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Q2 2016 Operations Report – Devon Energy Corp

Devon Energy Corp · Aug 2, 2016 · 20 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. Q2 2016 Operations Report – Devon Energy Corp – slide 1
    Q2 2016 OPERATIONS REPORT August 2, 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. Q2 2016 Operations Report – Devon Energy Corp – slide 2
    KEY TAKEAWAYS HIGHLIGHTS Exceeded production expectations in U.S. resource plays Heavy Oil Raised 2016 production guidance for retained assets by 3% Reduced lease operating expenses 26% year over year Improved operating and G&A…
  3. Q2 2016 Operations Report – Devon Energy Corp – slide 3
    RESULTS OVERVIEW & OUTLOOK Production Exceeds Expectations in U.S. Resource Plays CORE ASSETS Q2 STATS Q2 2016 Q2 2015 Devons reported net production averaged 644,000 Boe per day during the second quarter. Of this amount, 545,000 Boe…
  4. Q2 2016 Operations Report – Devon Energy Corp – slide 4
    RESULTS OVERVIEW & OUTLOOK Lease Operating Expenses Continue to Decline The decrease in G&A expense was driven by reduced personnel costs. Combined with reductions in capitalized G&A, the company is on pace to Devons successful…
  5. Q2 2016 Operations Report – Devon Energy Corp – slide 5
    RESULTS OVERVIEW & OUTLOOK Advantaged Capital Structure 2016 CAPITAL & ACTIVITY Adjusted for asset sales, Devons cash balance will increase to 4.6 billion, and E&P CAPITAL OPERATED RIGS the company has no borrowings on its 3 billion…
  6. Q2 2016 Operations Report – Devon Energy Corp – slide 6
    RESULTS OVERVIEW & OUTLOOK Retained Midland Assets Enhance 2016 Production Outlook While Devon is not providing any formal 2017 guidance at this point in time, the annualized capital expenditures based on planned E&P activity With the…
  7. Q2 2016 Operations Report – Devon Energy Corp – slide 7
    STACK Net production averaged 91,000 Boe per day in the second quarter. This strong STACK Q2 STATS result represents a 54% increase in production compared to the second quarter Q2 2016 Q2 2015 of 2015 (chart below). Production:…
  8. Q2 2016 Operations Report – Devon Energy Corp – slide 8
    STACK OverPressured Oil Window Continues to Deliver BestinClass Results (continued) Oil productivity from the Pony Express is the highest of any Meramec well in the STACK on a per lateral foot basis. The company commenced production on…
  9. Q2 2016 Operations Report – Devon Energy Corp – slide 9
    STACK Improved Completion Design Enhances Well Productivity (continued) Alma Spacing Test Born Free Staggered Test Due to completion design and better technical understanding of the subsurface, 5 wells/section new well performance has…
  10. Q2 2016 Operations Report – Devon Energy Corp – slide 10
    STACK Additional Spacing Tests Underway to Optimize 2017 Development Plan (continued) All the Hobson Row wells have been drilled and the company expects to commence completion operations with an initial frac crew in September The next…
  11. Q2 2016 Operations Report – Devon Energy Corp – slide 11
    STACK STACK Resource Potential: A MultiDecade Growth Opportunity (continued) Updated 2016 Outlook: Accelerating Meramec and Woodford Activity The companys acreage in the STACK is the largest leasehold position of any As previously…
  12. Q2 2016 Operations Report – Devon Energy Corp – slide 12
    DELAWARE BASIN Net production averaged 65,000 Boe per day, an increase of 3% compared to DELAWARE BASIN Q2 STATS the first quarter of 2016. Q2 2016 Q2 2015 Production: RecordLow LOE Costs Achieved Oil (MBOD) 36 41 Devon continued…
  13. Q2 2016 Operations Report – Devon Energy Corp – slide 13
    DELAWARE BASIN HighRate Development Wells Outperform Expectations in Q2 (continued) Updated 2016 Outlook: Increasing Bone Spring and Leonard Shale Activity These 5 highrate Bone Spring development wells exceeded the companys type As…
  14. Q2 2016 Operations Report – Devon Energy Corp – slide 14
    EAGLE FORD Net production averaged 75,000 Boe per day in the second quarter of 2016, EAGLE FORD Q2 STATS with liquids accounting for 77% of Eagle Ford volumes. Q2 2016 Q2 2015 Production: Eagle Ford on Pace to Generate 300 Million…
  15. Q2 2016 Operations Report – Devon Energy Corp – slide 15
    EAGLE FORD Efficiencies Drive D&C Costs Lower To determine the optimal approach for developing this stackedpay opportunity, Devon is participating in a pilot that will test the co The Eagle Ford drilling program in DeWitt County…
  16. Q2 2016 Operations Report – Devon Energy Corp – slide 16
    HEAVY OIL Net oil production in Canada averaged 121,000 barrels per day, a 24% increase HEAVY OIL Q2 STATS compared to the second quarter of 2015 (chart below). Q2 2016 Q2 2015 Production: Heavy Oil Production (MBOD) Oil & Bitumen…
  17. Q2 2016 Operations Report – Devon Energy Corp – slide 17
    HEAVY OIL Significant Leverage to Higher Oil Prices Prior to the facility maintenance, production at Jackfish 2 exceeded nameplate capacity, averaging 40,900 gross barrels per day in April. Since inception, the companys heavyoil…
  18. Q2 2016 Operations Report – Devon Energy Corp – slide 18
    BARNETT SHALE Net production in the second quarter remained essentially flat compared to Q1, BARNETT SHALE Q2 STATS averaging 167,000 Boe per day or 1.0 Bcfe per day. Liquids accounted for 26% Q2 2016 Q2 2015 of the production mix.…
  19. Q2 2016 Operations Report – Devon Energy Corp – slide 19
    BARNETT SHALE Appraisal Program Identifies 1,000 Horizontal Refrac Locations (continued) Narrowing Gas Differentials Provide Additional Upside The average perwell uplift from this appraisal program was 1 MMcfe per day, Another factor…
  20. Q2 2016 Operations Report – Devon Energy Corp – slide 20
    ROCKIES OIL Net production averaged 21,000 Boe per day in the second quarter. Lightoil ROCKIES OIL Q2 STATS production (40 degree API) now accounts for 91% of revenues in the Rockies. Q2 2016 Q2 2015 Production: LOE Expected To…

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