Devon Energy Derisks with Group Annuity Purchase

Headquartered in Oklahoma City, Devon Energy Corporation is a Fortune 500 company and among the largest U.S. based independent producers of natural gas and oil. Earlier this month, the company disclosed its purchase of a group annuity contract to transfer around $190 million in pension liabilities to an unnamed insurance company. The transfer represents roughly 15% of their total pension liability. Devon Energy has pension assets totaling $1.035 billion with projected obligations of $1.279 billion, for a funding ration of 80.9%. It is unknown how many retirees will be affected by this pension derisking transfer. For more information on the risks associated with pension derisking contact Edward Stone at