Devon Energy has unveiled a highly successful redevelopment strategy in the Eagle Ford, marking a significant step forward in maximizing resource recovery from previously developed areas. During their second-quarter 2024 conference call, Devon highlighted the impressive results of their 15-well redevelopment program in DeWitt County, where tighter well spacing and advanced drilling techniques have led to average 30-day production rates exceeding 3,000 BOE per day per well. By combining new well drilling with refracturing existing wells, Devon is unlocking substantial additional value from assets once thought fully tapped, setting the stage for continued growth and enhanced financial performance across their portfolio.
During Devon Energy’s second-quarter 2024 conference call, they discussed their approach to redevelopment, particularly in the Eagle Ford:
- Definition of Redevelopment: In Devon’s context, redevelopment refers to revisiting areas that were previously considered fully developed and identifying opportunities to drill additional wells or optimize existing ones. This often involves infilling wells at tighter spacing than originally drilled or reworking existing wells to enhance production.
- Eagle Ford Redevelopment Success: Devon highlighted their success in DeWitt County, where they executed a 15-well redevelopment program. These wells were drilled in units that had already been developed but were revisited to capitalize on tighter spacing and improved well designs. The result was impressive, with average 30-day production rates exceeding 3,000 BOE per day per well.
- Combination with Refracs: In addition to drilling new wells, Devon is also leveraging refracs (refracturing existing wells) as part of their redevelopment strategy. This approach has shown strong results, particularly in the Eagle Ford, where it has been a “one-two punch” that adds significant production without the need for entirely new drilling locations.
- Future Potential: The success of these redevelopment efforts in the Eagle Ford has encouraged Devon to continue exploring similar opportunities across its portfolio. They see this as a way to maximize the value of their existing assets and extract additional resources from areas previously thought to be fully tapped.
Overall, Devon’s redevelopment strategy is focused on maximizing resource recovery and improving well economics by applying new technologies and drilling techniques to previously developed areas. This strategy is proving to be a key driver of production growth and financial performance, particularly in the Eagle Ford.
