Devon Energy Corp. (NYSE: DVN) today provided a preliminary update on
the impact of Hurricane Harvey to the company’s Eagle Ford operations in
south Texas.
As a precautionary measure in preparation for Hurricane Harvey, the
company temporarily ceased drilling, well-completion activity and
shut-in production across its entire Eagle Ford position. Post-storm
inspections indicated that Devon’s producing assets and facilities
sustained only minimal damage. The company has restarted drilling
operations and expects to have the vast majority of its affected
production online by the end of the week.
Devon is working with its downstream providers to minimize midstream and
fractionation curtailments in the Gulf Coast region. Many third-party
downstream facilities have now restarted, and the company plans to
update its production outlook once more information is available.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. These risks include, but are not limited to:
the continuing effects of Hurricane Harvey, including downstream
capacity and any delays in restoring affected production; and the other
risks identified in the company’s Annual Report on Form 10-K and its
other filings with the Securities and Exchange Commission. Investors are
cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the date
hereof, and the company does not undertake any obligation to update the
forward-looking statements as a result of new information, future events
or otherwise.
About Devon Energy
Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on a balanced
portfolio. The company is the second-largest oil producer among North
American onshore independents. For more information, please visit www.devonenergy.com.
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Copyright Business Wire 2017
Source: Business Wire
(September 6, 2017 - 10:00 AM EDT)
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