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Outlook 2013: Devon Energy’s Nichols expects city’s booming growth to continue

Oklahoma City’s booming growth over the past 20 years is likely to continue in the coming decades, Devon Energy Corp. Executive Chairman Larry Nichols said.

by Adam Wilmoth Published: April 28, 2013

At a lunch meeting with his father and other Oklahoma City business leaders in the early 1970s, Larry Nichols began learning an important lesson about his city.

“As we looked out from the Petroleum Club over the Presbyterian Health Center, they talked about how the medical center and downtown business core would someday merge,” Nichols said. “I looked at this vast mess of a slum before Bricktown and thought those guys were crazy. But now it’s happening.”

Four decades later, the co-founder and executive chairman of Oklahoma City-based Devon Energy Corp. is one of the most outspoken leaders of Core to Shore, an effort to stimulate similar growth southward, connecting the downtown central business area to the Oklahoma River.

From his office on the 47th floor of the new Devon Tower, Nichols gazed at the barren patch previously home to Interstate 40 and the empty or rundown buildings along the way.

“You can look from this building to the river and snicker at Core to Shore just as I snickered at filling in the core to the medical center,” Nichols said. “It will take a while, but I think it will happen.”

Nichols’ confidence is based on the growth the city already has experienced over the past few decades.

“The exciting thing is we have built a very exciting platform for growth in downtown Oklahoma City,” he said. “That has a momentum today that has never been this good, certainly not in my lifetime. It continues to attract developers and people and places to live.”

‘New horizons’

The Oklahoma City economy has been tied closely to the oil and natural gas industry throughout its history.

Boom times like the 1970s and early 1980s and today have been periods of strong growth, while downtimes like the mid- to late 1980s have seen interest and activity in downtown shrink away.

“You always want diversity in an economy, but the times we have now are totally different from the era of the early ’80s,” Nichols said. “That was a boom of absurd proportions, a boom that was really driven by real estate, but oil and gas played its role, too. It was a crazy time when you saw lots of irrational behavior by a surprising number of people.”

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by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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