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A Deep Dive into Devon Energy’s Operational Performance

PART:
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Part 5
A Deep Dive into Devon Energy’s Operational Performance PART 5 OF 15

DVN’s 1Q17 Crude Oil Price Realization Underperforms WTI Crude Oil

Devon Energy’s 1Q17 crude oil realized prices

Excluding the effect of hedges, Devon Energy’s (DVN) United States average realized crude oil price in 1Q17 was $49.65 per barrel, an increase of ~73% when compared with $28.74 per barrel in 1Q16. Devon Energy’s 1Q17 crude oil realized prices were also boosted by its gains on crude oil derivatives. We’ll study DVN’s hedges in Part 7.

DVN’s 1Q17 Crude Oil Price Realization Underperforms WTI Crude Oil

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DVN versus the benchmark

Devon Energy’s North America E&P average realized crude oil price in 1Q17 underperformed the average WTI crude oil price during the same period. DVN’s average realized crude oil price in 1Q17 is ~5% lower than the average WTI crude oil price of $52.00 per barrel for the same period.

Realized prices of natural gas and natural gas liquids

For 1Q17, Devon Energy’s United States average realized price for natural gas production increased ~75% to $2.68 per thousand cubic feet compared to $1.53 per thousand cubic feet in 1Q16.

For 1Q17, DVN’s United States average realized price for natural gas liquids production increased ~126% to $15.46 per barrel compared to $6.84 in 1Q16.

Other upstream players

Among the other upstream companies from the SPDR S&P 500 ETF (SPY), ConocoPhillips (COP), Pioneer Natural Resources (PXD), and Marathon Oil (MRO) have lower realized crude oil prices in 1Q17 when compared with the average WTI crude oil price during the same quarter. Together, these companies constitute ~0.54% of SPY.

Next, let’s take a look at an interesting chart that is related to Devon Energy’s realized price effectiveness in terms of production costs.

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