Devon Energy reports historic oil production milestone in Q2, driven by Delaware Basin dominance.
Oklahoma City-based Devon Energy started the year focused on a disciplined approach to their production in the Delaware Basin, bringing over 100 wells online in the Wolfcamp and Bone Springs. That approach, paired with strong well productivity in the Delaware Basin, has proven to be a winning formula, as they announced record setting oil production of 323,000 barrels per day for Q2. This is an increase of 8 percent from last year and brings Devon’s US production to over 662,000 barrels of oil equivalent per day.
Although Devon Energy’s main operations include the Delaware Basin, Eagle Ford play, Anadarko Basin, Powder River Basin, and Williston Basin (Figure 1), this record-setting oil volume performance was driven by the company’s high performing Delaware Basin assets. Devon also made key acquisitions of Eagle Ford operator Validus Energy and Williston Basin operator RimRock Oil and Gas that closed last year.
(Figure 1) TGS Well Data Analytics application showing Devon’s core operating areas colored by Basin.
Total Delaware Basin production from Devon’s assets in Q2 was about 430,000 barrels of oil equivalent per day with about half oil and half gas (TGS Well Data), which is more than 60% of Devon’s total daily production for Q2 (Figure 2).
(Figure 2) TGS Well Data Analytics application showing Devon’s total daily production by Basin.
The company’s capital program for the Delaware Basin was diversified across target intervals within the Bone Spring and Wolfcamp formations that successfully co-developed multiple zones in Wolfcamp B. Comparing Devon’s Delaware Basin assets by formation shows the 2nd Bone Spring Sand has the highest production type curve compared to the other formations, according to TGS Well Data Analytics (Figure 3).
(Figure 3) TGS Well Data Analytics application showing Devon’s Delaware Basin type curve comparisons by formation.
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