Great news for a local company. Devon continues to rise!

"Devon moves up in Fortune 500 ranking
Posted: Thursday, April 07, 2005


Devon moves up in Fortune 500 ranking

Devon Energy Corp. has moved into the top half of the Fortune 500 list of the nation's largest companies, climbing 25 spots to No. 243 on the business magazine's 2005 ranking.

The new ranking was released this week on Fortune's Web site and in the publication's April 18 edition. It marks Devon's continued ascent on the listing of the nation's top revenue generating companies.

Devon was ranked 268 in 2004 and 369 in 2003. The company was first listed in 2002 at No. 497. Devon's current ranking is based on its 2004 revenues, which were $9.1 billion.

“We are pleased that Devon's 2004 performance resulted in a higher ranking on the Fortune 500 list,” said Devon's senior vice president and COO, Brian Jennings. “The magazine has been publishing its annual ranking since 1955, and we consider our inclusion a reflection of Devon's success.”

Oklahoma City-based Devon is among the fastest growing exploration and production companies in the United States. On a historical basis, the company's revenues have grown more than 2,800 percent since 1997, due in part to an unprecedented series of multi-billion dollar acquisitions and mergers.

The company produces 685,000 barrels of oil equivalent per day from proved reserves of about 2 billion barrels of oil equivalent. Exploration and production operations span North America from the Gulf of Mexico's deepwater to Canada's Arctic Circle region. Devon also is active in some of the world's premier oil producing regions, such as West Africa, Brazil and Azerbaijan."

This is good news. I also did not know they were the largest independant oil producer in the nation. I just wonder how long it will take the blood suckers to try and do a hostile takeover, robbing people of their jobs and Oklahoma City of a major corprate headquarters.

I think devon is the one taking over other producers, the most recent was the merger with ocean energy that actually was more of an acquisition. Rumored that Anadarko Energy may be next, to join the dark side. Of course just a rumor. And nothing wrong with the dark side either :)

I actualyl wouldn't be surprised if Devon ends up taking over KMG some day. That's interesting especially since KMG used to own a majority of the stock in Devon.