Former President, Chief Executive Officer & Director, Devon
Search every verified Richard Muncrief interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Rick Muncrief, former president and CEO of Devon Energy, announced his retirement during the company's Q4 2024 earnings call in April 2025, stating he looked forward to watching the company's continued achievements under the leadership of his successor, Clay Gaspar. He described it as an honor to have led the company for the past four years. On the call, Muncrief reported that Devon ended 2024 with record volumes, a 154% proved reserve replacement ratio, and $3 billion in free cash flow, of which $2 billion was returned to shareholders. He noted that the board approved a dividend increase to 24 cents per share, a 9% improvement over the 2024 rate, and that the company executed a Williston Basin acquisition that was performing well. In a September 2024 appearance at the North Dakota Petroleum Council annual meeting, Muncrief discussed the company's strategy in the Bakken, stating that Devon planned to keep production roughly flat with about $4 billion in capital spending and 400-plus wells drilled. He described the Grayson Mill acquisition as adding 300,000 acres, about 500 new wells, and roughly 300 identified refrac opportunities. Muncrief also commented on industry issues, saying he had been public about his concern for the nation's electrical grid and that natural gas would play a larger role in powering data centers and AI workloads. He noted that the financial community recognized improvements on environmental and governance fronts, but that fund flows had rotated into technology, and predicted that when that cycle reverses, the return of capital to value-oriented sectors like oil and gas would be fast and strong.
“I'm very proud to report that Devon ended 2024 with exceptionally strong results. We produced record volumes, delivered a 154% proved reserve replacement ratio and generated $3 billion of free cash flow, of which we returned $2 billion to our shareholders.”
“This month, our board approved an increase to 24 cents per share. This represents a 9% improvement over the 2024 rate.”
“To fortify our advantaged portfolio even more, we executed the Williston Basin acquisition this past year and it is performing quite nicely.”
“Throughout the year, we've maintained financial strength with ample liquidity and low leverage. We're well positioned for the future.”
“For me, it's been an honor to lead this company for the past four years, serving our shareholders, our board of directors, and our dedicated employees. Together, we've built a very strong company with a solid foundation for future success.”
“I look forward to watching the company's continued achievements under Clay's capable leadership and have complete confidence in him and his management team.”
“We reached an all-time quarterly record of total production averaging 728,000 barrels of oil equivalent per day including 335,000 barrels of oil per day. Our production has surpassed guidance expectations every quarter this year.”
“This phenomenal performance enabled us to generate $786 million of free cash flow in the third quarter and returned $431 million of it back to shareholders. We leaned in heavier on our share repurchase program and we continue to think reinvesting in our company at today's prices is the right thing to do for shareholder...”
“Our commodity mix is just about 50% crude oil, 25% natural gas and 25% natural gas liquids, and at today's prices oil drives about 90% of our revenues.”
“The Grayson Mill acquisition gives us another 300,000 acres, about 500 new wells to drill and roughly 300 identified refrac opportunities to take low-producing wells back up to several hundred barrels a day.”
“We're planning to keep company production pretty flat, run roughly plus-or-minus three rigs in the basin, and at the company level we're planning a little over $4 billion of capital next year to drill about 400-plus wells.”
“The AI train is coming — if you're going to win the AI race you better be using natural gas to power it, because data centers and AI workloads need reliable, affordable energy.”
“I've been pretty public about my concern for the nation's grid — even something as simple as getting enough transformers to do repairs and expand for normal growth is a challenge, and that creates both risks and opportunities where natural gas will play a larger role.”
“On ESG and investor flows, the financial community recognizes improvements on environmental fronts and governance, but fund flow has rotated heavily into technology; when that cycle reverses, the return of capital to value-oriented sectors like oil and gas will be fast and strong.”
“We felt AXPC needed to be the voice of independent exploration and production companies, so we reorganized to be that independent, member-driven trade group — one company, one vote — and trade organizations are critical to pounding the halls of Congress on industry issues.”
If you wanna have it on Spotify: https://open.spotify.com/episode/3ijVyvKWOainGba8RJXiFV?si=4_oNSDK_SVKFbLhYHgGtWQ ...
11/06/2024 Q&A: 15:34 Devon Energy Corporation, an independent energy company, primarily engages in the exploration, ...
Rick Muncrief from Devon Energy shares "Bakken Next Steps", a chat with Ron Ness, President of the North Dakota Petroleum ...
08/02/2023 Q&A: 23:02 Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, ...
Rick Muncrief, president and CEO of Devon Energy, joins 'Squawk on the Street' to offer his thoughts on how the energy sector has shifted one year since the Russian invasion of Ukraine. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news:…
Rick Muncrief, president and CEO of Devon Energy, joins CNBC's 'Squawk Box' to discuss the company's acquisition of Validus Energy for $1.8 billion. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan c…
Devon Energy Corp. CEO Rick Muncrief discusses the outlook for oil price and production, labor costs, acquisition strategy, and the impact to markets of a possible release of oil from the U.S. Strategic Petroleum Reserve on "Bloomberg Markets."
Devon Energy CEO Rick Muncrief speaks with CNBC's "Squawk on the Street" about his company's strong stock performance in 2022 and how Russia-Ukraine tensions are affecting energy prices.
Devon Energy CEO and President Rick Moncrief appeared on Wednesday's episode of "Mad Money" with CNBC's Jim Cramer. Sign up and learn more about the CNBC Investing Club with Jim Cramer https://cnb.cx/3Ei22n4 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s…
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