In a statement sent to Rigzone recently, Devon Energy Corp. announced that Brent J. Smolik has joined the company’s board of directors, effective October 1.
Smolik is the former president and chief operating officer of Noble Energy and president, CEO, and chairman of the board of EP Energy Corporation, Devon highlighted in its statement.
The company added that he has over 40 years of experience in the oil and gas industry, “holding senior executive roles at Noble Energy, Noble Midstream Partners LP, EP Energy Corporation, El Paso Corporation, ConocoPhillips, and Burlington Resources”, and pointed out that he has also served on the boards of Marathon Oil Corporation, Noble Midstream Partners LP, Cameron International, and Encino Acquisition Partners.
Devon noted in its statement that its board determined that Smolik is independent and appointed him to the audit and safety, operations, and resource (SOR) committees. With this appointment, Devon’s board will comprise 11 members, 10 of whom are independent, Devon said in the statement.
A Devon Energy spokesperson told Rigzone that the company does not have a policy that prescribes term limits for its directors and confirmed that Smolik is not subject to a term limit.
The audit committee assists the board in ensuring the integrity of Devon’s financial statements and reporting system, compliance with legal and regulatory requirements, and performance of internal and external audit functions, Devon states on its website. The SOR committee provides oversight of the company’s health and safety programs and performance, the plans and performance associated with its operations, and the integrity of its evaluation of resources, including Devon’s petroleum and natural gas reserves, the site adds.
“We are pleased to welcome Brent Smolik to our board of directors,” Clay Gaspar, President and CEO of Devon Energy, said in the statement.
“His leadership and strategic insight will be instrumental as we continue to deliver value to our shareholders,” Gaspar added.
John Bethancourt, Devon’s Chair, said in the statement, “Brent’s extensive experience, combined with his operational and technical expertise in the oil and gas industry, will be valuable as we guide the company into the future”.
“His proven track record in both upstream and midstream sectors, as well as his prior service on multiple public company boards, will provide important perspective,” he added.
In its second quarter results statement, which was posted on its website back in August, Devon Energy said it reported net earnings of $899 million, or $1.41 per diluted share, in the second quarter of 2025.
Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $536 million, or $0.84 per diluted share, Devon noted in the statement, adding that operating cash flow totaled $1.5 billion in the second quarter, which it said funded all the company’s capital requirements and resulted in $589 million of free cash flow for the quarter.
“In addition to this free cash flow, Devon received $372 million in proceeds from the divestiture of its equity ownership in the Matterhorn Pipeline,” the company said in the statement.
“During the quarter, Devon’s investment-grade financial position strengthened with cash balances increasing by $525 million to a total of $1.8 billion. The company ended the quarter with outstanding debt of $8.9 billion and a net debt-to-EBITDAX ratio of 0.9 times,” it added.
In this statement, Gaspar said, “in the second quarter, we delivered exceptional results exceeding our production guidance with 841,000 barrels of oil equivalent per day”.
“We generated $1.5 billion in operating cash flow and $589 million in free cash flow, with capital investments seven percent below guidance. Our disciplined capital allocation approach supported robust returns to shareholders through dividends and share repurchases, while strengthening our balance sheet and ending the quarter with $1.8 billion in cash,” he added.
“Amid market fluctuations, we remained focused on operational excellence, leveraging our premier resource base and strong financial position to deliver outstanding results. Our business optimization plan is progressing rapidly, positioning us to achieve $1 billion in annual pre-tax free cash flow by the end of 2026,” he continued.
“For the second consecutive quarter, we reduced 2025 capital by $100 million while raising production forecasts, further strengthening our free cash flow trajectory. Our team’s innovation and commitment ensure we are well-equipped to navigate price volatility, adapt to market trends, and maximize returns for shareholders,” Gaspar went on to state.
In a statement posted on its site back in April, Devon announced a “business optimization plan to improve margins and capital efficiency, growing free cash flow generation and driving significant shareholder value”.
“I’m excited to announce the details of our business optimization plan, set to enhance margins and deliver $1 billion in annual pre-tax free cash flow improvements by year end 2026,” Gaspar announced in that statement.
“This milestone reflects the commitment, ingenuity, and talent of our employees, whose hard work and ongoing efforts continue to drive Devon’s success,” he added.
“This is an opportune time for us to take on this initiative, as we leverage recent leadership changes across the organization, bringing fresh perspectives and new ideas,” he continued.
“Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability. Importantly, this effort will create significant shareholder value by expanding our free cash flow generation and enhancing the durability of our business,” Gaspar went on to note.
Devon Energy describes itself as “a leading oil and gas producer in the United States with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin”.
To contact the author, email andreas.exarheas@rigzone.com
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