John Richels, the chief executive officer of Devon Energy Corp, will step down at the end of July and the Oklahoma oil and gas company's board plans to name Chief Operating Officer Dave Hagar as his replacement, the company said on Wednesday. Richels, 63, was also elected vice chairman of the board effective immediately. He is expected to replace co-founder Larry Nichols as executive chairman when he retires in 2016, the company said.Richels, who joined Devon in 1998 and was named CEO in 2010, presided over the company's recent repositioning to drill more shale oil wells in places like the Permian Basin and Eagle Ford formation in Texas.Since 2013, Devon transferred pipeline and processing assets to publicly traded partnership Enlink Midstream Partners , and also paid $6 billion to acquire privately held GeoSouthern's Eagle Ford acreage in south Texas."With our recent portfolio transformation, Devon is in an extremely strong position," Richels said in a statement. "We have a great collection of assets and a terrific management team in place to lead the business."
Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN traded higher by 1.72% or $1.03/share to $60.92. In the past year, the shares have traded as low as $53.34 and as high as $80.63. On average, 4236700 shares of DVN exchange hands on a given day and today's volume is recorded at 3800473.
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