Our company

Devon Energy is pleased to present our 2021 Sustainability Report highlighting our environmental, social and governance (ESG) performance and our ongoing efforts to improve in all these areas. We’re driven to deliver industry-leading results while being a good neighbor, valued and effective community partner, responsible environmental steward and supportive, caring employer.

On January 7, 2021, Devon Energy and WPX Energy completed our merger of equals. We are proud to be a leader in the energy industry, producing oil and gas that are essential to lives and livelihoods around the world. We produce valuable commodities that are fundamental to society, and we do so in a safe, environmentally responsible and ethical way, while striving to deliver strong returns to shareholders.

Based in Oklahoma City, Oklahoma, Devon employs about 1,600 people whose motto is: Commitment Runs Deep. We take this to heart and commit to do the right things the right way for everyone who has a stake in our success – investors, employees and neighbors alike.

Our commitment to accountability and transparency in reporting our ESG progress is reflected in this report. It covers the most material policies, programs and performance related to our ESG efforts, as determined in a materiality assessment described in this section.

Materiality assessment

The contents of this report were determined through a comprehensive materiality assessment to identify the most relevant and impactful performance areas for Devon and our key stakeholders.

Facilitated by a third-party ESG consultant, the assessment followed a process recommended by the Oil and Gas Industry Guidance on Voluntary Sustainability Reporting, published jointly by the International Petroleum Industry environmental Conservation Association (IPIECA), the American Petroleum Institute (API) and the International Association of Oil & Gas Producers (IOGP). The process included in-depth, one-on-one interviews with Devon’s chief executive officer and other executive committee members, and a workshop with leaders of Devon’s operations, environmental, safety, corporate governance, investor relations, human resources, supply chain, legal, government affairs, corporate communications and community relations departments. Leaders identified key stakeholders and material areas for reporting and mapped them on a materiality matrix.

Devon also has evaluated common reporting frameworks, including those of IPIECA, the Global Reporting Initiative (GRI), the Task Force on Climate-related Financial Disclosures (TCFD), the Sustainability Accounting Standards Board (SASB) and the United Nations Sustainable Development Goals (SDGs). Based on our most recent evaluation, the contents of this report are mapped and indexed to IPIECA, TCFD and SASB, which we believe track the most relevant indicators for Devon and our stakeholders.

Since conducting our initial materiality assessment in 2018 as previously described, Devon has reviewed material areas periodically to ensure they remain relevant and meaningful for our stakeholders. As part of the planning process for this report, discussions to evaluate current material areas were held with Devon executive committee members, members of our ESG Steering Committee and Environmental, Health and Safety (EHS) Council, and internal subject matter experts. External stakeholder materials such as assessments from Sustainalytics, MSCI, Institutional Shareholder Services, Vigeo Eiris and RobecoSAM, as well as stakeholder engagements, also were reviewed.

Based on this assessment process, this report focuses on the following top material areas of our ESG performance: safety, greenhouse gas emissions, climate change, water recycling and conservation, corporate governance, shareholder engagement, diversity, equity and inclusion, corporate culture, community relationships.