Devon Energy Corp
Devon Energy Corporation, including its subsidiaries, is an independent energy
company engaged primarily in oil and gas exploration, development and production,
the acquisition of producing properties, the transportation of oil, gas, and NGLs
and the processing of natural gas.
Devon operates oil and gas properties in the United States, Canada and various
regions located outside North America. Devon's North American properties are
concentrated within five geographic areas. Operations in the United States are
focused in the Permian Basin, the Mid-Continent, the Rocky Mountains and onshore
and offshore Gulf Coast. Canadian operations are focused in the Western Canadian
Sedimentary Basin in Alberta and British Columbia. Operations outside North
America are located primarily in Azerbaijan, China, Egypt, and areas in West
Africa, including Equatorial Guinea, Gabon and Cote d'Ivoire. In addition to
its oil and gas operations, Devon has marketing and midstream operations. These
include marketing natural gas, crude oil and NGLs, and the construction and
operation of pipelines, storage and treating facilities and gas processing plants.
Customers
Devon sells its gas production to a variety of customers including pipelines,
utilities, gas marketing firms, industrial users and local distribution companies.
Existing gathering systems and interstate and intrastate pipelines are used
to consummate gas sales and deliveries.
The principal customers for Devon's crude oil production are refiners, remarketers
and other companies, some of which have pipeline facilities near the producing
properties. In the event pipeline facilities are not conveniently available,
crude oil is shipped to storage, refining or pipeline facilities.
Competition
The oil and gas business is highly competitive. Devon encounters competition
by major integrated and independent oil and gas companies in acquiring drilling
prospects and properties, contracting for drilling equipment and securing trained
personnel. Intense competition occurs with respect to marketing, particularly
of natural gas.