Post Tagged with: "Ticker: DVN"

Eagle Ford, STACK Shine for Devon in Q1

Eagle Ford, STACK Shine for Devon in Q1

Devon targets 20 U.S. operated rigs by year-end Devon Energy Corp. (ticker: DVN) reported stronger than expected production results Tuesday as the company’s U.S. resources outperformed its earlier guidance. Oil production averaged 261 MBOPD, up 7% sequentially, 5 MBOPD more than the top end of the company’s guidance. The growth was driven entirely by Devon’s U.S. resource plays where the company is also seeing the highest margins in its portfolio, according to the DVN press release. Eagle Ford, STACK completions add up In total, U.S. oil production reached 123 MBOPD in the first quarter, a 17% increase from the previous quarter, thanks to higher completion activity across the company’s Eagle Ford and STACK operations. Including Eagle Ford partner activity, the company exited the first quarter with 15 rigs operating. Plowing $2+ billion into U.S. plays in 2017 Devon’s full-year 2017 goals are to grow production 13% to 17%, which the[Read More…]

The STACK and SCOOP Valued at $40 Billion with Upside

The STACK and SCOOP Valued at $40 Billion with Upside

Oklahoma’s STACK and SCOOP plays are dominated by five players – 2nd most active U.S. plays With roughly 31% of active rigs in the U.S. focusing on the Permian, it’s easy to say plays like the Delaware Basin have become the focus of the industry. Despite that, there remains a tremendous potential in the STACK and SCOOP plays, according to a report released by Capital One Southcoast (COS). Coming in behind the Permian as the second-most active play in the United States, The STACK and SCOOP plays are dominated by: Continental Resources (ticker: CLR) Devon Energy (ticker: DVN) Marathon Oil (ticker: MRO) Newfield Exploration (ticker: NFX) Cimarex Energy (ticker: CVX) Combining the total value COS ascribes to these five companies in the area, the analysts’ estimates for the value of the play “reaches upwards of $40 billion,” a figure they believe still has significant upside potential given the relative newness[Read More…]

Devon: On the Way to $3 Billion Goal with $1 Billion Upstream Divestiture

Devon: On the Way to $3 Billion Goal with $1 Billion Upstream Divestiture

Devon Energy divests $1 billion in non-core assets with potentially another $1 billion on the way with the sale of its Access Pipeline interest Devon Energy (ticker: DVN) announced roughly $1 billion in asset sales today as the company works towards a goal of $2-$3 billion in total divestitures this year. The sale included producing assets in East Texas, the Anadarko Basin Granite Wash, and an overriding royalty interest in the northern Midland Basin, according to the company’s press release. Devon’s East Texas assets, which sold to an unnamed buyer, consisted of 22 MBOEPD (70% gas, 25% NGLs, 5% oil), and sold for $525 million, meaning DVN received $23,864 on a flowing BOE basis. The Anadarko Basin assets, which sold for $310 million, included 14 MBOEPD of production (50% gas, 37% NGLs, 13% oil), working out to $22,143 per flowing BOE. The overriding royalty interest in the Midland sold for[Read More…]

Is the Shale Boom Finally Taking a Breather?

Is the Shale Boom Finally Taking a Breather?

Heavy hitting U.S. shale producers lower production guidance 10% or more for ‘16 U.S. shale producers are beginning to announce production cuts as the global glut is keeping prices lower for longer. There is a marked difference as companies begin to report their 2016 guidance from this time last year when prices were still in the $40-$50 range. Many U.S. shale producers last year stressed that they could continue pumping, and indeed shale production proved much more resilient than many expected. A year later, however, with oil prices thus far fighting to stay in the $30s, many of the preeminent shale producers are beginning to lower production guidance. Already Continental Resources (ticker: CLR, ContRes.com), Devon Energy (ticker: DVN, DevonEnergy.com), EOG Resources (ticker: EOG, EOGResources.com), Marathon Oil (ticker: MRO, MarathonOil.com) and Whiting Petroleum (ticker: WLL, Whiting.com) have announced lower expected levels of production this year compared to 2015. Continental, Devon and[Read More…]