Proactively developing solutions
Public policy discussions about our industry are evolving along with growing interest in the energy transition and the sustainability of oil and gas development and production. Devon is committed to developing solutions that enable us to deliver results. We’re engaging constructively and building relationships with a wide range of stakeholders – from federal and state regulators, to think tanks and nongovernmental organizations (NGO).
As a leading U.S. energy company, Devon participates in local, state, national and global economies. The company monitors developments in regulations, taxes, trade, jobs, ESG performance and other issues that impact our business. We have a responsibility to advocate for laws and rules that meet business and societal needs, and to consider and communicate the impacts and trade-offs of our decisions.
Our board’s Governance, Environmental and Public Policy (GEPP) Committee advises the full board and management on public policy issues that affect Devon and our stakeholders. Our vice president of public and government affairs, who is a member of the ESG Steering Committee, leads our efforts to advocate for Devon’s business interests. This role includes regular discussions with the GEPP Committee on public policy issues and our spending. Our core value of integrity commits us to comply with all applicable laws, regulations and rules in our advocacy role.
Encouraging sound public policy
Important decisions about energy, the environment and the economy require accurate information and thoughtful deliberation across diverse viewpoints. We are committed to having constructive conversations, building relationships and developing solutions—with a broad range of stakeholders—that help us deliver results, meet business and societal needs, address stakeholder concerns and encourage sound public policy. For example, we have worked with stakeholders ranging from New Mexico state regulators to environmental groups such as the Environmental Defense Fund on methane regulations and flaring.
We strive to help stakeholders understand how proposed policies impact our day-to-day operations and longer-term business prospects, as well as the value of oil and gas production to governments and society. This is reflected in our balanced approach to prominent policy issues including federal and state emissions regulations, climate change, financial regulations and global commodity markets. Devon has publicly supported the aims of the Biden Administration to chart a path toward a durable framework for regulating methane at the federal level that encourages innovation and operational flexibility. We continue to engage constructively with the Environmental Protection Agency (EPA) as the agency promulgates more stringent methane regulations in the oil and natural gas industry.
Broadening our perspective
Devon is increasing our involvement in public policy thought leadership by joining think tanks like the Bipartisan Policy Center, Atlantic Council, Columbia SIPA Center on Global Energy Policy and Wilson Center. Proactive engagements with a broad spectrum of leaders help us develop solutions on issues that affect our business and stakeholders before they become the focus of laws and regulations.
We’re building relationships with the University of Oklahoma, Oklahoma State University and other institutions to drive practical discussions on technology, climate change and other issues. This outreach has the added benefit of enhancing our research, recruitment and community engagement capabilities.
In 2022, Devon is monitoring proposed federal emissions regulations, SEC rules on climate disclosures, and other pending administrative and regulatory actions. Our multi-stakeholder approach involves our internal ESG, government relations and other teams, and we plan to continue being part of external efforts aimed at finding mutually beneficial solutions for complex issues.
We’re active in industry associations, trade groups, business coalitions and advocacy groups to make our views on regulations and laws known. We share information about industry issues with our employees to aid discussions with their friends and neighbors, and we encourage them to vote.
Devon’s CEO is an executive committee member of the American Exploration and Production Council (AXPC) and the American Petroleum Institute (API). We’re a founder and current steering committee member of The Environmental Partnership, API’s growing coalition taking action to improve the industry’s environmental performance. Our involvement in the partnership and in developing a methane rule in New Mexico is a model for Devon’s industry collaboration.
Devon employees are leaders in industry associations such as the Petroleum Alliance of Oklahoma, the Petroleum Association of Wyoming (PAW), North Dakota Petroleum Council, New Mexico Oil and Gas Association (NMOGA), Texas Oil and Gas Association (TXOGA), and Texas Methane and Flaring Coalition. Being active in these organizations keeps Devon updated on laws, regulations and issues in the states where we operate.