OKLAHOMA CITY – Devon Energy Corporation (NYSE:NYSE:), a major independent oil and gas producer with a market capitalization of $23.64 billion and a good overall financial health rating according to InvestProtoday announced significant changes to its leadership team, promoting internal leaders and bringing in external talent to strengthen its leadership 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 Senior Vice President, E&P Asset Management. Raines, who has been with Devon since 2005, has a proven track record of leadership within the company, including serving as vice president of the Delaware Basin and in other leadership roles. His education includes a degree in finance and energy management and a juris doctorate, both from Oklahoma institutions.
Meanwhile, Trey Lowe, who served 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 2005 Devon veteran, holds a Bachelor of Science degree 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 in Devon follows a tenure with Marathon Oil Corporation (NYSE:), where he managed the Permian and Oklahoma assets. His extensive experience in the oil and gas industry includes leadership positions at WPX Energy (NYSE:), APA Corporation and P.A. plc (LON:). Hellman is a University of Alberta alumnus with a Bachelor of Science in Petroleum Engineering.
Clay Gaspar, the new CEO of Devon Energy, expressed his excitement about the appointments, highlighting the mix of proven leadership within the company and fresh perspectives brought by Hellman. Gaspar anticipates that these changes in strategic direction will improve the company’s performance as it addresses upcoming opportunities in the sector. Analysts share this optimism, with InvestPro data showing that six analysts recently revised their earnings expectations upward for the coming 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 from Devon Energy Corporation.
Separately, Devon Energy Corporation announced the retirement of its current CEO, Richard E. Muncrief, and the appointment of Clay M. Gaspar as his successor. This change in leadership 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 had revenue of $4.02 billion, beating analyst estimates of $3.72 billion. However, adjusted earnings per share were reported at $1.10, slightly lower than 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 on the stock.
As part of operational developments, Devon Energy reported a year-over-year improvement of approximately 20% in well productivity in the Delaware Basin. The company plans to prioritize stock repurchases over variable dividends in the near term due to volatile commodity prices and increased leverage following the Grayson Mill merger. It plans to repurchase between $200 million and $300 million of its shares each quarter.
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