Operational excellence and EHS
Devon Energy strives for sustainable growth by delivering oil and gas from our portfolio of premier assets in a disciplined, capital-efficient and responsible way. We give equal focus to operational excellence and our environmental, health and safety (EHS) performance to drive business progress and keep our social license to operate for decades to come. We’re guided by our values to always do what’s right, earn trust, take intelligent risks, and make a positive and sustainable impact.
Devon finds and produces oil, natural gas and natural gas liquids in the most prolific basins in the U.S. In 2021, we celebrated 50 years of helping to supply reliable, affordable energy, which enables us to create jobs, strengthen our communities, and contribute to local, state, federal and global economies. We’ve pioneered operational best practices, proactively applied advanced technologies, and adapted to evolving market conditions, regulations and stakeholder expectations. We do this while actively mitigating our environmental impacts, including setting and investing in meeting ambitious targets to reduce our methane emissions and address stakeholder concerns about climate change and other issues.
Our operating teams are accountable for superior operational execution, protecting people and the environment, and complying with all applicable laws, regulations and company policies. Through continuous improvement in operations and EHS performance, we’re able to increase efficiencies, lower costs and reduce our environmental impacts. To reinforce the importance of EHS results, we tie a portion of our annual compensation to achieving corporate EHS targets.
Our cross-functional EHS Council sets our strategy and priorities for improving EHS performance, and regularly communicates plans and progress with our operating teams. EHS professionals in our field operations support our teams with timely guidance and effective policies, protocols and practices. To safeguard our workforce, Devon’s operating teams work proactively to strengthen our safety culture, share lessons learned, identify trends, and track leading and lagging indicators.
We evaluate and apply the latest technologies, tools and best practices to improve our environmental performance. One of our top priorities is to accurately measure and mitigate greenhouse gas (GHG) and methane emissions and meet our short- and long-term emission reduction targets. We have significantly reduced flared volumes from our operations and steadily increased the number of voluntary leak detection and repair (LDAR) surveys performed on equipment. Devon has reduced our need for freshwater in our highest-activity basins by increasing our recycling capacity and the volume of recycled water we use. We also seek to limit the use of freshwater as much as possible.
Diversified portfolio across U.S. resource plays
Devon operates premier acreage positions with a deep, high-quality inventory of drilling locations. Our focused development plan centers on drilling activities in our core areas of the Delaware Basin of southeast New Mexico and west Texas, the Eagle Ford Shale in south Texas, the Powder River Basin in Wyoming, the Williston Basin in North Dakota and the Anadarko Basin in western Oklahoma.
We’ve positioned Devon for sustainable growth through a disciplined, returns-driven strategy, significant financial strength and liquidity, and an advantaged dividend. Our commitment to environmental, social and governance (ESG) excellence supports our growth by keeping us focused on managing risk, operating responsibly and improving continuously.