If You Bought 1 Share of Devon Energy at Its IPO, Here's How Many Shares You Would Own Now
Devon Energy (NYSE: DVN) had very humble beginnings. In 1971, oil industry veteran John Nichols and his son Larry founded the company. At the time, it had five people and no assets. Fast-forward more than a half-century, and Devon has grown into one of the country's largest oil and gas producers. The oil company went public in 1988 on the American Stock Exchange. Here's a look at how many shares you would own today if you'd bought one at its IPO more than 35 years ago.Going public allowed Devon Energy to use its stock as currency to acquire a long list of oil and gas companies over the years. Notable deals included buying PennzEnergy for $723.4 million in stock in 1999 for its position in the Gulf of Mexico, Mitchell Energy for $3.1 billion in cash and stock in 2001 for U.S. natural gas assets, and Ocean Energy for $3.5 billion in stock in 2003 for deepwater sites in the Gulf. The company once had assets that spanned the U.S., Canada, Brazil, and Azerbaijan. Continue reading
Devon Energy (NYSE: DVN) had very humble beginnings. In 1971, oil industry veteran John Nichols and his son Larry founded the company. At the time, it had five people and no assets. Fast-forward more than a half-century, and Devon has grown into one of the country's largest oil and gas producers.
The oil company went public in 1988 on the American Stock Exchange. Here's a look at how many shares you would own today if you'd bought one at its IPO more than 35 years ago.
Going public allowed Devon Energy to use its stock as currency to acquire a long list of oil and gas companies over the years. Notable deals included buying PennzEnergy for $723.4 million in stock in 1999 for its position in the Gulf of Mexico, Mitchell Energy for $3.1 billion in cash and stock in 2001 for U.S. natural gas assets, and Ocean Energy for $3.5 billion in stock in 2003 for deepwater sites in the Gulf. The company once had assets that spanned the U.S., Canada, Brazil, and Azerbaijan.
