Devon Energy Corporation (DVN) Bundle
An Overview of Devon Energy Corporation (DVN)
General Summary of Devon Energy Corporation (DVN)
Devon Energy Corporation is an independent energy company headquartered in Oklahoma City, Oklahoma. Founded in 1971, the company focuses on oil and natural gas exploration and production in the United States.
| Company Detail | Specific Information |
|---|---|
| Headquarters | Oklahoma City, Oklahoma |
| Founded | 1971 |
| Primary Business | Oil and Natural Gas Exploration |
Financial Performance in Latest Reporting Period
For the fiscal year 2023, Devon Energy reported the following financial metrics:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $8.58 billion |
| Net Income | $2.87 billion |
| Operating Cash Flow | $5.2 billion |
Industry Leadership
Devon Energy is recognized as a significant player in the U.S. energy sector, with key operational strengths:
- Operates in multiple key U.S. oil and gas basins
- Maintains a strong portfolio of low-cost, high-return assets
- Consistently delivers competitive financial performance
| Production Metric | 2023 Performance |
|---|---|
| Total Production | 707,000 barrels of oil equivalent per day |
| Oil Production | 344,000 barrels per day |
| Natural Gas Production | 2.2 billion cubic feet per day |
Mission Statement of Devon Energy Corporation (DVN)
Mission Statement of Devon Energy Corporation
Devon Energy Corporation's mission statement focuses on responsible energy production and operational excellence.
Core Components of Mission Statement
Energy Production Strategy
Devon Energy aims to efficiently produce 226,000 barrels of oil equivalent per day as of 2024. The company's production strategy concentrates on:
- Permian Basin operations
- Delaware Basin development
- Eagle Ford Shale production
Financial Performance Metrics
| Metric | 2024 Value |
|---|---|
| Annual Revenue | $6.8 billion |
| Free Cash Flow | $3.2 billion |
| Capital Expenditure | $2.1 billion |
Sustainability Commitment
Devon Energy has committed to reducing greenhouse gas emissions by 50% by 2030. Key environmental targets include:
- Methane intensity reduction of 65%
- Flaring intensity reduction of 70%
- Water management optimization
Operational Efficiency
Devon Energy maintains a competitive cost structure with production costs of $5.20 per barrel of oil equivalent in 2024.
Technology and Innovation
Investment in technological innovations: $180 million allocated for digital transformation and operational technologies in 2024.
Vision Statement of Devon Energy Corporation (DVN)
Vision Statement of Devon Energy Corporation (DVN)
Strategic Vision OverviewDevon Energy Corporation's vision statement focuses on sustainable energy production, technological innovation, and responsible environmental stewardship as of 2024.
Key Vision Components
Energy Production LeadershipDevon Energy aims to maintain its position as a top-tier U.S. independent exploration and production company. In 2023, the company produced 278,000 net barrels of oil equivalent per day.
| Production Metric | 2023 Performance |
|---|---|
| Total Net Production | 278,000 BOE/day |
| Oil Production | 196,000 barrels/day |
| Natural Gas Production | 491 million cubic feet/day |
Devon Energy prioritizes technological advancement in energy extraction and sustainability.
- $372 million invested in technological research and development in 2023
- Implemented advanced horizontal drilling techniques
- Deployed machine learning for reservoir optimization
Devon Energy targets significant carbon emission reductions by 2030.
| Carbon Reduction Goal | Target Percentage | Target Year |
|---|---|---|
| Scope 1 and 2 Emissions | 50% reduction | 2030 |
| Methane Intensity | 65% reduction | 2030 |
Devon Energy maintains strong financial performance and shareholder returns.
- 2023 Revenue: $7.8 billion
- Free Cash Flow: $3.2 billion
- Dividend Yield: 7.2%
Core Values of Devon Energy Corporation (DVN)
Core Values of Devon Energy Corporation (DVN) in 2024
Safety First
Devon Energy prioritizes safety as its fundamental core value.
| Safety Metric | 2024 Data |
|---|---|
| Total Recordable Incident Rate | 0.92 per 200,000 work hours |
| Safety Training Hours | 42,750 employee hours |
| Safety Investment | $24.3 million |
Environmental Stewardship
Devon Energy commits to responsible environmental management.
- Greenhouse Gas Reduction Target: 50% by 2030
- Methane Emissions Reduction: 68% since 2015
- Water Recycling Rate: 85% in operational areas
Innovation and Technology
Technological advancement drives Devon's operational excellence.
| Innovation Metric | 2024 Value |
|---|---|
| R&D Investment | $127 million |
| Digital Transformation Budget | $43.6 million |
Ethical Business Practices
Devon Energy maintains highest standards of corporate governance.
- Board Independence: 92%
- Diversity in Leadership Positions: 35%
- Compliance Training Completion Rate: 100%
Community Engagement
Devon Energy supports local communities through strategic investments.
| Community Investment Category | 2024 Contribution |
|---|---|
| Local Community Grants | $8.7 million |
| Educational Scholarships | $2.3 million |
| Economic Development Support | $5.9 million |
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