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.

Devon Total capital investment for the year is expected to range from $3.6 billion to $3.8 billion. These capital requirements in 2023 are estimated to be self-funded at pricing levels as low as a $40 WTI oil price.

Devon Energy had four wells on a single pad in Blaine County with production of more than 1,500 barrels of oil a day and nearly 29,000 Mcf of natural gas.

Devon highlighted the Hornet super pad development in Blaine County, Oklahoma, which it said delivered initial 30-day rates as high as 4,000 boe/d.

For the full-year 2023, Devon expects to sustain production in the range of 643,000 to 663,000 Boe per day. Total capital investment for the year is expected to range from $3.6 billion to $3.8 billion.

Production for the third quarter averaged 614,000 oil-equivalent barrels (Boe) per day, exceeding guidance by 2 percent. This performance was driven by the company’s Delaware Basin asset that accounted for nearly 70 percent of total production.