,000,000 base salary and a 130% target bonus of the base salary, effective upon his appointment .

      Board Change

      ·
      Dec 9, 2024, 12:39 PM

      Richard E. Muncrief will retire from his position as President and CEO and as a member of the Board of Directors of Devon Energy Corporation, effective March 1, 2025. Clay M. Gaspar has been appointed as the new President and CEO and will join the Board, effective the same date .

      CEO Change

      ·
      Dec 9, 2024, 12:39 PM

      Richard E. Muncrief, the current President and CEO of Devon Energy Corporation, has announced his retirement effective March 1, 2025. Clay M. Gaspar, currently the Executive Vice President and Chief Operating Officer, will succeed him as President and CEO on the same date .