That’s our government–run by corporations through their lobbyists–and why I supported John Edwards.
© 2008 The Associated Press
WASHINGTON — Devon Energy Corp. spent $760,000 in 2007 to lobby on deep-water royalties and access to federal land.
The company spent $300,000 in the second half of 2007 to lobby Congress, according to a disclosure form posted online Feb. 14 by the Senate’s public records office. It lobbied on legislation related to royalty payments for deep-water drilling and federal land access.
Devon Energy spent $460,000 in the first six months of 2007 to lobby on similar issues. During the first half of the year, aside from lobbying Congress, it lobbied the Department of the Interior as well.
Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.
Published Thursday, February 21, 2008
By Denny Deady
Devon Energy Corporation has reported record net earnings of $3.6 billion for the year ending Dec. 31, 2007, a 27 percent increase compared with full-year earnings in 2006.
For the quarter ending Dec. 31, 2007, Devon earned a record $1.3 billion. This was 126 percent greater than reported net earnings of $582 million in the fourth quarter of 2006.
“Devon’s 2007 results were exceptional, both financially and operationally,” said J. Larry Nichols, chairman and chief executive. “We set earnings and cash flow records, increased production by 12 percent and drilled 2,440 wells with a 98 percent success rate.”
In the Barnett Shale in North Texas, the company drilled 539 wells in 2007. This included Devon’s 1,000th horizontal well near Boyd in Wise County. Devon has interests in nearly 3,200 producing wells in the Barnett Shale.
Devon said sales from continuing operations of oil, gas and natural gas liquids increased 19 percent to $9.6 billion last year. This compares to sales of $8.1 billion for the same period in 2006.