Devon Energy Center

[OKC74]

Devon has been around for quite awhile, and has been steadily growing. I too am worried about the project with the current state of the economy. But when you look at the big picture, Devon was growing even before oil prices went through the roof...it seems that was just kind of a "bonus" to this ever-growing company, and NOT something that they based their entire decision on to build this new headquarters. It's been something they've needed for quite some time, and remember...Devon is an energy company. Look at all of the "new" kinds of energy that are out there waiting to be tapped. I'm sure Devon will want to have some type of stake in these, as well as their current natural gas and oil interests. So, even though I have some concerns over the "going forward" of the new building project, when looking at the big picture I think it puts it all into perspective, and that Devon STILL NEEDS this building. Pete...do you agree?

[Pete]

Yes, I agree. They've always been much more measured and pragmatic, choosing to buy the modest Mid America Tower and then lease space around downtown as needed.

They certainly aren't going to be laying people off unless something changes very drastically, so they absolutely need the space; only issue may be their growth rate may be adjusted and therefore the additional space planned might be a bit aggressive.

But still, they can immediately realize the benefits of owning rather than renting all that space and of course the synergies of consolidating their staff.

And they throw off such a huge amount of cash flow that funding this won't be a problem when they want to proceed.

[Steve]

Update tomorrow.

[OKC74]

When you say that there will be an update tomorrow, that must mean that they are possibly going to tell us that they are going to "push back" the project, right? The reason I say this is because we've discussed on this forum before that the reason we haven't heard any "updates" since the original announcement is because there's nothing to update us on. Wouldn't it be coincidental to have an update on planning/engineering/construction, etc. at this volatile time?? Surely they wouldn't plan a special update just to let us know that they are continuing on with the project, right? (I'm being pessimistic, but I hope I'm wrong!!).

[OKC74]

Steve, what are your thoughts?

[Steve]

OKC74, actually, I've been told they've been reading the rumors on this message board, and my column, which addresses several downtown projects, is aimed at such rumors.
PS: You're wrong.

[Pete]

Excellent!

Sounds like they will reaffirm their commitment to the project.

[OKC74]

Ahh...SO...you think that they are going to address these "rumors" and tell us that things are going ahead as planned? I trust and respect your opinion since you are the journalist!! I wonder if it will be some type of press release that will show up in the paper, or an announcement that we will have to wait until some type of press conference to hear? Thanks Steve...in this case, I'll be GLAD if I'm wrong!!

[Steve]

Here's the thing to remember - Devon and Chesapeake are different companies with different operations and management.

[OKC74]

Then that should be a GOOD sign.

[jbrown84]

Steve already came out and said on OKCCentral that they confirmed everything is moving forward as planned.

[OKC74]

jbrown - Where is this? I didn't see it on there...?? Thanks!

[bluedogok]

jbrown - Where is this? I didn't see it on there...?? Thanks!

It's on Steve's blog: OKC Central Blog - My Head is Spinning...

[OKC74]

Thanks...I must've read right over that.

[Oh GAWD the Smell!]

I keep telling my g/f to go work for Devon. She's got her MBA and is a genius to boot...Yet she keeps plugging away where she is for peanuts at a job she hates because of some BS profitsharing thing she MIGHT get in Jan.

She could probably double her salary at Devon.

She NEEDS to double her salary....I HAVE NEEDS.


All that aside...I'll be excited to see this building go up. We need a change in our skyline SO badly.

[metro]

Devon to keep working on new headquarters
Oklahoman
October 14, 2008

Devon Energy Corp. has no plans to postpone building its 54-story corporate headquarters in downtown Oklahoma City.

Larry Nichols, Devon’s chairman and chief executive officer, said work continues on the project despite concerns expressed by many that the project might not proceed.

"That building is a very long-term project,” Nichols said. "If it stays on schedule, it will be a little over four years from now before we get it built.

"And however dire these economic circumstances are that the country is in now, I doubt they will last four years.”

Nichols said the company is working on final plans and getting approval for those now. It intends to start building the tower about a year from now.

"So we don’t really see, at this point, any change in that program,” he said. "We will keep building that building, as planned.”

[OKC74]

This is great news.

[Pete]

JP Morgan picks 16 stocks to beat market turmoil
Friday October 17, 12:59 pm ET

(Reuters) - J.P. Morgan analysts recommended 16 stocks, including 3M Co (NYSE:MMM - News), Google Inc (NasdaqGS:GOOG - News), McDonald's Corp (NYSE:MCD - News), Merck & Co (NYSE:MRK - News), and Visa Inc (NYSE:V - News), that they believe will be able to outperform a weakening global economy over the next 12 to 18 months.

Shares of companies that possess substantial financial resources, a profitable business model, and rank high in terms of cash return to shareholders are featured on the select group, collectively called "The Franchise 16," the analysts said in a note titled "Stocks to Own Beyond the Market Turmoil."

The 16 stocks, all rated "overweight," are:

3M Co (NYSE:MMM - News)

Baxter International Inc (NYSE:BAX - News)

Colgate-Palmolive Co (NYSE:CL - News)

CA Inc (NYSE:CA - News)

Devon Energy Corp (NYSEVN - News)

General Mills Inc (NYSE:GIS - News)

Gilead Sciences Inc (NasdaqGS:GILD - News)

Google Inc (NasdaqGS:GOOG - News)

Hewlett-Packard Co (NYSE:HPQ - News)

McDonald's Corp (NYSE:MCD - News)

Merck & Co Inc (NYSE:MRK - News)

Monsanto Co (NYSE:MON - News)

Nucor Corp (NYSE:NUE - News)

Philip Morris International (NYSE:PM - News)

Union Pacific Corp (NYSE:UNP - News)

Visa Inc (NYSE:V - News)

[hoya]

Wow. That's incredible news. Not only that Devon is doing well, but that it's in such strong company. Those other businesses are some of the most recognizable corporate names around.

[jbrown84]

They also tend to be based on consumer products (Colgate, Phillip Morris, Visa, McDonalds, etc.). There's certainly not any other energy companies on there. Very good news for OKC and Devon.

[Pete]

I just bought some Devon stock last week and it's already given me about a 20% return...

Go Devon!

[brownb01]

hey...just so you all know, The CityPlex tower in Tulsa has 60 floors. However, it's only 648ft.

Also...Tulsa has 61 skyscrapers, OKC has 48. We'll never beat them on that. Tulsa has 4 that are over 500ft.

However, I am proud to have the tallest in OKC...someday.

[architect5311]

Current Pickard Chilton project planned for Dubai............The Atrium tower 912 feet, pretty awesome.

[Kerry]

It looks like a giant Star Trek logo or a gymnist bending over touching her toes.

[jbrown84]

I saw the Star Trek logo immediately too.