OKLAHOMA CITY – Devon Energy Corporation (NYSE: NYSE:), a prominent independent oil and gas producer with a market capitalization of $23.64 billion and an overall GOOD financial health score according to InvestingPro, announced today significant changes to its executive team, promoting internal leaders and bringing in external talent to bolster its management as it navigates the energy sector. The company, currently trading at what InvestingPro analysis suggests is an undervalued level, maintains a favorable P/E ratio of 6.63.
John Raines has been elevated to the role of Senior Vice President, E&P Asset Management. Raines, who has been with Devon since 2005, has a track record of leadership within the company, including as Vice President of the Delaware Basin and other managerial roles. His educational background includes a finance and energy management degree and a juris doctor, both from Oklahoma institutions.
In a parallel move, Trey Lowe, who has been serving as Vice President and Chief Technology Officer, has been promoted to Senior Vice President and will continue to oversee Devon Energy Ventures, operational technology, IT, and digital teams. Lowe, also a Devon veteran since 2005, holds a Bachelor of Science in Chemical Engineering from Oklahoma State University.
Adding new expertise to the team, Tom Hellman has been named Senior Vice President, E&P Operations. Hellman’s arrival at Devon follows a tenure at Marathon Oil Corporation (NYSE:), where he managed Permian and Oklahoma assets. His extensive experience in the oil and gas industry includes leadership positions at WPX Energy (NYSE:), APA Corporation, and BP plc (LON:). Hellman is a University of Alberta alumnus with a Bachelor of Science in Petroleum Engineering.
Clay Gaspar, the incoming CEO of Devon Energy, expressed his enthusiasm about the appointments, highlighting the blend of proven leadership within the company and fresh perspectives brought by Hellman. Gaspar anticipates that these strategic leadership changes will enhance the company’s performance as it tackles upcoming opportunities in the sector. Analysts share this optimism, with InvestingPro data showing six analysts recently revising their earnings expectations upward for the upcoming period.
Devon Energy, headquartered in Oklahoma City, is an S&P 500 company known for its exploration and production activities in the oil and gas industry. The company’s commitment to leadership development and strategic management is evident in these recent executive appointments.
This news article is based on a press release statement from Devon Energy Corporation.
In other recent news, Devon Energy Corporation announced the retirement of its current CEO, Richard E. Muncrief, and the appointment of Clay M. Gaspar as his successor. This executive shift comes with a clear succession plan and is noteworthy for investors as the company prepares for a new chapter under Mr. Gaspar’s leadership.
In terms of financial performance, Devon Energy reported third-quarter 2024 results with a substantial increase in revenue. The company achieved $4.02 billion, surpassing analysts’ estimates of $3.72 billion. However, the adjusted earnings per share were reported at $1.10, slightly below the projected $1.11.
Recent analyst adjustments have also influenced the company’s outlook. Truist Securities downgraded Devon Energy from Buy to Hold and reduced the price target to $43. Similarly, JPMorgan adjusted its price target for Devon Energy from $54.00 to $47.00, maintaining an Overweight rating on the stock.
In operational developments, Devon Energy reported a year-over-year improvement of about 20% in well productivity within the Delaware Basin. The company plans to prioritize share repurchases over variable dividends in the short term due to commodity price volatility and increased leverage following the Grayson Mill merger. It anticipates repurchasing $200-$300 million of its stock each quarter.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
