Profile: Devon Energy Corp (DVN.N)
Devon Energy Corporation (Devon), incorporated on May 18, 1999, is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The Company’s operations are concentrated in various North American onshore areas in the United States and Canada. The Company also owns natural gas pipelines, plants and treatment facilities in many of its producing areas. The Company holds 14 million net acres, of which roughly two-thirds are undeveloped. The Company’s properties in the United States include Barnett Shale, Cana-Woodford Shale, Permian Basin , Gulf Coast/East Texas, Granite Wash , and Mississippian. Its properties in Canada include Jackfish, Pike, Lloydminster. In August 2013, Meritage Midstream Services II, LLC acquired Thunder Creek Gas Services, LLC (Thunder Creek) from Devon and PVR Partners, L.P (PVR). In November 2013, the Company acquired GeoSouthern Energy's assets in the Eagle Ford oil play. In March 2014, Devon Energy Corp completed the acquisition of Eagle Ford assets from GeoSouthern Energy.
The Company’s Barnett Shale leases are located in Denton, Johnson, Parker, Tarrant and Wise counties in north Texas. The Barnett Shale is a non-conventional reservoir, producing natural gas and NGLs. In addition, it has a processing plant and gathering system in North Texas to service these properties. As of December 31, 2012, the Company drilled in excess of 5,000 wells in the Barnett Shale and several thousand remaining drilling locations. The Company’s Cana-Woodford Shale acreage is located primarily in Oklahoma’s Canadian, Blaine, Caddo and Dewey counties. The Cana-Woodford Shale is a non-conventional reservoir and produces natural gas and NGLs. It has several thousand remaining drilling locations. In addition, it has a processing plant and gathering system to service these properties. Permian Basin acreage is located in various counties in west Texas and southeast New Mexico. In addition to the Cline and Wolfcamp Shale activity, its drilling activity continues to target conventional and non-conventional oil and liquids-rich gas targets within the Conventional Delaware, Bone Spring, Midland-Wolfcamp, Wolfberry and Avalon Shale plays.
The Company’s Gulf Coast/East Texas acreage is located primarily in Harrison, Marion, Panola and Shelby counties in the Carthage/Groesbeck areas of east Texas. These wells produce natural gas and NGLs from conventional reservoirs. Rocky Mountains leases are primarily concentrated in the Washakie area in Wyoming’s Carbon and Sweetwater counties. The Washakie wells produce natural gas and NGLs from conventional reservoirs. Its DJ Basin acreage, along with legacy Powder River Basin acreage, primarily targets oil in the Niobrara formation. These acres are principally located in eastern Wyoming and are being explored using three dimensional (3D) seismic to identify appropriate drilling zones. Granite Wash acreage is concentrated in the Texas Panhandle and western Oklahoma. These properties produce liquids and natural gas from conventional reservoirs. Its Mississippian properties are located in northern Oklahoma and southern Kansas, these acres target oil in the Mississippian Lime and Woodford Shale and are being explored and developed under its joint venture arrangement with Sinopec and independently by the Company on the acreage outside of its area of mutual interest with Sinopec.
The Company has two main projects, Jackfish and Pike, located in Alberta, Canada. Jackfish is the Company’s thermal heavy oil project in the non-conventional oil sands of east central Alberta. Its Pike oil sands acreage is situated directly to the south of its Jackfish acreage in east central Alberta and has similar reservoir characteristics to Jackfish. The Pike leasehold is undeveloped and has no proved reserves or production as of December 31, 2012. As of December 31, 2012, the Company had 50% interest in the Access Pipeline transportation system in Canada. This pipeline system allows it to blend its Jackfish, and eventually its Pike, heavy oil production with condensate or other blend-stock and transport the combined product to the Edmonton area for sale. The Company’s Lloydminster properties are located to the south and east of Jackfish in eastern Alberta and western Saskatchewan. Lloydminster produces heavy oil by conventional means, without the need for steam injection. As of December 31, 2012, the Company drilled approximately 2,500 wells in the area.
Devon Energy Corp
333 W. Sheridan Avenue
OKLAHOMA CITY OK 73102
Company Web Links
- UPDATE 3-Devon sells some gas assets as oil focus pays off
- Devon sees slightly lower 2014 oil and gas spending
- Devon Energy posts profit as oil production increases
- CORRECTED-UPDATE 1-Canadian Natural to buy some of Devon's Canadian gas assets
- CORRECTED-Canadian Natural to buy some of Devon's Canadian natgas assets