Devon Energy resumes Eagle Ford completion activity during third quarter 2016.
Related: Eagle Ford Brings Highest Margins
Devon Energy reported third quarter results earlier this month, highlighting outstanding performance for their operations and financial picture. The company’s development programs generated the best quarterly drill-bit results in Devon’s 45 year history.
Eagle Ford Operations
The company’s Eagle Ford operations has a net production of 61,000 Boe per day in the third quarter, with liquids accounting for 77% of Eagle Ford volumes. Completion activity in the Eagle Ford resumed in Q3 and 7 new wells were tied-in, with 30-day rates averaging a quarterly record of 2,700 Boe per day per well. Devon’s Eagle Ford operations continued to achieve significant cost savings during the quarter. LOE totaled $27 million in Q3, an improvement of >50% compared to peak costs in 2015.
Other Q2 highlights include:
- Decreased lease operating expenses 37 percent from peak rates
- Expected cost savings to reach $1 billion in 2016
- Completed $3.2 billion asset divestiture program
- Repurchased $1.2 billion of debt
- Raising Meramec and Woodford type curves
- Increased STACK production 38 percent year over year
- Accelerating Delaware Basin rig activity
- Wolfcamp drilling to ramp up in 2017
- Jackfish complex production exceeds nameplate capacity
- Total production averaged 577,000 oil-equivalent barrels (Boe) per day