Devon Energy

Business and Economy
3:42 pm
Fri November 28, 2014

Crude Oil Prices Down Sharply Affecting Oklahoma Companies

A crude oil tank farm in Cushing, Okla.
Credit Joe Wertz / StateImpact Oklahoma

A sharp drop in crude prices tugged down shares in oil and gas companies on Friday, leading the Standard & Poor's 500 index to a slight loss in a short trading session.

The index, a benchmark for many investments, still closed out November with its third-best month this year.

"Crude is the big story today," said JJ Kinahan, TD Ameritrade's chief strategist. "There are very clear winners and losers. The Chevrons and Exxons of the world are getting hammered; then on the other side you have the shipping companies — UPS and FedEx — along with the airlines. For them, it's a beautiful story."

Newsok.com reports:

The damage, reflected in stock prices, was widespread this week among our local energy firms. SandRidge Energy shares fell 30 percent; Continental Resources was off 28 percent; Chesapeake dropped 16 percent; and Devon slid 12 percent.

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StateImpact Oklahoma
1:20 pm
Wed September 17, 2014

State Officials: Oklahoma Needs Oil Industry’s Help To Meet Water Goals

Credit Joe Wertz / StateImpact Oklahoma

Insufficient rains and increasing demand put enormous pressure on Oklahoma’s water resources both on the surface and underground. But it’s also hard to overstate the role evaporation plays in the drought.

The oil and gas industry has been part of the problem, storing tens of millions of gallons of water needed for the hydraulic fracturing process in large, open pits, leaving it to be ravaged by evaporation until the water is needed.

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Oklahoma News
10:33 am
Wed May 14, 2014

Energy Giant's Gift To Help Tornado-Damaged City Park In Moore

The Little River Park in Moore has been cleared for rebuilding after sustaining heavy damage in the May 20, 2013 tornado.
Kate Carlton Oklahoma Tornado Project

Devon Energy announced a $200,000 gift Tuesday to help the City of Moore rebuild the Little River Park that was damaged by the May 20, 2013 tornado.

Reconstruction of the park along Southwest Fourth Street just west of Telephone Road will also be funded by the PATH 2022 master plan's dedicated sales tax.

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Building new global research center
3:47 pm
Mon May 12, 2014

GE And Devon Energy To Collaborate On Technology

Credit jasonwoodhead23 / Flickr.com

GE Oil & Gas has announced a new technology collaboration agreement with Devon Energy Corporation to accelerate the development and testing of oil and gas products in the field.

GE announced Monday it will work with Devon Energy on artificial lift systems used for increasing the flow of liquids from production wells, advanced drilling technologies and water treatment solutions.

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StateImpact Oklahoma
2:53 pm
Mon May 5, 2014

Three Of Oklahoma’s Largest Oil Companies’ Plan For How The State Should Tax Them

Credit neillharmer / Flickr Creative Commons

Executives at Chesapeake Energy, Continental Resources and Devon Energy have proposed a plan for Oklahoma’s taxes on oil and natural gas production.

The proposal comes as legislators are debating state oil and gas taxes, which include an incentive for horizontal drilling that expires next year. The Oklahoman‘sAdam Wilmoth reports:

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Devon
8:58 am
Thu November 21, 2013

Devon Acquisition Shows Shift To Oil

Credit Devon Energy

Devon Energy Corp. is buying oil-producing assets and other property in the Eagle Ford in Texas from GeoSouthern Energy for $6 billion.

Devon said Wednesday that the assets include current production of 53,000 barrels of oil equivalent per day and 82,000 net acres with at least 1,200 undrilled locations.

The acquisition includes acreage in DeWitt and Lavaca counties in Texas. The assets are expected to reach a peak production rate of about 140,000 BOE per day.

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Tax Credits
9:20 am
Thu July 11, 2013

Incentives For Oil, Gas Drilling Draining State Treasury

A horizontal drilling rig.
Credit Meredithw / Flickr Creative Commons

Oklahoma finance officials say major tax breaks handed out to the oil and gas industry during the economic downturn in 2010 cost the state $321 million last fiscal year.

Secretary of Finance Secretary Preston Doerflinger released figures Wednesday that show tax rebates and refunds for drilling totaled $173 million in the fiscal year that ended June 30, while state tax credits cost an additional $148 million.

The huge drain on state coffers has prompted Doerflinger and other state leaders to call for revisiting the tax credits, especially those for horizontal drilling.

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