About Devon Energy
Devon Energy Corporation (Devon), an independent energy company, engages 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 pursues its strategy throughout all commodity price cycles with four fundamental principles, such as 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 acquired additional acreage in the Delaware Basin, creating 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. As of December 31, 2022, the company had 16 operated rigs developing this asset in the Wolfcamp and Bone Spring formations. Anadarko Basin – The company’s Anadarko Basin development, located primarily in western Oklahoma’s Canadian, Kingfisher and Blaine counties, provides long-term optionality through its significant inventory. The company’s Anadarko Basin position is one of the largest in the industry, providing visible long-term production. The company has an agreement with Dow to jointly develop a portion of its Anadarko Basin acreage and, as of December 31, 2022 the company had a four operated rig program associated with this joint venture. Williston Basin – The company acquired its position in the Williston Basin in 2021. It 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. In July 2022, the company acquired additional producing properties and leasehold interests in the Williston Basin that are complementary to its existing acreage, offer operational synergies and added high-quality inventory to the company’s asset portfolio. As of December 31, 2022, the company had two operated rigs developing this asset. 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. In September 2022, the company acquired additional producing properties and leasehold interests in the Eagle Ford that are complementary to its existing acreage, offer operational synergies and added high-quality inventory to its asset portfolio. As of December 31, 2022, the company had two operated rigs developing this asset. 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 it expects further growth as it accelerates activity and continues to de-risk this emerging light-oil opportunity. As of December 31, 2022, the company had one operated rig targeting the Turner, Parkman, Teapot and Niobrara formations in northern Converse County. 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 at prices negotiated with third parties. 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 1971.