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Devon Trims Unproductive Capital; Continues Drilling Ramp Up
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Devon reported its Q2 2017 results. Highlights from its release / conference call include:
- Lowering 2017 capex by $100 million: In the Q2 conference call, Devon President & CEO Dave Hager said: "As a result of this strong capital efficiency we are lowering our full-year capital outlook by $100 million and importantly we have not made any changes to our planned activity levels in 2017."
- Net production averaged 536,000 BOEPD in Q2, exceeding midpoint guidance by 6,000 BOEPD
Maintain 20 Rigs in 2018Hager commented: "For 2017 our capital plan remains on-track to reach 20 rigs running by year end and we expect to maintain this operational momentum in 2018."
- Added two rigs to Powder River Basin in Q2 - shifting drilling to Turner Resource Play. Plan to drill 20 wells in 2017
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