Devon Energy building new skyscraper downtown! (Oklahoma City, Tulsa: houses, high school, general contractor)

[Tim Rankin]

lol...I've been @ 299 for less than a week but it felt like a lifetime!

[okcpulse]

Originally Posted by Tim Rankin

I like the idea of it being a complex, and something for the public to enjoy. And I really don't mind it being new construction, etc. The part I don't like is when they build these giganto, new skyscrapers that just tower over existing cities. I have no doubt that skyscraper enthusiasts are thrilled - I would be too, if I was one! I'm just not sure that it's in character with the rest of the city's architecture.

Anyway, you're right that I should read up some more about the project. We may look back years down the road, and think it was a brilliant addition to the city. I'm just not sure I like the idea at this time...

The character needs to change.

[happytown]

Originally Posted by okcpulse

The character needs to change.

Character?

[okcpulse]

It will take a project like Devon Tower to transform the image of Oklahoma City into one that the nation takes much more seriously. Don't get me wrong. There is a lot of charm to our downtown, but it will take Devon Tower to elevate us to that next level.

[happytown]

I would agree Okcpulse. The Devon Tower will give a lot of recognition to OKC along with the NBA. Great times in "The City".

[happytown]

Looking good.
Mobile Breaking Oklahoma News | NewsOK.com

Fortune smiles on Devon
INVESTING Magazine includes Oklahoma City company on list of 10 sure-bet stocks for next year
BY JACK MONEY
Published: December 13, 2008

An Oklahoma City-based company is on the list of 10 individual stocks Fortune Magazine says are sure bets in 2009.

Devon Energy Corp. officials said Friday they are flattered to be included.

"They must know a good thing when they see it,” teased Vincent White, Devon’s senior vice president of investor relations.

White said Fortune’s interest in Devon is based on how the Oklahoma City-based company’s board of directors and managers run the company.

To them, it’s about the long-term, White said. "We’ve been able to benefit from downturns in the market instead of being beat up by low prices.”

What Fortune wrote
Writers for Fortune Magazine wrote they think a rebound in oil prices seems inevitable.
They said it it will take new sources of oil and natural gas equivalent to finds four times the size of reserves of Saudi Arabia just to replace existing production declines.

They said Devon’s a good pick because of its low debt, because it does business almost exclusively in the U.S. and Canada and because its revenues are split between oil and natural gas.

"Obama’s policies are likely to strain natural-gas supplies,” Larry Nichols, Devon’s chief executive, told Fortune.

"So all else being equal, I expect higher prices next year, which is good for us.”

Industry observers agree. "We believe Devon has the most attractive asset portfolio in the oil sector,” Fadel Gheit, an analyst for Oppenheimer, told Fortune magazine.
"Everybody’s earnings are going to fall. These guys are going to fall less.”

[happytown]

Devon tower Update...
Looks like its still full steam ahead, especially considering construction costs.
News9.com - Oklahoma City, OK - News, Weather, Video and Sports | Video - News

Devon Continues with Future Projects



OKLAHOMA CITY -- 2009 is expected to be a challenging year for businesses, even in "recession-proof" Oklahoma City. The economy has many concerned the city will lose its forward momentum.

Devon Energy is one of the city's most critical businesses, with close to 2,000 employees. Devon's Chairman and CEO Larry Nichols said, despite the economy, plans for a new building and expansions haven't changed.

"2009 is going to be a tough year for everybody. We're not immune from that. We'll certainly have to reduce our budget some," Nichols said.

Devon's Chairman and CEO said the company will reduce its drilling activity this year, but unless energy prices hit rock-bottom, they will continue moving forward, as scheduled, with longer-term projects like the construction of Devon's new headquarters.

"It's a long-term project. We said it would take a year to plan it and three years to build it, so we're still on that schedule," Nichols said.

Since the building's conceptual design was unveiled last August, architects have been refining it, getting it ready for actual construction. Nichols said expansion of the west galleria parking lot will begin this summer, while work on the massive tower should commence soon after.
"This fall, 2009, we will start demolition for part of the site where the tower's going to go, so we can build the piers to support the building," Devon's Chairman and CEO said.
A $750 million project that will be 54 stories high. Nichols said they haven't cut the height of the building, but they are looking at ways to save money on the project, and are carefully watching spending.

Still, Nichols said they won't cut any figurative corners on the project, just as they haven't with the business.

"We're certainly having bad times in this country, but Devon will be able to continue with all our essential programs, and be in even better shape when this economy rebounds, which it will," Nichols said.

In the meantime, Nichols said, construction costs are coming down, which is a great help in getting the building built on schedule. The plan is for Devon employees to move into the new headquarters building in the winter of 2012-2013.

[TulsaArtist]

2012-13 It will be great to see this in downtown OKC during that time frame. From watching whats in the works in downtown Tulsa, that is the same time period that I have been saying will be when we finally start to hit our stride here. Hopefully the national economy will be doing well by then and our two cities will be really shining and roaring to go. We both just need to keep on trucking through this downturn and make sure we are in the position to really take advantage of the next upturn. Just the fact that this will be being built, and seeing it go up week by week will help maintain a psychological "energy boost" for OKC. 2012-13 are going to be interesting years regardless.

[happytown]

Originally Posted by TulsaArtist

2012-13 It will be great to see this in downtown OKC during that time frame. From watching whats in the works in downtown Tulsa, that is the same time period that I have been saying will be when we finally start to hit our stride here. Hopefully the national economy will be doing well by then and our two cities will be really shining and roaring to go. We both just need to keep on trucking through this downturn and make sure we are in the position to really take advantage of the next upturn. Just the fact that this will be being built, and seeing it go up week by week will help maintain a psychological "energy boost" for OKC. 2012-13 are going to be interesting years regardless.

I completely agree. Oklahoma has a great future.

[FutureArchitect]

Originally Posted by okcpulse

It will take a project like Devon Tower to transform the image of Oklahoma City into one that the nation takes much more seriously. Don't get me wrong. There is a lot of charm to our downtown, but it will take Devon Tower to elevate us to that next level.

Great post.
I also think that it would get us taken more seriously.