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A Deep Dive into Devon Energy’s Operational Performance

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Part 4
A Deep Dive into Devon Energy’s Operational Performance PART 4 OF 15

Why Crude Oil Prices Drive Devon Energy’s Stock Price

Devon Energy’s oil and gas revenue mix

In 1Q17, Devon Energy’s (DVN) operating revenues from crude oil (USO), natural gas (UNG), and natural gas liquids sales totaled ~$1.3 billion, an increase of ~59% when compared with 1Q16.

The year-over-year increase in DVN’s 1Q17 oil and gas revenues was primarily due to the higher year-over-year realized prices. We’ll study DVN’s realized prices in the next article.

Why Crude Oil Prices Drive Devon Energy’s Stock Price

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As seen in the chart above, ~67% (or ~$876 million) of Devon Energy’s 1Q17 operating revenues came from crude oil (USO) sales, and ~22% (or ~$296 million) of its operating revenues came from natural gas (UNG) sales. Only ~10% (or ~$136 million) of DVN’s operating revenues came from natural gas liquids sales.

The majority of Devon Energy’s revenues comes from crude oil sales and hence, the crude oil price trend is the key driving factor for DVN’s stock price.

Other upstream players

Among the other upstream companies, Energen Corporation (EGN), EOG Resources (EOG), and Diamondback Energy (FANG) also have the majority of their operating revenues generating from crude oil sales.

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