2023-04-19 08:35:00 ET
Devon Energy (NYSE: DVN) is a leader in the U.S. oil and gas industry. However, like most companies in the sector, it can see the writing on the wall. The global economy is moving toward lower-carbon fuel sources. It needs to head in that direction if it wants to have a future.
That's leading the company to follow its peers in launching a new energy ventures investment strategy. Devon recently made an investment in a geothermal company, which could give the company a lower carbon energy growth driver in the future.
Devon Energy recently made a $10 million strategic investment in Fervo Energy, an innovator in the geothermal energy sector . Geothermal taps into hot water resources underground to produce energy from heat.
For further details see:
Devon Energy Is Looking to Tap Into New Sources to Power Its Future