Devon Energy said its board of directors appointed John D. Raines as Senior Vice President, E&P Asset Management, effective February 8, 2025, and Thomas J. Hellman as Senior Vice President, E&P Operations, effective January 20, 2025. The company said it appointed both on January 10, 2025.

1. 01

   Devon Energy said its board of directors appointed John D. Raines as Senior Vice President, E&P Asset Management, effective February 8, 2025, and Thomas J. Hellman as Senior Vice President, E&P Operations, effective January 20, 2025. The company said it appointed both on January 10, 2025.

2. 02

   The company said it approved an annualized base salary of $475,000 for Raines, an annual performance cash bonus target of 75% of base salary, and an annual long-term equity incentive grant value target of $1,500,000. It said it is not amending Raines’s existing Severance Agreement and described a lump-sum payment equal to 2 times the sum of his base salary and annual bonus upon a termination without cause or for good reason.

3. 03

   Devon Energy said Hellman, 57, served as Vice President, Operations Permian and Oklahoma at Marathon Oil Corporation from 2020 until shortly after ConocoPhillips completed its acquisition of the company. The company said his compensation consists of an annual base salary of $475,000, an annual performance bonus target of 75%, and a long-term equity incentive target of $1,500,000. It also said it expects Hellman to enter into a Severance Agreement materially consistent with Raines’s.

4. 04

   Devon Energy said it decided on January 10, 2025 to eliminate the Executive Vice President and Chief Corporate Development Officer position, effective February 10, 2025. David G. Harris will leave the company on that date. The company said Harris is eligible under his previously disclosed compensation arrangements for a lump-sum cash payment equal to 3 times the sum of his annual base salary and bonus, along with accelerated or continued vesting of outstanding long-term incentive awards, as applicable.

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