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 the premier independent oil and natural gas company in North America, 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 and technology. 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 between now and 2040, global demand for all forms of energy will grow. While demand for coal is expected to grow slowly, much faster growth is anticipated for renewables and natural gas. The changes should be most visible in electricity generation. Still, coal is expected to remain the world’s largest energy-related source of CO₂ emissions in 2040.
As demand grows for renewables in the coming years, natural gas is expected to overtake coal by around 2030 to become the No. 2 source of energy behind oil. And by 2040, oil and natural gas together will still account for 55 percent of worldwide energy consumption, according to EIA.
Natural gas is already assuming a larger role as a transportation fuel. 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 growing demand for natural gas.
Devon expects development of new energy sources to continue. Meanwhile, 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 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. And Devon intends to be a sustainable provider of these essential resources over the long term.