Devon Energy and WPX Energy combine in a merger of equals, creating a leading energy company. The combined company, named Devon Energy, benefits from enhanced scale, improved margins, higher free cash flow and the financial strength to accelerate the return of cash to shareholders through an industry-first “fixed plus variable” dividend strategy.

Rick Muncrief, most recently WPX’s chairman and CEO, is named president and CEO of the combined company.

Dave Hager, most recently Devon’s president and CEO, is appointed executive chairman of the board.

Devon declares an industry first fixed-plus-variable dividend. The dividend framework, originally announced in September 2020, was implemented following the completion of the company's merger with WPX Energy in early 2021.

The cash-return strategy was designed to pay a sustainable fixed dividend and evaluate a variable dividend on a quarterly basis. After the fixed dividend is funded, up to 50 percent of the remaining excess free cash flow in each quarter could be distributed to shareholders through a variable dividend.

Devon completes the sale of its Canadian business to Canadian Natural Resources, Ltd., for US $2.8 billion. This move is part of the company's transformation to a U.S. oil growth company.

Devon completes the sale of ownership interests in EnLink Midstream to Global Infrastructure Partners (GIP), a leading global, independent infrastructure fund manager for $3.125 billion. In conjunction with the EnLink transaction, Devon’s board of directors authorized an increase in the company’s share-repurchase program to $4 billion.

Devon finalizes major asset divestiture program with total proceeds reaching $3.2 billion. Assets sold by the company included its 50% share in Access Pipeline and non-core E&P assets in the Midland Basin, East Texas, Anadarko Basin and the Mississippian in Northern Oklahoma.

Devon completes its acquisition of Felix Energy for $1.9 billion. The transaction secures 80,000 net acres in the most economic portion of the STACK oil play in Western Oklahoma, further expanding the company’s development drilling inventory.

Devon acquires 253,000 net acres in the Powder River Basin. The acquisition significantly enhances the company’s scale and growth potential in the stacked-pay oil fairway of the basin.

Dave Hager, most recently Devon’s chief operating officer, is elected president and chief executive officer upon the retirement of John Richels.

John Richels announces he will retire July 31, 2015. The board of directors elects Richels as board vice chairman and announces its intent for Chief Operating Officer Dave Hager to become CEO upon Richels’ retirement and for Richels to become chairman upon Larry Nichols’ retirement from the board in 2016.

Devon sells non-core assets in the U.S. and Canada, including its Canadian conventional business. The sales, for a combined $5.1 billion, are part of the company’s efforts to transform its portfolio to focus on oil.


In an accretive transaction for shareholders, Devon partners to form a master limited partnership (MLP) for most of the company’s U.S. midstream assets and all of the assets of Crosstex Energy. The new company is called EnLink, and Devon holds a controlling interest in both the MLP and its general partner (GP). Both entities are listed on the New York Stock Exchange.

Devon increases its quarterly cash dividend by 9 percent to 24 cents per common share.

Devon purchases 82,000 acres plus existing production in the Eagle Ford play of South Texas. Devon’s position, acquired from GeoSouthern Energy for $6 billion, places the company in the best part of one of North America’s world-class oil plays.

Devon increases its quarterly cash dividend by 10 percent to 22 cents per common share.

Devon increases its quarterly cash dividend by 18 percent to 20 cents per common share.

Devon increases its quarterly cash dividend by 6 percent to 17 cents per common share.

Chairman and Chief Executive Officer Larry Nichols takes the newly created position of executive chairman. President John Richels is elected to succeed Nichols as chief executive officer.

Devon strategically repositions as a North American Onshore exploration and production company. This process is completed in 2011 with the sale of offshore and international assets.

Devon increases its quarterly cash dividend by 14 percent to 16 cents per common share.

Devon increases its quarterly cash dividend by 25 percent to 14 cents per common share.

Devon acquires the oil and gas properties of Chief Holdings LLC. The $2.2 billion transaction expands Devon's dominant position in the Barnett Shale.

Devon increases its quarterly cash dividend by 50 percent to 11.25 cents per common share.

Devon increases its quarterly cash dividend by 50 percent to 7.5 cents per common share.

Devon initiates $2 billion non-core property divestiture program and begins repurchasing up to 10% of its common stock.

Devon declares a two-for-one stock split and transfers its common stock listing to the New York Stock Exchange.

Devon doubles its quarterly cash dividend to $0.05 cents per common share.

Devon's $5.3 billion merger with Ocean Energy Inc. creates the largest U.S. -based independent oil and gas producer with 4,000 employees worldwide.

Devon acquires Mitchell Energy & Development Corp. for $3.5 billion, adding the prolific Barnett Shale in north Texas to its portfolio and establishing the company as a leading independent processor of natural gas and natural gas liquids.

Devon named to the Fortune 500.

Acquisition of Anderson Exploration Ltd. for $4.6 billion positions Devon as the third-largest independent gas producer in Canada.

Devon combines its marketing and midstream operations creating a new division.

Devon merges with Santa Fe Snyder Corporation creating a top five U.S. - based independent. The $3.5 billion transaction expands Devon's international presence.

President and CEO Larry Nichols named Chairman of the Board

Devon Named to S&P 500 Index

The $2.6 billion acquisition of PennzEnergy Company establishes Devon as a significant offshore Gulf of Mexico operator.

Employee count reaches 1,500 worldwide.

Devon acquires Northstar Energy Corporation for $750 million, creating a top 15 U.S. - based independent.

Devon acquires Kerr-McGee's North American onshore oil and gas properties for $250 million, increasing the company's reserves by 46%

Quarterly cash dividend increased to 2.5 cents per common share.

Devon declares its first quarterly cash dividend of 1.5 cents per common share.

Acquisition of Hondo Oil & Gas for $122 million sets the stage for a series of major acquisitions in the years to come.

Devon pioneers the production of coalbed natural gas in the San Juan Basin

Devon becomes a public company, listing on the American Stock Exchange under the ticker symbol DVN.

Larry and John Nichols
Devon founded by John Nichols and his son Larry.

Devon co-founder John Nichols creates the first public oil and gas drilling fund registered with the Securities and Exchange Commission.