Devon Energy Releases 2020 Sustainability Report Highlighting Emissions and Flaring Reductions, Crisis Management, Conservation and Community Partnerships

October 12, 2020 10:00 AM

OKLAHOMA CITY, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) today released its 2020 Sustainability Report which highlights the company’s performance and efforts related to emissions and flaring reductions, environment preservation, pandemic and crisis management, employee empowerment and community investment.

“At Devon we are providing energy the world needs, and we take pride in doing so reliably and responsibly,” said ESG Executive Sponsor and Executive Vice President, Exploration & Production, David Harris. “Among other achievements, I’m most proud of our significant reduction in GHG emissions.”

Devon Energy’s 2020 Sustainability Report highlights progress and goals in key priority areas:

“We continue to evolve and advance our ESG program and have become a leader in our industry as a result,” said Harris. “In addition to setting meaningful targets, we take great pride in transparent reporting and showing our progress each year. This is our 16th consecutive year of CDP climate reporting and we continue raising the bar for ourselves. I’m thankful to everyone who has helped us on our journey so far and to those helping us achieve even more as we stretch to become a better company.”

This year’s report reflects Devon’s level of alignment with voluntary frameworks and standards established by IPIECA, TCFD, SASB, and United Nations Sustainable Development Goals.

Find the full report complete with metrics and in-depth stories here and on the Devon Energy website.

ABOUT DEVON ENERGY

Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. with an emphasis on achieving strong corporate-level returns and capital-efficient cash-flow growth.

Investor ContactsScott Coody, 405-552-4735Chris Carr, 405-228-2496ESG ContactChris Kirt, 405-552-8028Media ContactLisa Adams, 405-228-1732

FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” as defined by the SEC. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases such as “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to those, identified below.

The COVID-19 pandemic and its related repercussions have created significant volatility, uncertainty and turmoil in the global economy and our industry. This turmoil has included an unprecedented supply-and-demand imbalance for oil and other commodities, resulting in a swift and material decline in commodity prices in early 2020. Our future actual results could differ materially from the forward-looking statements in this press release due to the COVID-19 pandemic and related impacts, including, by, among other things: contributing to a sustained or further deterioration in commodity prices; causing takeaway capacity constraints for production, resulting in further production shut-ins and additional downward pressure on impacted regional pricing differentials; limiting our ability to access sources of capital due to disruptions in financial markets; increasing the risk of a downgrade from credit rating agencies; exacerbating counterparty credit risks and the risk of supply chain interruptions; and increasing the risk of operational disruptions due to social distancing measures and other changes to business practices.

In addition to the risks associated with the COVID-19 pandemic and its related impacts, our actual future results could differ materially from our expectations due to other factors, including, among other things: the volatility of oil, gas and NGL prices; uncertainties inherent in estimating oil, gas and NGL reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in our operations, including as a result of employee misconduct; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters; risks related to regulatory, social and market efforts to address climate change; risks related to our hedging activities; counterparty credit risks; risks relating to our indebtedness; cyberattack risks; our limited control over third parties who operate some of our oil and gas properties; midstream capacity constraints and potential interruptions in production; the extent to which insurance covers any losses we may experience; competition for assets, materials, people and capital; risks related to investors attempting to effect change; our ability to successfully complete mergers, acquisitions and divestitures; and any of the other risks and uncertainties discussed in our 2019 Annual Report on Form 10-K and our other filings with the SEC.

All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise our forward-looking statements based on new information, future events or otherwise.

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Source: Devon Energy Corporation

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