Rig Count | Capital Markets | Capital Expenditure | Capital Expenditure - 2017 | Drilling Contractor
Devon Bets on STACK, Delaware Basin in 2017; Ups Capex 80% YOY
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Devon Energy has detailed its 2017 outlook and guidance.
Key Points: 2017 capex of $2.0-2.3 billion (up +80% from $1.1-1.3 billion in 2016) Up to 20 rigs running by year-end 2017 (distributed evenly across the STACK and Delaware Basin)In 2017, Devon expects to further accelerate activity in its U.S. resource plays to as many as 20 operated rigs by year end. With this level of planned activity, the company expects to invest between $2.0 billion and $2.3 billion of E&P capital in 2017, with nearly 90 percent of the capital devoted to U.S. resource plays.
Devon's upstream capital plans are expected to drive 13 to 17 percent oil production growth in the U.S. during 2017 compared to the fourth quarter of 2016, which marks the low point of Devon's production profile. This resumption of…
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