Devon Energy Corporation (Devon) is one of
the largest independent oil and gas companies in North America. The
company is primarily engaged in the exploration, development and
production of crude oil and natural gas resources in the US and Canada.
Its exploration and production (E&P) activities in the US are
located in the Mid-Continent, Permian Basin, Gulf Coast and the Rocky
Mountains regions. Devon’s Canadian Operations are located in the Horn
River Basin, Deep Basin, Foothills, Central, Northwest and Lloydminster
areas and the thermal oil sands projects in Alberta. Earlier, the
company was also involved in offshore operations in the Gulf of Mexico
and other international markets such as China, Brazil, Azerbaijan and
other international locations. However, Devon announced its plan to
restructure operations in November, 2009 by concentrating its E&P
activities on North American onshore fields and divesting its offshore
international operations. The company sold off its non-core offshore
operations during Q4 2009–Q2 2011; since then, all its E&P
activities are located onshore in North America.
Currently, the Barnett shale and Cana-Woodford shale in the Mid-Continent region, various conventional and unconventional formations in the Permian basin and the Canadian thermal oil sands projects such as the Jackfish and Pike Oil Sands projects are the company’s major drivers of production. Moreover, Devon increased its exposure to several oil-rich plays during 2010–2011, of which the major plays include the Mississippian oil play, Rockies Oil plays, Ohioan Utica shale, Tuscaloosa play and the Michigan basin. As of now, these plays are in the initial exploration and evaluation phase. The company also holds several legacy exploratory assets in North America. Its new venture plays and exploratory assets provide the company with access to a substantial resource base, which when developed is expected to bring significant upside to Devon’s reserves and production in the long run.
Scope
The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
Published: June 2012 No. of Pages: 136
Price: Single User: US $ 1000 Corporate User: US $ 3000
Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6
2 Devon Energy Corporation, Company Overview 8
3 Devon Energy Corporation, Investment Summary 13
3.1 Gained Technical Expertise through Operations in the Barnett Shale; Exploiting the Expertise in Other Unconventional Plays 13
3.2 Enhanced Focus on the Development of Oil and Liquids; Development of Unconventional Shale and Thermal Oil Sands Projects to Boost the Bottom Line 15
3.2.1 Appraisal and Development of Various Thermal Oil Projects to Boost Oil Production 15
3.2.2 Cana-Woodford Shale to Drive Liquids Production Growth 17
3.2.3 Exploring Liquids-Rich Targets in the Barnett Combo Play 18
3.3 Development of the Permian Basin Holds the Next Key after Unconventional Projects; Strong Upside Potential Expected 19
3.4 Substantial Untapped Resource Potential in the Exploration and Evaluation Assets; Sinopec Deal Will Accelerate Drilling into New Ventures; Expected to Bring Upside in Reserves and Production 22
3.4.1 US Legacy Exploration Assets 23
3.4.2 Canadian Exploration Assets 23
3.5 Midstream Assets to Support Production Growth 24
4 Devon Energy Corporation, SWOT Analysis 26
4.1 Strengths 26
4.1.1 Unconventional Drilling Expertise 26
4.1.2 Consistent Growth in Reserves and Production 26
4.1.3 Operational Efficiency 27
4.2 Weaknesses 28
4.2.1 Production Inclined Towards Natural Gas: Imbalanced Portfolio 28
4.3 Opportunities 29
4.3.1 Huge Untapped Resource Base to Deliver Immense Prospects in the Future 29
4.3.2 Enhanced Focus on Oil and Liquids to Drive Future Profitability 30
4.4 Threats 31
4.4.1 Stricter Regulations in Unconventional Drilling May Impact Devon’s Growth Plans 31
5 Devon Energy Corporation, Goals and Strategies 32
5.1 Driving Higher Returns through Organic and Inorganic Growth; Enhancing Focus towards Liquids to Boost Profitability 32
6 Devon Energy Corporation, Production Profile 33
6.1 Production Profile 33
6.2 The US 34
6.2.1 Mid Continent 35
6.2.2 Gulf Coast 36
6.2.3 Rocky Mountains 37
6.2.4 Permian Basin 37
6.3 Canada 37
6.3.1 Jackfish 38
6.3.2 Northwest 38
6.3.3 Lloydminster 38
6.3.4 Deep Basin 38
7 Devon Energy Corporation, Exploration and Development Overview 39
7.1 Exploration Activities 43
7.2 Development Activities 45
8 Devon Energy Corporation, Capital Expenditure 46
8.1 Costs Incurred 48
9 Devon Energy Corporation, Acreage 50
10 Devon Energy Corporation, M&A Highlights 52
11 Devon Energy Corporation, Forecast Production and Financial Statements 55
11.1 Income Statement (2009–2016) 56
11.2 Balance Sheet (2009–2016) 57
11.3 Cash Flow Statement (2009–2016) 58
11.4 Financial Ratios 58
12 Devon Energy Corporation, Valuation 61
12.1 Net Asset Value 61
13 Devon Energy Corporation, Peer Comparison 64
13.1 Share Price Performance 64
13.2 Operational and Financial Performance 65
13.3 Key Financial and Operational Ratio 66
14 Devon Energy Corporation, Detailed Operational and Financial Metrics 69
14.1 Devon Energy Corporation, Total Oil and Gas, Reserves and Production 69
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 69
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 70
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 72
14.2 Devon Energy Corporation, Crude Oil/Liquids Production and Reserve 73
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011 73
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011 74
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011 76
14.3 Devon Energy Corporation, Natural Gas Production and Reserve 77
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011 77
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011 78
14.3.3 Natural Gas Reserve Changes, 2007-2011 80
14.4 Devon Energy Corporation, Total Crude Oil and Natural Gas Reserves Life Index 81
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 81
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 82
14.5 Devon Energy Corporation, E&P Costs Trends 84
14.5.1 Upstream Capital Expenditure, 2007-2011 84
14.5.2 Acquisition Costs By Country/Region, 2007-2011 85
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011 87
14.6 Devon Energy Corporation, Oil and Gas Cost Per boe, $/boe 89
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011 89
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 91
14.7 Devon Energy Corporation, Reserve Replacement Ratio 95
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011 95
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 97
14.8 Devon Energy Corporation, Results of Oil & Gas Operations Trend 103
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011 103
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 104
14.9 Devon Energy Corporation, Oil and Gas Revenue and Expenses, Per boe 112
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011 112
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 113
14.9.3 Oil and Gas Performance Metrics 120
14.10 Devon Energy Corporation, Land Holdings and Well Data 121
14.10.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011 121
14.10.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011 122
14.11 Devon Energy Corporation, Well Statistics 125
14.11.1 Producible Oil and Gas Well, 2007-2011 125
14.11.2 Producible Oil and Gas Well, By Country/Region, 2007-2011 126
14.11.3 Exploration and Development Wells Drilled, 2007-2011 131
14.11.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011 132
15 Appendix 134
15.1 Abbreviations 134
15.2 Methodology 135
15.2.1 Coverage 135
15.2.2 Secondary Research 135
15.2.3 Primary Research 135
15.3 Contact Us 136
15.4 Disclaimer 136
List of Tables
List of Figures
Currently, the Barnett shale and Cana-Woodford shale in the Mid-Continent region, various conventional and unconventional formations in the Permian basin and the Canadian thermal oil sands projects such as the Jackfish and Pike Oil Sands projects are the company’s major drivers of production. Moreover, Devon increased its exposure to several oil-rich plays during 2010–2011, of which the major plays include the Mississippian oil play, Rockies Oil plays, Ohioan Utica shale, Tuscaloosa play and the Michigan basin. As of now, these plays are in the initial exploration and evaluation phase. The company also holds several legacy exploratory assets in North America. Its new venture plays and exploratory assets provide the company with access to a substantial resource base, which when developed is expected to bring significant upside to Devon’s reserves and production in the long run.
Scope
- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis
Published: June 2012 No. of Pages: 136
Price: Single User: US $ 1000 Corporate User: US $ 3000
Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6
2 Devon Energy Corporation, Company Overview 8
3 Devon Energy Corporation, Investment Summary 13
3.1 Gained Technical Expertise through Operations in the Barnett Shale; Exploiting the Expertise in Other Unconventional Plays 13
3.2 Enhanced Focus on the Development of Oil and Liquids; Development of Unconventional Shale and Thermal Oil Sands Projects to Boost the Bottom Line 15
3.2.1 Appraisal and Development of Various Thermal Oil Projects to Boost Oil Production 15
3.2.2 Cana-Woodford Shale to Drive Liquids Production Growth 17
3.2.3 Exploring Liquids-Rich Targets in the Barnett Combo Play 18
3.3 Development of the Permian Basin Holds the Next Key after Unconventional Projects; Strong Upside Potential Expected 19
3.4 Substantial Untapped Resource Potential in the Exploration and Evaluation Assets; Sinopec Deal Will Accelerate Drilling into New Ventures; Expected to Bring Upside in Reserves and Production 22
3.4.1 US Legacy Exploration Assets 23
3.4.2 Canadian Exploration Assets 23
3.5 Midstream Assets to Support Production Growth 24
4 Devon Energy Corporation, SWOT Analysis 26
4.1 Strengths 26
4.1.1 Unconventional Drilling Expertise 26
4.1.2 Consistent Growth in Reserves and Production 26
4.1.3 Operational Efficiency 27
4.2 Weaknesses 28
4.2.1 Production Inclined Towards Natural Gas: Imbalanced Portfolio 28
4.3 Opportunities 29
4.3.1 Huge Untapped Resource Base to Deliver Immense Prospects in the Future 29
4.3.2 Enhanced Focus on Oil and Liquids to Drive Future Profitability 30
4.4 Threats 31
4.4.1 Stricter Regulations in Unconventional Drilling May Impact Devon’s Growth Plans 31
5 Devon Energy Corporation, Goals and Strategies 32
5.1 Driving Higher Returns through Organic and Inorganic Growth; Enhancing Focus towards Liquids to Boost Profitability 32
6 Devon Energy Corporation, Production Profile 33
6.1 Production Profile 33
6.2 The US 34
6.2.1 Mid Continent 35
6.2.2 Gulf Coast 36
6.2.3 Rocky Mountains 37
6.2.4 Permian Basin 37
6.3 Canada 37
6.3.1 Jackfish 38
6.3.2 Northwest 38
6.3.3 Lloydminster 38
6.3.4 Deep Basin 38
7 Devon Energy Corporation, Exploration and Development Overview 39
7.1 Exploration Activities 43
7.2 Development Activities 45
8 Devon Energy Corporation, Capital Expenditure 46
8.1 Costs Incurred 48
9 Devon Energy Corporation, Acreage 50
10 Devon Energy Corporation, M&A Highlights 52
11 Devon Energy Corporation, Forecast Production and Financial Statements 55
11.1 Income Statement (2009–2016) 56
11.2 Balance Sheet (2009–2016) 57
11.3 Cash Flow Statement (2009–2016) 58
11.4 Financial Ratios 58
12 Devon Energy Corporation, Valuation 61
12.1 Net Asset Value 61
13 Devon Energy Corporation, Peer Comparison 64
13.1 Share Price Performance 64
13.2 Operational and Financial Performance 65
13.3 Key Financial and Operational Ratio 66
14 Devon Energy Corporation, Detailed Operational and Financial Metrics 69
14.1 Devon Energy Corporation, Total Oil and Gas, Reserves and Production 69
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 69
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 70
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 72
14.2 Devon Energy Corporation, Crude Oil/Liquids Production and Reserve 73
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011 73
14.2.2 Crude Oil Production and Reserves By Country/Region, 2007-2011 74
14.2.3 Crude Oil/Liquids Reserve Changes, 2007-2011 76
14.3 Devon Energy Corporation, Natural Gas Production and Reserve 77
14.3.1 Natural Gas Production and Reserve Trend, 2007-2011 77
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011 78
14.3.3 Natural Gas Reserve Changes, 2007-2011 80
14.4 Devon Energy Corporation, Total Crude Oil and Natural Gas Reserves Life Index 81
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 81
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 82
14.5 Devon Energy Corporation, E&P Costs Trends 84
14.5.1 Upstream Capital Expenditure, 2007-2011 84
14.5.2 Acquisition Costs By Country/Region, 2007-2011 85
14.5.3 Exploration and Development Costs, By Country/Region, 2007-2011 87
14.6 Devon Energy Corporation, Oil and Gas Cost Per boe, $/boe 89
14.6.1 Oil and Gas Cost Per boe, $/boe, 2007-2011 89
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 91
14.7 Devon Energy Corporation, Reserve Replacement Ratio 95
14.7.1 Oil and Gas Production Replacement Ratio, 2007-2011 95
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 97
14.8 Devon Energy Corporation, Results of Oil & Gas Operations Trend 103
14.8.1 Oil and Gas Revenue and Expenses, 2007-2011 103
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 104
14.9 Devon Energy Corporation, Oil and Gas Revenue and Expenses, Per boe 112
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011 112
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 113
14.9.3 Oil and Gas Performance Metrics 120
14.10 Devon Energy Corporation, Land Holdings and Well Data 121
14.10.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011 121
14.10.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011 122
14.11 Devon Energy Corporation, Well Statistics 125
14.11.1 Producible Oil and Gas Well, 2007-2011 125
14.11.2 Producible Oil and Gas Well, By Country/Region, 2007-2011 126
14.11.3 Exploration and Development Wells Drilled, 2007-2011 131
14.11.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011 132
15 Appendix 134
15.1 Abbreviations 134
15.2 Methodology 135
15.2.1 Coverage 135
15.2.2 Secondary Research 135
15.2.3 Primary Research 135
15.3 Contact Us 136
15.4 Disclaimer 136
List of Tables
List of Figures
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