Jeffrey Ritenour
DEVON ENERGY CORP/DEAbout Jeffrey Ritenour
Jeffrey L. Ritenour, 51, has served as Executive Vice President and Chief Financial Officer (CFO) of Devon Energy since April 2017, overseeing corporate finance, treasury, planning, reserves, accounting, tax, internal audit, investor relations, marketing, and business development; he joined Devon in 2001 after Ernst & Young in Dallas and holds a bachelor’s in accounting and an MBA from the University of Oklahoma . Company performance context for 2024: oil production rose 8% to 347 MBbls/d, operating cash flow was $6.6B, earnings attributable to Devon were $2.9B, core earnings (Non-GAAP) were $3.1B, and TSR was -25.3% (1-year), -12.8% (3-year), and 63.4% (5-year); the company also retired $472M of senior notes and advanced its $5B buyback (69M shares repurchased since inception) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Devon Energy Corporation | EVP & CFO | Apr 2017–present | Leads corporate finance, treasury, planning, reserves, accounting, tax, IA, IR, marketing, and BD |
| Devon Energy Corporation | Senior Vice President, Corporate Finance, Investor Relations & Treasury | 2001–2017 (prior to CFO) | Leadership across finance and capital markets; investor communications |
| Ernst & Young (Dallas) | Professional roles (not specified) | Prior to 2001 | Big Four foundation; audit/financial rigor |
External Roles
No external public-company board roles disclosed for Ritenour in the 2025 Proxy Statement; biography focuses on Devon roles and prior EY experience .
Fixed Compensation
Multi-year summary compensation (NEO-level disclosure):
| Year | Salary ($) | Stock Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 703,315 | 4,596,212 | 1,006,100 | 3,515 | 200,103 | 6,509,245 |
| 2023 | 674,362 | 4,217,399 | 556,600 | 24,719 | 247,109 | 5,720,189 |
| 2022 | 638,362 | 3,805,243 | 952,900 | 0 | 254,304 | 5,650,809 |
Base salary rates and changes:
| Effective Date | Annual Salary Rate ($) |
|---|---|
| 12/31/2023 | 680,300 (thousands table shows $680.3k) |
| 2/10/2024 | 707,500 (set at Jan 2024 meetings) |
2024 Annual incentive formula and payout:
| Annual Salary Rate ($) | Target Bonus % | Company Performance Score | 2024 Performance Bonus ($) |
|---|---|---|---|
| 707,500 | 90% | 158% (company score) | 1,006,100 |
Performance Compensation
2024 Long-term incentive (LTI) grants (PSUs and RSAs):
| Item | Target PSUs (#) | RSAs (#) | Total Shares (#) | PSU Grant Value ($000s) | RSA Grant Value ($000s) | Total LTI Value ($000s) |
|---|---|---|---|---|---|---|
| 2024 LTI Granted | 53,978 | 35,985 | 89,963 | 2,280 | 1,520 | 3,800 |
PSU program design and recent certification:
- LTI is 60% PSUs based on relative TSR and 40% RSAs; 2025 PSU peer group: APA, ConocoPhillips, Coterra, Diamondback, EOG, Expand Energy, Occidental, Ovintiv, Permian Resources, S&P 500, and SPDR S&P Oil & Gas E&P ETF .
- 2022 PSU cycle (performance period ended 12/31/2024): peer-relative TSR ranked 8th of 12; payout certified at 75% of target; Ritenour’s PSU grant value declined from $1,920k at grant to $903k at period end (-$1,017k, -53%) .
2024 Company performance scorecard (drives cash bonus):
| Measure | Threshold | Target | Maximum | Outcome | Weight | Score | Weighted Score |
|---|---|---|---|---|---|---|---|
| Free Cash Flow ($mm) | 1,485 | 2,235 | 3,235 | 2,943 | 25% | 171% | 42.75% |
| CROCE (%) | 21% | 31% | 41% | 36% | 25% | 147% | 36.75% |
| Total Capital Expenditures ($mm) | 3,780 | 3,600 | 3,240 | 3,631 | 10% | 91% | 9.10% |
| Total Oil & Gas Production (MBOE/d) | 656 | 691 | 760 | 737 | 10% | 167% | 16.70% |
| Health & Safety | See footnote | See footnote | See footnote | See footnote | 15% | 190% | 28.50% |
| Environmental Performance | See footnote | See footnote | See footnote | See footnote | 15% | 165% | 24.75% |
| Company Performance Score | — | — | — | 158% (rounded) | — | — | — |
Notes: Health & Safety comprised SIF rate reduction and SIF learnings (score 190%); Environmental comprised methane intensity, detection reduction, spill rate reduction (score 165%); sum of weighted scores was 158.55%, rounded to 158% . Targets adjusted for Grayson Mill transaction impact .
Equity Ownership & Alignment
Beneficial ownership:
| As-of Date | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| 3/31/2025 | 465,479 | <1% (“**” notation) |
Stock vested and realized in 2024:
| Item | Number of Shares | Value Realized ($) |
|---|---|---|
| Shares acquired on vesting | 146,612 | 6,192,891 |
| Options exercised | — | — |
Outstanding equity awards at 12/31/2024:
| Type | Unvested/Unearned Units (#) | Market/Payout Value ($) |
|---|---|---|
| RSAs (unvested) | 12,672 | 414,755 |
| RSAs (unvested) | 27,576 | 902,562 |
| RSAs (unvested) | 12,256 | 401,139 |
| RSAs (unvested) | 16,998 | 556,345 |
| RSAs (unvested) | 35,985 | 1,177,789 |
| PSUs (unearned) | 21,416 | 700,946 |
| PSUs (unearned) | 26,989 | 883,350 |
Ownership guidelines and hedging/pledging:
- Executives must hold Devon stock: CEO 6x base salary; other NEOs 3x base salary; compliance measured annually; as of 12/31/2024, each NEO exceeded guideline levels; includes direct/beneficial holdings and unvested restricted stock .
- Insider Trading Policy prohibits hedging, pledging, margin, short sales; directors and executive officers may not pledge or hedge Devon securities .
- Company does not currently grant stock options; no repricings; policy discourages risky stock transactions by executives .
Employment Terms
Potential payments upon termination or change-in-control (amounts in $ thousands):
| Scenario | Base Salary/Performance Bonus ($k) | Accelerated Vesting RS ($k) | PSUs ($k) | Other Benefits ($k) | Total ($k) |
|---|---|---|---|---|---|
| Retirement/Voluntary Termination | 0 | 0 | 0 | 0 | 0 |
| Termination Without Cause or For Good Reason | 6,092 | 2,421 | 2,390 | 105 | 11,008 |
| Termination With Cause | 0 | 0 | 0 | 0 | 0 |
| Disability | 1,006 | 0 | 0 | 0 | 1,006 |
| Death | 1,006 | 2,550 | 3,782 | 0 | 7,338 |
| Change-in-Control — No Job Loss | 0 | 0 | 0 | 0 | 0 |
| Change-in-Control — Job Loss | 6,092 | 2,550 | 3,782 | 105 | 12,529 |
Key contract terms and governance:
- Employment agreements provide severance for involuntary termination without cause or resignation for good reason; unvested LTI eligible for continued/accelerated vesting subject to covenants and pro-ration; change-in-control benefits apply for terminations within two years post-CoC; no Section 4999 tax gross-ups; no single-trigger cash severance or equity vesting solely on CoC .
- Clawback policy aligned with SEC/NYSE rules; recoup excess incentive pay in event of required restatement; in place since 2013 and updated in 2023 .
- Retirement and deferred compensation: Company 401(k) match up to 6% plus non-matching 8% contribution; Nonqualified Deferred Compensation Plan allows deferrals and supplemental matches; SCRPs restore contributions limited by IRC; details in pension/deferred sections .
- Defined Benefit Plan: Ritenour is the only NEO eligible based on hire date; he froze accruals and receives enhanced 401(k); as of 12/31/2024, 7 years credited service; present value $175,216; no payments in last fiscal year .
- Perquisites: limited personal aircraft use (CEO-approved), occasional spouse travel on business trips, executive physical, sports/entertainment tickets from sponsorships, financial planning reimbursement, company match of charitable contributions up to $10,000 .
Pension benefits detail:
| Plan Name | Years Credited Service (#) | Present Value of Accumulated Benefit ($) | Payments During Last Fiscal Year ($) |
|---|---|---|---|
| Defined Benefit Plan (Ritenour) | 7 | 175,216 | 0 |
Compensation Peer Group and Say-on-Pay
- PSU peer groups: 2025 grant uses APA, COP, CTRA, FANG, EOG, Expand Energy, OXY, OVV, PR, S&P 500, and SPDR S&P Oil & Gas E&P ETF . Prior PSU peer group: SPDR S&P Oil & Gas E&P ETF (XOP) for 2024/2023/2022 cycles .
- Say-on-Pay: 2024 advisory vote received ~94% support; Board engages with investors and maintained compensation program with metrics investors prioritize (FCF, CROCE, H&S, environmental) .
Investment Implications
- Alignment: Heavy weight to at-risk pay (PSUs 60% of LTI, RSAs 40%) and cash bonus tied to FCF and CROCE; ownership guidelines at 3x salary for NEOs; Ritenour exceeds guideline; hedging/pledging prohibited—reduces misalignment and leverage risk .
- Retention risk: Material unvested RSAs and unearned PSUs (e.g., multiple tranches with seven-figure market values) and double-trigger CoC severance support retention; severance without cause/for good reason totals ~$11.0M (including equity acceleration), indicating moderate-to-strong retention economics .
- Trading signals: 2024 saw substantial vesting (146,612 shares; $6.19M) which can create periodic selling pressure around vest dates; PSU payouts are performance-sensitive (2022 cycle paid at 75% reflecting TSR rank), reducing windfall dynamics .
- Performance sensitivity: 2024 bonus scorecard shows strong outcomes in FCF, CROCE, production, H&S, and environmental metrics driving a 158% company score, directly impacting bonus size; monitoring these metrics intra-year provides insight into likely bonus outcomes and potential sentiment on pay-for-performance .
- Governance quality: No tax gross-ups, clawback aligned to SEC/NYSE, no single-trigger CoC vesting or cash severance; robust investor support (94% say-on-pay) suggests low governance overhang .