This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Devon Energy Corporation is an independent exploration and production company focused on hydrocarbon exploration, development, and production in the United States. Its core business is the upstream extraction of oil and natural gas. Following its announced merger with Coterra Energy, the combined entity is projected to have a production output of approximately 1.64 million barrels of oil equivalent per day, positioning it as one of the largest independent E&P companies in North America. In the third quarter of 2025, Devon’s oil production alone was expected to average 384,000 barrels per day.
The company’s operations have been linked to regulatory violations, including a documented oil or gas drilling violation from the Bureau of Safety and Environmental Enforcement in 2004. Devon Energy does substantial fossil fuel product-related business in California and is a successor-in-interest to Pauley Petroleum. The company’s strategic focus remains on growing its upstream oil and gas production, as evidenced by recent merger activity aimed at consolidation within the shale sector.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.