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How Did Devon Energy’s Lease Operating Expenses Trend in 3Q16?

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Nov. 29 2016, Updated 8:05 a.m. ET

Devon Energy’s 3Q16 lease operating expenses

In 3Q16, Devon Energy (DVN) reported LOE (lease operating expenses) of $355 million, or ~$6.76 per boe (barrel of oil equivalent), which is ~30% lower when compared with 3Q15.

Devon Energy’s operational excellence was driven by its reduction in LOE. Devon Energy’s LOE is down ~37% from its peak in 2015. LOE (or production operating expenses) are the costs to operate wells after drilling is complete.

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Other upstream players

In 2Q16, Denbury Resources (DNR), Diamondback Energy (FANG), and EOG Resources (EOG) had LOEs of $17.04 per boe, $5.57 per boe, and $4.36 per boe, respectively. EOG Resources is part of the S&P 500 (SPY).

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