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  #81  
Old Posted Dec 18, 2008, 5:41 AM
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Solid design; very assured looking. Certainly worthy of being the tallest in the city. The ground-level structures are arranged in sort of a fussy manner, but that circular entrance atrium is gorgeous.
     
     
  #82  
Old Posted Dec 18, 2008, 6:39 PM
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KFOR Channel 4 Story

Nice little story from KFOR 4, the Oklahoma City NBC affiliate. It is short, but good.

http://www.youtube.com/watch?v=lM9ZzigiPHk
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  #83  
Old Posted Dec 24, 2008, 12:23 AM
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Like it a lot. Stately, Elegant, Simple, yet Classy are words that come to my mind.
     
     
  #84  
Old Posted Dec 24, 2008, 4:43 AM
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I give this tower a 10% chance of ever coming to fruition. I dont know much about it though.
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  #85  
Old Posted Dec 24, 2008, 4:56 AM
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Simple, iconic design. Hope it gets built.
     
     
  #86  
Old Posted Dec 24, 2008, 5:15 PM
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Quote:
Originally Posted by photolitherland View Post
I give this tower a 10% chance of ever coming to fruition. I dont know much about it though.
"I don't much about it ..."

Pretty well sums things up.
     
     
  #87  
Old Posted Dec 24, 2008, 7:14 PM
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Quote:
Originally Posted by Dale View Post
"I don't much about it ..."

Pretty well sums things up.
What a rational answer.
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  #88  
Old Posted Dec 24, 2008, 8:04 PM
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Is it just the general economic situation that makes people say this will never get built? The fact that is a 900-foot tower? The fact that is in a city everyone assumed was still in the dust bowl? I really don't get it...

Pretty ignorant to rate the chances of it getting built as 10% and admit that you know nothing at the same time.

A billion-dollar building is like a trip to the dollar store for Devon at this point. Construction costs are falling around the world and Devon isn't losing any money. It'll be built.
     
     
  #89  
Old Posted Dec 24, 2008, 9:50 PM
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this is a really beautiful tower. The crown is very simple but looks great. Very classy.
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  #90  
Old Posted Jan 1, 2009, 12:07 PM
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Quote:
Originally Posted by photolitherland View Post
I give this tower a 10% chance of ever coming to fruition. I dont know much about it though.
Are you giving it a low percentage because you think it is being financed?

WRONG!!!!!!

Would you doubt if Exxon had announced they were building a new skyscraper in say Houston or Chicago, would you percent them low?

Well, in case you didn't know - Devon Energy is the biggest Independent Petroleum company in the US (perhaps world). AND Devon is NOT financing this project - they are paying CASH and already have the CASH on hand to build this skyscraper. Proof? During 3rd Quarter 2008, Devon made over $2.8BILLION in PROFIT (that is, net earnings AFTER TAX, IN 3 MONTHS!!!!!)!!!

It only makes $en$e to use those record profits to consolidate your employees, and make a legacy for yourself on your home city.

Plans for the skyscraper are already finalized and the city has given all of the approvals. In the next month, bids will go out and purchasing will begin. Also, site work is scheduled to begin during the late Spring - that's only 4 months away, btw.

There will be a period of deconstruction, where they will have to deconstruct the existing Galleria substructure. Then, there will be the foundation for the skyscraper, parking structure, and atrium/podium elements. Like I said, deconstruction begins in about 5 months, with bidding likely to begin within the next month.

Since Devon has TONS of cash on hand and with construction prices falling significantly (as is cost of labour), the fact that Devon already purchased the neighbouring boutique hotel (nice of them) and the fact that the city gave all of the approvals and likely the sale of the site from Urban Renewal will take place this month -

this tower is 100% going to be built.

I think photolitherland needs to revise his/her estimate a bit. ...
     
     
  #91  
Old Posted Jan 1, 2009, 4:46 PM
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Like I said, I didnt know much about it. But glad to hear that it will most likely get built. OKC needs this tower!
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  #92  
Old Posted Jan 2, 2009, 4:17 AM
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I wonder if there were a "windfall profits" tax in place like so many politicians wanted a few months ago if this project would have happened.

It's a beautiful building and will surely be a boon for the local economy during the construction phase.
     
     
  #93  
Old Posted Jan 4, 2009, 3:44 PM
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Quote:
Originally Posted by Hot Rod View Post
Are you giving it a low percentage because you think it is being financed?

WRONG!!!!!!

Would you doubt if Exxon had announced they were building a new skyscraper in say Houston or Chicago, would you percent them low?

Well, in case you didn't know - Devon Energy is the biggest Independent Petroleum company in the US (perhaps world). AND Devon is NOT financing this project - they are paying CASH and already have the CASH on hand to build this skyscraper. Proof? During 3rd Quarter 2008, Devon made over $2.8BILLION in PROFIT (that is, net earnings AFTER TAX, IN 3 MONTHS!!!!!)!!!

It only makes $en$e to use those record profits to consolidate your employees, and make a legacy for yourself on your home city.

Plans for the skyscraper are already finalized and the city has given all of the approvals. In the next month, bids will go out and purchasing will begin. Also, site work is scheduled to begin during the late Spring - that's only 4 months away, btw.

There will be a period of deconstruction, where they will have to deconstruct the existing Galleria substructure. Then, there will be the foundation for the skyscraper, parking structure, and atrium/podium elements. Like I said, deconstruction begins in about 5 months, with bidding likely to begin within the next month.

Since Devon has TONS of cash on hand and with construction prices falling significantly (as is cost of labour), the fact that Devon already purchased the neighbouring boutique hotel (nice of them) and the fact that the city gave all of the approvals and likely the sale of the site from Urban Renewal will take place this month -

this tower is 100% going to be built.

I think photolitherland needs to revise his/her estimate a bit. ...

I'd love to see this tower go up in this city as well as anyone else.

Seriously though, pointing out all the wealth this company has makes me wonder at the expense of whom? These energy profits tell me they aren't being taxed enough.
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  #94  
Old Posted Jan 4, 2009, 6:49 PM
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Originally Posted by Dream'n View Post
I'd love to see this tower go up in this city as well as anyone else.

Seriously though, pointing out all the wealth this company has makes me wonder at the expense of whom? These energy profits tell me they aren't being taxed enough.
Well I think they're America's only true independent oil company, so maybe that has to do with it? I don't know how that stuff works. But also they have assets all over the world and they sold one over the summer in New Guinea for somehwere around $2.2 billion, so they make enough money I think that it won't matter how much they're taxed, everyone will be questioning them.
     
     
  #95  
Old Posted Jan 5, 2009, 1:29 PM
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Guys, Devon pays significant taxes; they already included those associated with gains.

Here's an example. Devon asked the city to pass a special TIFF that will exist solely for it's new skyscraper. What the Tiff does, is take additional tax base (due to the new skyscraper) and put those funds into re-investing in downtown. Talk about self-taxation. .. It is estimated that this would raise $12M a year in local revenue. And that is JUST for the new skyscraper. Sure Devon benefits by the revenue being spent on downtown, but so does the REST of downtown, who doesn't have to contribute anything.. ....

BTW, you can view their financial statements via the SEC if you're so inclined. Devon pays HEAVY taxes already - but still makes significant profit after tax, due to low overhead, being the market/industry leader, and (I admit) the speculation that occurred over the last 3 years. Also, Devon is a very conservatively managed company - so their moves are very carefully planned and executed. This reduces the risk applied to the company, further increasing their profitability through credit rating (lending/financing/stock) - all adding to it's bottom line.

Im only writing this because there are many who are not aware of this fine OKC based company. It's NOT your typical Ewing Oil but instead is more like a conglomerate that is energy based (and right now, heavy into Oil and Gas). I'd expect Devon to venture into the alternatives once the pitch'es are made and policy is set by Obama.

It is very nice to see how much Devon cares about it's' hometown, not JUST the new skyscraper, but lots of charitable efforts, sponsorships (but low-key), and contributions to OKC tax roles.
     
     
  #96  
Old Posted Jan 5, 2009, 4:08 PM
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12 million, thatll be pretty good for OkC, im sure downtown needs it. Do you know what they would be spending the 12 mill on exactly?
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  #97  
Old Posted Jan 6, 2009, 2:12 AM
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Originally Posted by photolitherland View Post
12 million, thatll be pretty good for OkC, im sure downtown needs it. Do you know what they would be spending the 12 mill on exactly?
An entire world HQ district for Devon. And most of it will go to downtown properties and schools.
     
     
  #98  
Old Posted Jan 18, 2009, 5:15 AM
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Wow, I don't know how I'm so late on this, but this design totally blew me away.
     
     
  #99  
Old Posted Feb 6, 2009, 12:07 AM
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So Q3 2008 was a $2.6 billion profit, Q4 2008 is a $6.8 billion loss. Devon says the loss is a product of an accounting rule that will no longer be in effect for 2009. Most importantly, the loss will NOT alter plans for the Devon Tower.

-------

Devon Energy reports record loss
BY RANDY ELLIS
newsok.com

Published: February 4, 2009

Oklahoma City-based Devon Energy Corp. today reported a record $6.8 billion loss for the fourth quarter of 2008 — a sudden turn of events since the company reported a record $2.6 billion profit the previous quarter.

The $6.8 billion quarterly loss amounted to $15.42 per common share. For the year, Devon lost $2.1billion, or $4.85 a share. That was also a record.

Devon stock was trading down more than 5 percent in mid-morning trading as financial results did not meet analysts expectations.

The dramatic reversal at Devon is not the result of any major change in the way the company does business, said Vince White, Devon's senior vice president of investor relations. Instead, he said it is a reflection of oil prices that plunged from about $140 a barrel in mid-2008 to about $40 a barrel at the end of the year.

Securities and Exchange Commission rules required the company to value its oil and natural gas properties based on oil and gas prices on Dec. 31, resulting in a $7.1 billion non-cash charge, White said.

Accounting rules will change next year so that oil and gas properties will be valued at average prices throughout the year. Had those rules been in effect this year, Devon would not have had a loss, he said.

Despite the fourth quarter loss, Devon remains in good financial shape, White said.

Devon, Oklahoma's largest publicly traded company, has more than $3 billion in cash and unused credit lines and the non-cash charge does not impact the company's cash flow, cash position or access to credit lines, he said.

“It does not change the value of what we own at all,” White said. “It is purely an artifact of accounting.”

J. Larry Nichols, Devon's chairman and chief executive officer, was similarly optimistic about the company's underlying performance last year and its prospects for the future.

“Despite the effects of the sharp fourth-quarter declines in oil and natural gas prices, 2008 was a very successful year for the company,” Nichols said. “Cash flow reached an all-time record of nearly $10 billion. We increased oil and gas production by six percent and drilled 2,441 wells with a 98 percent success rate. In addition, we added 584 million barrels of proved reserves before price revisions at a very attractive cost per barrel.”

White said the loss does not alter Devon's plans to build a new office skyscraper in downtown Oklahoma City.

“We will need this building to accommodate our future growth,” he said.


http://newsok.com/article/3343215
     
     
  #100  
Old Posted Feb 6, 2009, 7:23 PM
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This has a little Chicago Waldorf Astoria to it.
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