Devon Energy Named to FORTUNE's '100 Best Companies to Work For' ListDownload
OKLAHOMA CITY, Jan. 22 /PRNewswire-FirstCall/ -- FORTUNE magazine ranked Devon Energy Corporation (NYSE: DVN) among its "100 Best Companies to Work for" today, distinguishing the Oklahoma City-based independent oil and gas producer as one of the nation's most desirable employers.
Devon is ranked 48 on the 2008 list of 100, the highest among energy producers. The company is fourth among companies with the lowest turnover and eighth in work-life balance. FORTUNE also distinguished Devon for maintaining a healthy corporate culture despite rapid growth. The company underwent five multi-billion dollar acquisitions from 1999 through 2003 and grew from 764 employees to more than 5,000 worldwide.
"Being ranked among the best companies to work for is a great honor for us," said Devon's chairman and chief executive officer, Larry Nichols. "Among all the resources that comprise Devon, we consider our people to be at the foundation of our strength. Because of that, we strive to be an employer of choice, and we are gratified to be included on FORTUNE's prestigious list."
The FORTUNE ranking is assembled annually by the San Francisco-based Great Place to Work Institute. Over the past decade, the FORTUNE list has become the definitive measure of workplace culture in the United States.
There also is a strong correlation between a high-quality work environment and business success. Companies included on the FORTUNE list attract a higher number of qualified job applicants, experience lower turnover rates, and are among Wall Street's top performers, according to the Great Place to Work Institute. Independent equities analysts have found that companies included on the list consistently outperform major stock indices, such as the S&P 500 and the Russell 3000, according to the Institute.
Devon's rank was based primarily on an employee survey conducted by the Great Place to Work Institute. The survey indicates employees trust and respect management and believe corporate leaders have a clear vision for the company's future. It also shows camaraderie, teamwork and a small company atmosphere are prominent and that employees take pride in Devon's reputation. The rank was also based on Devon's corporate culture where employees feel challenged as professionals, have a strong sense of responsibility and can take ownership in the jobs they do.
The Great Place to Work Institute was founded in 1991 to offer services to help companies enhance workplace environments and promote an atmosphere of trust between employees and management. Striving to become a great place to work has been recognized by leaders in a variety of industries, government organizations and educational institutions as a prime means to improve workplace environments, corporate image and financial performance.
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is one of the world's leading independent oil and gas producers and is included in the S&P 500 Index. For additional information, visit http://www.devonenergy.com.
SOURCE Devon Energy Corporation
CONTACT: Investors, Zack Hager, +1-405-552-4526, or Media, Chip Minty, +1-405-228-8647, both of Devon Energy Corporation/