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Devon Brings 5 New Rigs Online in Q4 2016, 15-20 Rig Program in 2017
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Devon Energy Corp. reported operational and financial results for the third quarter of 2016.
Updated 2016 OutlookIn the fourth quarter, the company expects to increase its rig activity in the U.S. from five operated rigs running in the third quarter to as many as 10 operated rigs by year end.
This activity is expected to result in approximately $400 million to $425 million of E&P capital expenditures in the fourth quarter.
Rig ActivityRig locations in Q4 2016:
The company's rig activity projected for 2017:
Half of the operated rigs will be in the Delaware Basin:
ProductionTotal production averaged 577,000 Boe per day in the third quarter of 2016.
Excluding divestiture properties, production from Devon’s retained asset base amounted to 550,000 Boe per day.
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