A Fortune 500 oil and gas producer with operations in the United States and Canada will establish an office in Roswell in 2019, although details are unknown at this time, a company representative has said.
Devon Energy Corp., a publicly traded corporation formed in 1971 that has had offices in the Artesia and Carlsbad areas for about 20 years, is looking for office space for some existing employees who live in the Roswell area.
“One of our top priorities is the safety of our employees and our contractors,” said Shannon Johnson, senior community relations specialist, who works in Artesia. “This would cut down on their commute time on (U.S. Highway) 285, and it will also give them more time with their families.”
She said she could not provide any details about how many local employees are involved, whether additional staff will be hired once a local office opens or the timing of the opening.
She did say that the company anticipates becoming active in the Roswell community.
“We are excited about expanding into Roswell,” Johnson said. “We are happy to be able to get engaged in that area and in the community, as we do in all of our communities. We like to be a good neighbor, so we are excited about our employees having time to spend in the community and getting out and getting involved.”
According to its most recent financial statement, a third-quarter 2018 report released in early November, the Fortune 500 company with about 3,400 employees had net earnings of $2.5 billion, or $5.14 a share, for the three-month period ended Sept. 30 and of $2.08 billion for the first nine months of 2018. Its daily average production is about 522,000 oil-equivalent barrels (BOE) a day.
The company has oil and gas wells in Oklahoma, Texas, Wyoming and Alberta, Canada, as well as in the Delaware Basin in southeast New Mexico, part of the larger Permian oil field. Devon describes the Delaware Basin as a “world-class” asset that experienced a 45 percent increase in production in 2018 to its current levels of about 79,000 BOE a day.
The corporation has its headquarters in Oklahoma City and trades on the New York Stock Exchange under the symbol DVN.
Southeast New Mexico’s record oil and gas production and activity in 2017 and 2018 are seen in a couple of key data points, said Robert McEntyre, a spokesperson with the New Mexico Oil and Gas Association.
In 2017, he said a handful of companies invested $13 billion in acquisitions and development in New Mexico, largely in the Delaware Basin, and the Baker Hughes rig count now shows 105 active rigs in the state, close to the all-time high of 110 set in December 2017. About 50 to 75 jobs are associated with a rig, he said.
Senior Writer Lisa Dunlap can be reached at 575-622-7710, ext. 311, or at email@example.com.