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1Q 2016 Operations Report – Devon Energy Corp

Devon Energy Corp · May 3, 2016 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2016 Operations Report – Devon Energy Corp – slide 1
    Q1 2016 OPERATIONS REPORT May 3, 2016 NYSE: DVN devonenergy.com IR Contacts Table of Contents Email: Key Takeaways ................ 2 investor.relationsdvn.com Results Overview & Outlook .............. 3 Howard J. Thill Operating…
  2. 1Q 2016 Operations Report – Devon Energy Corp – slide 2
    KEY TAKEAWAYS HIGHLIGHTS Exceeded midpoint expectations for all production products Heavy Oil Raised fullyear production guidance by 3 percent Reduced LOE costs by 21 percent year over year Lowered 2016 operating cost outlook by…
  3. 1Q 2016 Operations Report – Devon Energy Corp – slide 3
    RESULTS OVERVIEW & OUTLOOK Oil Production Exceeds Expectations CORE ASSETS Q1 STATS Q1 2016 Q1 2015 Total oil production averaged 285,000 barrels per day in the first quarter. Of this amount, 255,000 barrels per day were attributable…
  4. 1Q 2016 Operations Report – Devon Energy Corp – slide 4
    RESULTS OVERVIEW & OUTLOOK G&A Cost Savings Initiatives Ahead of Schedule Balance Sheet and Liquidity Bolstered Devon also realized significant G&A cost savings in the first quarter. G&A Devon exited Q1 with 4.6 billion of liquidity,…
  5. 1Q 2016 Operations Report – Devon Energy Corp – slide 5
    RESULTS OVERVIEW & OUTLOOK Asset Divestiture Programs Advance (continued) Strong Returns at Lower Prices In April, Devon took another important step forward in the execution of this In 2016, Devons top priority is to protect its balance…
  6. 1Q 2016 Operations Report – Devon Energy Corp – slide 6
    RESULTS OVERVIEW & OUTLOOK Significant Upside to Pricing Recovery Devons cash flows have significant upside in a commodity price recovery, with potential to expand margins proportionately at a faster rate than most large producers in…
  7. 1Q 2016 Operations Report – Devon Energy Corp – slide 7
    STACK Net production averaged a record 91,000 Boe per day in the first quarter. This STACK Q1 STATS strong result represents a 39% increase in production compared to the first Q1 2016 Q1 2015 quarter of 2015 (chart below).…
  8. 1Q 2016 Operations Report – Devon Energy Corp – slide 8
    STACK OverPressured Oil Window Delivering TopTier STACK Results (continued) A WorldClass Reservoir with Tremendous Inventory Upside Industry has now brought online 140 Meramec wells, and all fluid windows in Devon has identified 5,300…
  9. 1Q 2016 Operations Report – Devon Energy Corp – slide 9
    STACK Successful Staggered Well Test in OverPressured Oil Window The company also participated in 5 noteworthy nonoperated wells that achieved peak 30day rates during the quarter. The wells were primarily Devon recently commenced…
  10. 1Q 2016 Operations Report – Devon Energy Corp – slide 10
    DELAWARE BASIN Net production averaged 63,000 Boe per day, a 21% increase compared to the DELAWARE BASIN Q1 STATS first quarter of 2015 (chart below). Q1 2016 Q1 2015 Production: Delaware Basin Production (MBOED) Oil (MBOD) 38 33…
  11. 1Q 2016 Operations Report – Devon Energy Corp – slide 11
    DELAWARE BASIN Leonard Shale Program Outperforming Expectations With industry activity in the area testing staggered wells spacing pilots as tight as 330 feet, Devons risked Leonard inventory has the potential to Firstquarter drilling…
  12. 1Q 2016 Operations Report – Devon Energy Corp – slide 12
    DELAWARE BASIN Rig Productivity Soars (continued) Risked Risked Unrisked Formation Net Gross Gross The companys recent Leonard Shale drilling has also achieved significant Acres Locations Locations improvements with productivity gains…
  13. 1Q 2016 Operations Report – Devon Energy Corp – slide 13
    EAGLE FORD Devon delivered solid operating results in Q1 with net production of 107,000 EAGLE FORD Q1 STATS Boe per day and operating costs of 58 million, an 18% reduction year over year. Q1 2016 Q1 2015 Production: Eagle Ford…
  14. 1Q 2016 Operations Report – Devon Energy Corp – slide 14
    EAGLE FORD Base Production Initiatives Yielding Excellent Results (continued) Drilling times improved by 55% compared to the 2014 average, with a record rate of 26 wells per rig line per year achieved in the most recent A noteworthy…
  15. 1Q 2016 Operations Report – Devon Energy Corp – slide 15
    EAGLE FORD Staggered Lateral Infill Program Progressing (continued) The impact of reduced completion activity coupled with planned infrastructure downtime for maintenance is expected to limit Eagle Ford The current infill program is…
  16. 1Q 2016 Operations Report – Devon Energy Corp – slide 16
    ROCKIES OIL Net production for retained assets averaged 23,000 Boe per day, a 22% ROCKIES OIL Q1 STATS increase compared to the first quarter of 2015. Q1 2016 Q1 2015 Production: Overall, Q1 Rockies oil production increased 39%…
  17. 1Q 2016 Operations Report – Devon Energy Corp – slide 17
    ROCKIES OIL Powder River Position Delivering BestInClass Results (continued) Production growth from the Big Sand Draw project is projected to accelerate in the second half of 2016 and achieve a peak rate approaching The company is…
  18. 1Q 2016 Operations Report – Devon Energy Corp – slide 18
    HEAVY OIL Driven by growth at the Jackfish complex, net oil production in Canada averaged HEAVY OIL Q1 STATS 126,000 barrels per day in the first quarter. This represents a 22% increase Q1 2016 Q1 2015 compared to the first quarter…
  19. 1Q 2016 Operations Report – Devon Energy Corp – slide 19
    HEAVY OIL A TopTier Thermal Oil Position Jackfish 2 Exceeds Nameplate Capacity Devons thermal oil assets in Canada have several favorable characteristics that Gross production at Jackfish 2 exceeded nameplate capacity of 35,000…
  20. 1Q 2016 Operations Report – Devon Energy Corp – slide 20
    BARNETT SHALE Net production averaged 168,000 Boe per day or 1.0 Bcfe per day in the first BARNETT SHALE Q1 STATS quarter. Liquids accounted for 26% of the production mix. Q1 2016 Q1 2015 Production: This strong production result…
  21. 1Q 2016 Operations Report – Devon Energy Corp – slide 21
    BARNETT SHALE Horizontal Refrac Program Delivering Consistent Results (continued) Positioned to Unlock Significant Value The average perwell uplift from this 30well appraisal program was When conditions incentivize higher activity…

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