The Future of Energy
Oil and natural gas will fuel the world economy for decades to come.
In recent years, the oil and natural gas industry has positioned the U.S. to meet its current and future energy needs, making our country, economy and people more secure. Our industry is powering innovation and environmental and economic progress, and Devon is proud to be a part of it. With our vision to be a premier independent oil and natural gas exploration and production company, the work our employees do every day contributes to the local, national and global economies. We produce a valuable commodity that is fundamental to society, and we do it in a safe, environmentally responsible and ethical way, while striving to deliver strong returns to our shareholders.
In a strong and growing economy, there’s a place for all forms of energy – carbon fuels, wind, solar, nuclear, biomass, hydro and others still to be developed. Today, we rely primarily on oil and natural gas to fuel the systems of our daily lives – transportation, heating and cooling, lighting, manufacturing, telecommunications, technology and agricultural fertilizers. Many of the products we use every day are made from plastics and compounds derived from oil and natural gas, which also fuel the machinery required to manufacture these materials.
Oil and natural gas are vital to our way of life. At Devon, we support a consistent, reliable regulatory framework for energy; society depends on sound measures that are both effective and economically viable to ensure there is adequate supply today and in future decades.
Growing demand for all forms of energy
The U.S. Energy Information Administration (EIA) projects that under all scenarios considered, between now and 2050, global demand for all forms of energy will grow. In the main reference case, fossil fuels will continue to meet most of the world’s energy demand. Consumption of natural gas is projected to increase by 44% by 2050, with petroleum and other liquids up by 22%.
Driven by electricity demand growth and economic and policy drivers, worldwide renewable energy and natural gas consumption will grow steadily between 2018 and 2050, according to EIA, as petroleum and liquids consumption continues to increase in the industrial, commercial, and transportation sectors.
EIA projects that natural gas will overtake coal by around 2030 to become the No. 2 fossil fuel behind oil. And by 2050, oil and natural gas together will account for half of worldwide energy consumption, with coal at 20%, according to the EIA.
Natural gas is assuming larger roles in transportation and electric generation. It’s cleaner than coal, emitting less than half of the CO2, and with virtually none of coal’s pollutants like mercury and sulfur. Natural gas is plentiful, affordable and accessible in North America and around the world. At Devon, we are particularly well-positioned to help meet the growing demand for natural gas.
As new sources of energy continue to emerge, it’s our job to produce the energy the world needs now and to do it thoughtfully and responsibly. We execute our plans based on rigorous analysis of the global outlook for energy and the potential for new regulations, while recognizing and responding to concerns about climate change.
We’re confident that oil and natural gas will remain the world’s most affordable and accessible forms of energy for many years to come. Devon intends to be a sustainable provider of these essential resources over the long term.