The Delaware Basin significantly contributed to Devon Energy’s strong performance in the first quarter of 2024. Delaware Basin led to a 20%+ increase in well productivity year-over-year.
Devon Energy’s 10-K filing reveals a deep concern over the Biden administration’s policies toward oil and gas. The company points out the administration’s push to move away from fossil fuels and impose stricter environmental regulations, foreseeing increased operating costs and potential restrictions on its operations.
Fervo announced its latest round of funding this week to the tune of $244 million. The round was led by Devon Energy, a company that’s previously backed the startup.
US-based energy company Devon Energy intends to keep to its liquids-rich basins and remain as “oily” a producer as possible due to crude’s ability to drive superior margins compared with natural gas, CEO Rick Muncrief said Feb. 28.
Looking ahead to 2024, we have designed a plan to deliver a step-change improvement in capital efficiency. By allocating additional capital to the core of the Delaware Basin and high-grading activity across our diversified portfolio, we expect to efficiently sustain our oil production for roughly 10 percent less capital.
Reports suggest Devon is in talks with Canadian-based Enerplus and made an acquisition offer. Devon declined comment. Enerplus did not immediately respond to a request for a comment reported Reuters.
Devon Energy announced a new partnership with Folds of Honor, a nonprofit dedicated to providing life-changing scholarships to spouses and children of America’s fallen or disabled military and first responders.
Rick Muncrief and other executives said they are planning 2024 capital spending of $3.3-3.6 billion, a 10% drop from this year’s estimated $3.8 billion. About 70% of those investments will be dedicated to the Delaware basin, where Devon controls about 400,000 net acres.
Devon Energy (NYSE:DVN) is considering major acquisition targets as it seeks to gain scale in U.S. shale, and has held preliminary talks in recent months about a combination with Marathon Oil (NYSE:MRO), Bloomberg reported Wednesday.
Devon Energy recently filed completion reports on two wells drilled on a single pad in Canadian County with production of more than 1,100 barrels of oil a day.
