A little more insight to Devon Energy plans for this year.
03/29/2012
Devon Energy - Permian Basin Update - March 2012
Devon Energy (DVN) has an aggressive development program planned for the Permian Basin in 2012. Here is a summary of its position and planned activity:
Permian Basin Position
• Acreage – more than one million acres under lease. • Net production - 53,000 barrels of oil equivalent (BOE) per day in the fourth quarter of 2011. • Liquids Composition - 75% liquids. • Proved reserves – 189 million BOE. • Net risked resource – greater than 1.5 billion BOE • Risked locations – More than 3,500
2012 Plans
• Operate nineteen rigs. • Capital expenditures - $1 billion • Drilling Program – 300 wells • Wolfberry- 160,000 net acres – drill 100 wells in 2012. • Bone Spring/Delaware - 185,000 net acres – drill 115 wells in 2012. • Wolfcamp Shale Oil - 92,000 net acres – drill 30 wells in 2012. • Conventional activity – 75 wells in 2012.
GGP Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held