Devon CEO Says Independents Gaining

Major oil companies have long had an advantage in the development of world energy supplies. But their competitive edge is diminishing due to the growth of U.S. independents and state-owned oil companies, Larry Nichols, chairman and CEO of Devon Energy Corp., the nation’s largest independent oil and gas company, said Friday.

Independent companies — firms that don’t own refining assets — have found new ways to exploit the remaining oil and gas reserves of the United States. Coalbed methane, gas produced from coal seams, and the Barnett Shale, a popular new gas play in the Fort Worth Basin, were over looked for years.

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