Despite holding 300+ billion barrels of reserves, Venezuela today contributes less than 1% of global supply. Years of refinery decay, chronic underinvestment, sanctions, and skilled-labor flight have hollowed out capacity. Even a full political reset wouldn’t deliver meaningful barrels quickly.
hatDVN 3.0, Devon’s internally developed AI platform. Management has disclosed that more than half of Devon’s employees use the system daily, which is a critical detail. Adoption at that scale signals cultural buy-in—not a pilot confined to a digital team or innovation lab.
Recent development activity across both the Delaware and Midland basins shows that leading operators are no longer optimizing individual steps in isolation. Instead, they are engineering the entire development cadence—from permitting to facilities—with intention.
Greenlake Energy’s Delaware Basin project in Reeves County is a clean example of how modern shale development has evolved into a manufacturing-style operation. This Wolfcamp-targeted pad development in the Phantom Field combines co-development planning with a delayed-completions development model, illustrating why projects like this can take a year or more…
Between July and December 2025, multiple deepwater Gulf of Mexico projects reached first oil or materially ramped production within a remarkably short window. Individually, none of these developments would have broken the market. Together, they’ve reshaped it.
Sabalo II Operating continues to demonstrate disciplined execution in the Midland Basin with the approval of a new air permit in Section 28, Block 3, Andrews County, Texas. While air permits are often viewed as regulatory milestones, in this case the timing provides a clear operational signal: Section 28 has moved through drilling and completion and is transitioning into producing operations Sabalo II Operating Block 3 & S….
Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, entered into a strategic joint venture with TG Natural Resources through the sale of a 70% interest in its East Texas natural gas assets.
Kansas oil and gas drilling activity declined sharply in 2025, confirming what many operators and service companies have felt on the ground all year: fewer wells, fewer rigs, and a more selective approach to capital deployment.
Using well-level activity data, this analysis looks at wells drilled by year, top operators, and top counties, comparing 2024 vs. 2025 to understand not just how much activity declined — but where it concentrated.
Today, wells are no longer just feeding refineries, export terminals, or local utilities. Increasingly, they are powering AI data centers, hyperscale cloud campuses, and gas-fired power plants that didn’t exist five years ago. The result is a structural shift from “wells to markets” to “wells to watts.
One of the most important takeaways from Devon Energy Corporation’s recent performance isn’t headline growth from new drilling—it’s durable base production uplift driven by smart gas lift, AI-enabled optimization, and disciplined operations across its core basins.
In total, 429 wells were drilled across Devon’s portfolio. But the real story is how those wells—and the existing base—are performing as advanced technology is scaled basin by basin.
