Oil and gas leader Devon Energy (DVN) joined forces with industry peers Williams Cos. (WMB) and Oneok (OKE) to transform America's heartland into a hub for energy technology startups.
Meanwhile, DVN stock continues to prime a new buy point.
With the highest-possible 99 Composite Rating, Devon Energy earns a spot on the IBD 50 and IBD Big Cap 20. It also made the latest list of new buys by the best mutual funds, taking in roughly $190 million. DVN stock adds to the accolades by joining IBD Leaderboard to kick off the new week.
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WMB stock also made the list of new buys by top funds, garnering investments totaling an estimated $194 million. Mirroring the Energy Select Sectors SPDR (XLE) ETF, Williams and Oneok are also drilling for new entries.
Devon teams up to energize America's heartland.
Based in Oklahoma, Devon Energy is a leading independent oil and natural gas exploration and production company, with operations focused onshore in the U.S.
Last week, Devon announced a partnership with Williams and Oneok, as well as venture capital firm Energy Innovation Capital (EIC) and tech-focused nonprofit Tulsa Innovation Labs.
Spearheaded by EIC, the first-of-its-kind initiative aims to attract energy technology startups to the region. The initiative will provide access to resources including free office space and custom startup support services. EIC will also provide access to early-stage capital with a $50 million fund.
Together with founding corporate partners Devon Energy, Oneok and Williams, EIC will assist startups to pilot forward-looking technologies. The project is expected to create more than 1,700 jobs across the energy industry.
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