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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 2
A Deep Dive into Devon Energy’s Operational Performance PART 2 OF 15

Understanding Devon Energy’s Production Volumes

Devon Energy’s production in 1Q17

For 1Q17, Devon Energy (DVN) reported total production (USO) (UNG) of 563 MBoepd (thousand barrels of oil equivalent per day), which is ~18% lower when compared with 1Q16. However, on a sequential basis, Devon Energy’s 1Q17 production is ~5% higher when compared with 4Q16.

Understanding Devon Energy’s Production Volumes

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Devon Energy’s production trend

Devon Energy’s total quarter-over-quarter production volumes have been stagnated since 2Q14 and averaged ~678 Mboepd. In 2Q16, DVN’s production started to decline. DVN’s production fell to the lowest level of ~537 Mboepd in 4Q16. This steep decline in production volumes can be attributed to Devon Energy’s non-core asset divestitures program.

According to Devon Energy’s 1Q17 operations report, the company’s 1Q17 production was mainly driven by its US core assets. DVN’s US core assets reported production of ~422 MBoepd, which is ~12% lower when compared with 1Q16. Within DVN’s US core assets, its Barnett Shale assets reported the highest production of ~158 Mboepd.

Among the other upstream companies, Marathon Oil (MRO) reported an ~2% year-over-year (or YoY) decrease in its 1Q17 production, and ConocoPhillips (COP) reported an ~0.4% YoY increase in its 1Q17 production. 

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 3x Shares ETF (GUSH) is a leveraged ETF that invests in oil and gas exploration and production companies. The Energy Select Sector SPDR ETF (XLE) generally invests at least 95% of its total assets in oil and gas companies.

Devon Energy’s production guidance

  • For 2Q17, DVN expects total production volume in the range of 519–540 Mboepd.
  • For fiscal 2017, DVN expects total production volume in the range of 539–561 Mboepd.

In the next part, we’ll look into Devon Energy’s production mix for 1Q17.

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