Devon Energy’s first-quarter earnings report was so strong with $1 billion in net earnings or $1.48 per diluted share that the Oklahoma City-based company announced a 27% increase in its quarterly dividend along with another share buyback plan.
Devon Energy’s latest big discovery in the STACK play of Oklahoma is a Blaine County well with production of nearly 1,100 barrels of oil a day.
Oklahoma STACK and SCOOP plays yielded some big producers in recent months for Marathon Oil and Devon Energy.
Devon, as the operator already prioritizes drilling rigs that either can connect to high-line power or have dual-fuel motors suitable for compressed natural gas, liquefied natural gas or field gas.
Devon for now is focused on producing better and less carbon-intensive barrels, particularly from the Permian Delaware
Devon said the top operating highlight for 2021Q1 was the Danger Noodle project in Lea County, N.M., targeting multiple intervals in upper Wolfcamp with average 30-day production rates of 5,100 boed per well
Devon Energy Corp. has emerged as one of the Permian’s most prominent players after completing a “merger of equals” with WPX Energy in January get the latest update.
