Devon Energy Corp.

devon

Devon’s Eagle Ford operations are located in DeWitt and Lavaca counties in Texas. This world-class light-oil position is delivering outstanding well results offering some of the highest rate-of-return drilling opportunities in North America.

The company’s DeWitt County acreage is essentially derisked with at least one well drilled in each drilling unit. Activity in DeWitt has consistently delivered industry-leading results, making it the economic sweet spot in the Eagle Ford play. Lavaca County is less mature from a drilling standpoint; however, Devon and the industry have drilled some encouraging wells in the area recently. Devon’s Eagle Ford production is leveraged to oil and has low-cost access to premium gulf coast pricing, providing for very solid operating margins.

Eagle Ford Key Stats
Production (2015 net): 115 MBOED (79% liquids)
17% of company
Reserves (12/31/15): 103 MMBOE (76% liquids)
4% of company
2016e E&P Capital: $200 MM

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Counties Where Devon is Active

Devon Energy Eagle Ford Shale Quarterly Commentary

 February 2016

Devon Energy Reports Fourth-Quarter and Full-Year 2015 Results; Provides 2016 Capital and Production Outlook  Delivered oil production growth of 26 percent from year-ago quarter  Reduced field-level costs by nearly $400 million in 2015  Maintained significant financial flexibility with nearly $4 billion of liquidity  Decreased 2016 E&P capital spending outlook by 75 percent  Reduced operating and G&A expense outlook by $800 million annually  Adjusted quarterly dividend to improve cash flow by $320 million annually

During the fourth quarter, Devon’s Eagle Ford operations had average production of 111 MBoe/d with full year averages of 115 MBoe/d. In their report, the company highlighted Eagle Ford cost savings enhanced returns. For 2016, the company expects that 20% of its spending will be in the Eagle Ford

 

November 2015

Devon Energy Reports Third-Quarter 2015 Results  Produced Company record 282,000 barrels of oil per day  Exceeded oil production guidance for fifth consecutive quarter  Raised oil production growth for the second time in 2015  Reduced lease operating expenses 14 percent year over year  Decreased G&A costs by 8 percent from second quarter  Improved 2015 capital and operating cost outlook

Growth in U.S. production was largely attributable to the Company’s Eagle Ford, Delaware Basin and Rockies assets. In the third quarter, Devon’s world-class Eagle Ford assets continued to deliver prolific well results. Net production in the Eagle Ford averaged 113,000 oil-equivalent barrels (Boe) per day, a 43 percent increase year over year.

 

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