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A Deep Dive into Devon Energy’s Operational Performance

PART:
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Part 9
A Deep Dive into Devon Energy’s Operational Performance PART 9 OF 15

Chart in Focus: Devon Energy’s Lifting Costs

Devon Energy’s lifting costs

In 1Q17, Devon Energy’s (DVN) reported lifting cost was ~$9.30 per boe (barrel of oil equivalent), which is ~24% higher when compared with 1Q16.

Lifting costs (also referred to as production costs) are the costs to operate and maintain wells after drilling is complete. Lifting cost is derived by adding LOE (lease operating expenses), workover costs, and production taxes. In 1Q17, Devon Energy’s LOE was $7.62 per boe, which is ~7% higher when compared sequentially with 1Q16.

Chart in Focus: Devon Energy’s Lifting Costs

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Peers

Among the other upstream companies, California Resources (CRC) and Murphy Oil (MUR) have lifting costs of $16.78 per boe and $8.26 per boe, respectively. Murphy Oil (MUR) is part of the SPDR S&P 500 ETF (SPY) and constitutes ~0.02% of SPY. 

Among the smaller players, Stone Energy (SGY) has a lifting cost of $7.91 per boe.

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