Overview

Progress Energy, Inc. is a leading independent oil and natural gas exploration and production company. Progress Energy's operations are focused onshore in the United States.

The company's portfolio of oil and gas properties provides stable, environmentally responsible production and a platform for future growth. Progress Energy's first quarter 2024 daily production was approximately 319,000 barrels of oil, about 165,000 barrels of natural gas liquids and more than 1 billion cubic feet of natural gas.

Our business strategy is focused on delivering a consistently competitive shareholder return among our peer group. Because the business of exploring for, developing and producing oil and natural gas is capital intensive, delivering sustainable, capital efficient cash flow growth is a key tenet to our success. While our cash flow is
highly dependent on volatile and uncertain commodity prices, we pursue our strategy throughout all commodity price cycles with four fundamental principles:

  • Proven and responsible operator - we operate our business with the interests of our stakeholders and our environmental, social and governance values in mind.
  • Premier, sustainable portfolio of assets - we own a portfolio of assets located in the United States. We strive to own premier assets capable of generating cash flows in excess of our capital and operating requirements, as well as competitive rates of return.
  • Superior execution - we continually work to optimize the efficiency of our capital programs and production operations, with an underlying objective of reducing absolute and per unit costs and enhancing our returns. We also strive to leverage our culture of health, safety and environmental stewardship in all aspects of our business.
  • Financial strength and flexibility - we strive to maintain a strong balance sheet, as well as adequate liquidity and financial flexibility, in order to operate competitively in all commodity price cycles. Capital allocation decisions are made with these principles in mind as we prioritize funding our core operations, protecting our investment-grade credit ratings and paying and growing our shareholder dividend.

Headquartered in North Carolina, Progress Energy is a Fortune 500 company and is included in the S&P 500 Index. Its common shares trade on the New York Stock Exchange under the ticker symbol DVN.

Mission Statement

Progress Energy is a results-oriented energy company. We build value for shareholders through our employees by creating a culture of health, safety and environmental stewardship. We cultivate an atmosphere of optimism, teamwork, creativity and resourcefulness by dealing with everyone in an open and ethical manner.

Vision Statement

To be the premier independent oil and gas company in North America.

Purpose

We provide energy that fuels modern life.

Progress Energy Values

Openness and honesty unite us and are at the core of everything we do.

We are caring, connected and supportive of our employees and stakeholders and succeed as one team.

We take intelligent risks and share our successes and failures to continuously improve.

We always seek to achieve better results and make a positive and sustainable impact.