OKLAHOMA CITY, Jan. 22 /CNW/ -- FORTUNE magazine ranked Devon Energy
Corporation (NYSE: DVN) among its "100 Best Companies to Work for" today,
distinguishing the Oklahoma City-based independent oil and gas producer as one
of the nation's most desirable employers.
Devon is ranked 48 on the 2008 list of 100, the highest among energy
producers. The company is fourth among companies with the lowest turnover and
eighth in work-life balance. FORTUNE also distinguished Devon for maintaining
a healthy corporate culture despite rapid growth. The company underwent five
multi-billion dollar acquisitions from 1999 through 2003 and grew from 764
employees to more than 5,000 worldwide.
"Being ranked among the best companies to work for is a great honor for
us," said Devon's chairman and chief executive officer, Larry Nichols. "Among
all the resources that comprise Devon, we consider our people to be at the
foundation of our strength. Because of that, we strive to be an employer of
choice, and we are gratified to be included on FORTUNE's prestigious list."
The FORTUNE ranking is assembled annually by the San Francisco-based
Great Place to Work Institute. Over the past decade, the FORTUNE list has
become the definitive measure of workplace culture in the United States.
There also is a strong correlation between a high-quality work
environment and business success. Companies included on the FORTUNE list
attract a higher number of qualified job applicants, experience lower turnover
rates, and are among Wall Street's top performers, according to the Great
Place to Work Institute. Independent equities analysts have found that
companies included on the list consistently outperform major stock indices,
such as the S&P 500 and the Russell 3000, according to the Institute.
Devon's rank was based primarily on an employee survey conducted by the
Great Place to Work Institute. The survey indicates employees trust and
respect management and believe corporate leaders have a clear vision for the
company's future. It also shows camaraderie, teamwork and a small company
atmosphere are prominent and that employees take pride in Devon's reputation.
The rank was also based on Devon's corporate culture where employees feel
challenged as professionals, have a strong sense of responsibility and can
take ownership in the jobs they do.
The Great Place to Work Institute was founded in 1991 to offer services
to help companies enhance workplace environments and promote an atmosphere of
trust between employees and management. Striving to become a great place to
work has been recognized by leaders in a variety of industries, government
organizations and educational institutions as a prime means to improve
workplace environments, corporate image and financial performance.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is one of the
world's leading independent oil and gas producers and is included in the S&P
500 Index. For additional information, visit http://www.devonenergy.com.
For further information:
For further information: Investors, Zack Hager, +1-405-552-4526, or
Media, Chip Minty, +1-405-228-8647, both of Devon Energy Corporation Web