Devon expects to deliver this improved 2021 oil production outlook with an upstream capital budget of $1.6 billion to $1.8 billion.
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The capital program is designed to have the highest capital spend occurring in the first quarter (approximately 30 percent of the total budget) due to the timing of drilling and completion activity across the company’s asset portfolio. After heightened activity in the first-quarter, capital is expected to normalize to lower investment levels throughout the remainder of 2021.
Due to strong operating results in the Delaware Basin, Devon is raising its full-year 2021 oil production forecast to a range of 280,000 to 300,000 barrels per day. This compares to the company’s preliminary outlook issued last year of greater than 280,000 barrels per day.
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About
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations.
About
Delaware Basin is a hydrocarbon rich sedimentary basin that lies within the Permian Basin. The Delaware Basin covers around 6.4 million acres in far West Texas and South Eastern New Mexico. It is located in an arid southwestern portion of the United States of America