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Devon Mnd Operating Inc history
Devon Mnd Operating Inc company history timeline
John and Larry found European investors in 1971 who wanted to invest in the USA. A unique approach at the time, they designed a tax-efficient method to flow funds back and forth between Europe and the United States.
In 2002 they bought Mitchell Energy properties in the Barnett shale where Devon initiated the shale revolution.
After 2015, this led to divestitures, rescinding of dividends, stock buy-backs, improving drilling and fracking efficiencies, and job layoffs.
In October 2020, they sold to BKV Corporation for $570 million.
Devon’s earnings in the last quarter beat Wall Street predictions, while their free cash flow increased by eight times the fourth quarter of 2020.
Devon had become a US-based oil company so, along with an oil price advance to $80/barrel and the efficiencies that resulted from the merger, there has been an uptick in stock price in 2021 from $9 to $45 (Figure 1).
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