OKLAHOMA CITY, Jan. 22 /CNW/ -- For the second year in a row, 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
Devon is ranked 13th and is among the list's fastest-moving companies,
gaining 35 spots from the previous year. Devon ranked the highest among energy
companies. FORTUNE also distinguished Devon for its low turnover rate of four
percent and its innovative 401(k) retirement plan, which calls for annual
company contributions of up to 22 percent of an eligible employee's salary.
The plan has been hailed as one of the best in the country and was featured in
national publications such as Business Week and Financial Week.
"While making the FORTUNE list is wonderful recognition for the company,
it says even more about our employees," said Devon's chairman and chief
executive officer, Larry Nichols. "Their values and their commitment are what
make Devon a great place to work. We have an outstanding company with many
wonderful assets, but we believe our people are at the foundation of our
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 is listed among FORTUNE'S Blue-Ribbon Companies for being included
on at least four of the magazine's lists. In addition to being on the Best
Companies to Work For list, Devon is ranked among the Fortune 500 as well as
America's Most Admired Companies. It is also on the Global Most Admired
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is the
largest U.S.-based independent oil and gas producer 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 Web Site: