Q1 2017 OPERATIONS REPORT May 2, 2017 NYSE: DVN devonenergy.com IR Contacts Table of Contents Email: Results Overview & Outlook ...................... 2 investor.relationsdvn.com Operating Areas: Scott Coody Vice President,…
RESULTS OVERVIEW & OUTLOOK U.S. Resource Plays Drive Oil and Top-Line Production Beat RETAINED ASSETS Q1 STATS Net oil production averaged 261,000 barrels per day in Q1, exceeding the top Q1 2017 Q1 2016 end of Devons guidance by 5,000…
RESULTS OVERVIEW & OUTLOOK Accelerating Investment in U.S. Resource Plays Looking ahead, the operational momentum created by accelerated drilling activity in the STACK and Delaware Basin is expected to advance light-oil Devon exited Q1…
RESULTS OVERVIEW & OUTLOOK Innovative Development Plan to Deliver Differentiated Results Supply Chain Optimization and Efficiency Gains Offsetting Industry Inflation As the companys STACK and Delaware Basin assets advance towards…
RESULTS OVERVIEW & OUTLOOK Devon Announces 1 Billion Non-Core Divestiture Plan Due to ongoing STACK appraisal work and further testing of the Leonard and Wolfcamp zones in the Delaware in 2017, the companys risked In a separate news…
STACK Net production averaged 95,000 Boe per day in the first quarter, an 8% increase STACK Q1 STATS compared to Q4 2016. Q1 2017 Q1 2016 Production: Driven by a 38% increase in oil production year over year, higher-value liquids Oil…
STACK Q1 Activity in Over-Pressured Oil Window Confirms Additional Landing Zones Multi-Zone Showboat Development to Spud in Q3 With the increase in rig activity, Devons DUC backlog in the STACK reached 40 Devon is scheduled to begin…
STACK Beyond Showboat: 400 Development Units Identified (continued) Overall, peak rates from the Hobson Row are on track to reach gross With future development plans, the company expects to co-develop as many production (55% WI) of…
STACK Outlook: Rig Acceleration & Growth Targets on Track Benchmarking: Devon Well Productivity 110% Higher Than Leading Peers Devon exited the first quarter with 7 rigs and plans to run as many as 10 Importantly, Devons industry-leading…
DELAWARE BASIN Net production averaged 54,000 Boe per day in the first quarter (73% liquids). DELAWARE BASIN Q1 STATS Q1 2017 Q1 2016 Devon maintained its low cost structure in the Delaware Basin during Q1 with Production: LOE…
DELAWARE BASIN Rattlesnake Area Possesses Massive Wolfcamp Potential To further accelerate activity at the Rattlesnake area and across the basin, the company has now submitted 4 master development plan (MDP) to In the Rattlesnake area…
DELAWARE BASIN Bone Spring Well Productivity Outperforms by 30% (continued) 2017 Outlook: Rig Acceleration and Growth Targets on Track Overall, Devon has a tremendous depth of resource with up to 6 different Overall, the company remains…
DELAWARE BASIN A World-Class Growth Platform With future capital programs, the company is evaluating plans to further accelerate rig activity to as many as 20 operated rigs, with the potential to Devon has a top-tier position in the…
EAGLE FORD Net production averaged 83,000 Boe per day in the first quarter. The 38% EAGLE FORD Q1 STATS increase in production compared to Q4 2016 was driven by accelerated Q1 2017 Q1 2016 completion activity (chart below).…
EAGLE FORD Diamond Stack Test Delivers High-Rate Wells Additionally, future drilling results are expected to benefit from a new completion design that will utilize up to 15 million pounds of proppant Of the 39 wells brought online…
HEAVY OIL Net oil production in Canada averaged 138,000 barrels per day, and the HEAVY OIL Q1 STATS company maintained relatively flat LOE costs of 134 million in Q1. Q1 2017 Q1 2016 Production: Based on strong first quarter…
HEAVY OIL Jackfish Complex Drives Q1 Performance (continued) Jackfish 2: Production Advances Nearly 36% Strong execution coupled with excellent reservoir quality makes the Jackfish Gross production at Jackfish 2 averaged 43,800 barrels…
BARNETT SHALE Net production averaged 158,000 Boe per day in the first quarter, with liquids BARNETT SHALE Q1 STATS accounting for 28% of production. Q1 2017 Q1 2016 Production: Devon delivered a solid operating cost performance in…
BARNETT SHALE Horizontal Refrac Test Results Expected in Q2 This new rig-line will commence drilling operations around mid-year within Denton County, which resides in the core of the liquids-rich Devon has identified a risked inventory…
ROCKIES OIL Net production was 17,000 Boe per day in the first quarter. Oil production in ROCKIES OIL Q1 STATS the Rockies increased to 79% of total volumes or roughly 90% of revenue in Q1. Q1 2017 Q1 2016 Production: Devon…
ROCKIES OIL Prolific Parkman Wells Highlight Q1 Activity (continued) For comparison, Devon acquired its southern Powder River Basin acreage position in 2015 (253,000 net acres) at a value of 1,100 an acre. Also adding to the returns of…
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