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Devon Energy Corp. reported that D. Martin Phillips, a managing partner of the EnCap Investments, will resign from the company's board of directors effective immediately.
The resignation is following a reduction in EnCap's holdings in Devon through disposition transactions that occurred on Feb. 22, 2021. The resignation is consistent with the provisions of a shareholder agreement that permitted EnCap to designate a director if a 10% ownership threshold of Devon's outstanding common stock was maintained.
Mr. Phillips joined Devon's board of directors in January 2021 by way of the company's merger with WPX Energy. Mr. Phillips became a member of WPX Energy's board in 2020. Following his departure, Devon will have 11 directors on the board, possessing extensive experience leading public and private companies, with diversified skill sets cultivated across a broad set of industries.
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