Devon Energy Corp. CEO John Richels has joined the board of pipeline developer TransCanada.
“We are extremely pleased to welcome Mr. Richels to the board of directors to contribute to our vision of being the leading energy infrastructure company in North America,” TransCanada Chairman Barry Jackson said.
Richels has been Devon's CEO since 2010. He also serves on the board for Tulsa-based BOK Financial Corp.
Richels has advocated for TransCanada's Keystone XL pipeline, which would carry diluted bitumen from Canada's oil sands to refineries on the Gulf Coast. Devon produced 54 million barrels of oil a day in the Alberta oil sands during the first quarter, 8 percent of its total production.
After the company's annual meeting earlier this month, Richels said the transcontinental pipeline would help boost the price Devon receives for its Canadian oil.
“We really encourage the president to approve it sooner rather than later,” he said.