Devon Energy is preparing to hold its annual shareholders meeting in June and the COVID-19 pandemic has the attention of the company and its board of directors.
In a proxy filing with the Securities and Exchange Commission the company took note of how the pandemic has gripped the world.
“It is not business as usual at Devon. A health crisis is gripping many communities, and the global economy has been shuttered. We are concerned about the health of our employees and contractors, as well as our global citizens,” stated the filing.
So far, the company intends to hold its June 3 meeting where shareholders can attend without doing so by remote communications.
“We intend to hold our annual meeting in person. However, we are actively monitoring the coronavirus (COVID-19); we are sensitive to the public health and travel concerns our stockholders may have and the protocols that federal, state, and local governments may impose. In the event it is not possible or advisable to hold our annual meeting in person, we will announce alternative arrangements for the meeting as promptly as practicable, which may include holding the meeting solely by means of remote communication,” continued the company in its SEC filing.
As other companies are retrenching operations and finances, Devon, with about 1,700 employees is doing the same but so far, the firm has not announced any layoffs. Its filing emphasized the company motto, “Commitment Runs Deep.”
” We are also taking swift actions to manage our business. We are committed to drilling fewer wells and protecting our balance sheet in response to historically low oil prices.
We will bounce back from this crisis. Our values give us the vitality to do so. We also know that the U.S. and global economies are resilient and need the affordable energy resource that we produce in order to recover.”
The proxy filing covers mostly the urged reelection of the eleven members of the board of directors as well as the ratification of the appointment of independent auditors for 2020 and executive compensation.
The filing took note that David Hager, President and CEO has had the same salary of $1,275,000 annually since he took over as head of the company in 2015.
The board members include Barbara M. Bauman who is President and owner of Cross Creek Energy Corporation and a member since 2014; John Bethancourt, former Executive VP of Technical Services at Chevron, a member since 2014; Ann Fox, current President and CEO at Nine Energy Service Inc. since 2019; and Hager.
Others are Robert Henry, the former Attorney General and 10th US Circuit Court of Appeals judge who has been on the board since 2010; Michael Kanovsky, an engineer and member since 1999; John Krenicki Jr., senior partner of Clayton, Dubilier and Rice and a member since 2018; Robert Mosbacher Jr. of Mosbacher Energy and BizCorps since 2009; Duane Radtke, President and CEO at Valiant Exploration since 2010; Keith Rattie, former Chairman of Questar Corporation since 2019 and Mary P. Ricciardello, former Senior Vice President at Reliant Energy since 2007.
The meeting is scheduled to begin at 8 a.m. Central Time.
Source: SEC