Environmental Protection Agency Honors DevonDownload
OKLAHOMA CITY, Nov. 12 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) announced today that it has been honored by the United States Environmental Protection Agency for Devon's continuing work to reduce methane emissions from its production facilities across the United States. At its annual meeting in San Antonio, the EPA's Natural Gas STAR program recognized the company with its Continuing Excellence award.
The agency cited Devon for its consistency in reporting reductions since joining the program in 2003. The EPA also recognized Devon for technology the company has developed and shared with other partners as well as for its leadership in promoting emissions reduction within the industry.
Each year, the federal agency recognizes outstanding Natural Gas Star partners that achieve emissions reductions through the use of new technologies and practices. Natural Gas STAR is a voluntary government-industry partnership that encourages oil and natural gas companies to adopt proven, cost effective technologies that improve efficiency and reduce methane emissions.
The agency's Continuing Excellence award marks the fourth time the Natural Gas STAR program has recognized the company for its accomplishments. Since Devon joined the partnership in 2003, the EPA has recognized the company with its "Rookie of the Year" award and its "Partner of the Year" award. Also Devon's Steve O'Connell was recognized as the Natural Gas STAR Implementation Manager of the Year in 2005.
"We are delighted to be honored by the EPA for our commitment to emissions reduction," said Stephen J. Hadden, executive vice president, exploration and production for Devon. "We are grateful for the supporting role the Natural Gas STAR program has played in our ongoing effort to reduce methane emissions companywide."
Since 1990, Devon has been applying new technology and innovation to reduce the volume of natural gas emissions from its production facilities. The company continues to reduce emissions annually through the installation of vapor recovery units on tank batteries and modern, low emission valves at well sites, pipelines and compressor stations.
By using these new technologies as well as other innovations, Devon prevented more than 6.4 billion cubic feet of methane from being released into the atmosphere in 2007. That is enough natural gas to serve more than 93,000 homes for an entire year. In terms of air quality, it is equivalent to planting nearly 800,000 acres of trees or taking more than 570,000 cars off the road for a year.
Reducing methane emissions is also good for business. By keeping 6.4 billion cubic feet in the pipeline, Devon was able to generate an additional $38.4 million in revenue from natural gas sales in 2007.
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is the largest U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit http://www.devonenergy.com.
SOURCE Devon Energy Corporation
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