OKLAHOMA CITY, Jan. 22 /PRNewswire-FirstCall/ -- 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.
SOURCE Devon Energy Corporation
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Related links:
http://www.devonenergy.com
http://www.prnewswire.com/comp/118040.html/
CONTACT:
Investors, Zack Hager, +1-405-552-4526, or
Media, Chip Minty, +1-405-228-8647, both of Devon Energy
Corporation
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