OKLAHOMA CITY, June 05, 2024 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE:DVN) announced today that the company's board of directors has appointed John Bethancourt as independent chair of the board, effective July 1, 2024. Bethancourt joined Devon's board in 2014 following his retirement from Chevron's executive team. He currently chairs the board's reserves committee while also serving on the board's compensation committee.

Bethancourt succeeds Barbara Baumann, who will remain on the board and join the compensation committee and governance, environmental, and public policy committee. Baumann was recently named chair of the independent board of trustees of the Putnam Mutual Funds, effective July 1, 2024, a commitment that was anticipated at the time she was named Devon's chair of the board in 2022.

"John's appointment continues the company's governance tradition of separating the chair and CEO roles. Over the past decade, John's leadership, vast industry expertise and strategic insight have played a pivotal role in shaping Devon into the company we are today," said Rick Muncrief, president and CEO. "I am confident in John's capabilities and am eager to collaborate with him as we continue to execute on the tenets of our disciplined strategy."

"I would also like to express my sincere appreciation to Barbara. As chair of our board, Barbara has been an exceptional strategic partner of mine. Her unwavering commitment to leading governance and inclusiveness practices has set a high standard for us all," Muncrief commented. "I'm grateful that Barbara will continue to bring her judgment, long-time energy industry experience and retail investor perspectives to our future board deliberations."

Bethancourt has broad competencies in matters impacting the energy industry and companies in general, including in areas relating to human resources, environmental matters, and energy-related infrastructure. He is a retired Chevron executive, serving most recently as executive vice president for technology and services, where he oversaw Chevron's environmental, health and safety efforts, major project management, procurement, and mining operations. Bethancourt began his career with Getty Oil Co. in 1974 and joined Texaco Inc. through a 1984 merger. He earned a bachelor's degree in petroleum engineering from Texas A&M University.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon's disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

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Devon Energy Appoints John Bethancourt as Chair of Its Board of Directors