Jordan Blum – Houston Chronicle – The U.S. shale boom is at a tipping point as it struggles to profit amid weaker...
By: Geoffrey Morgan – Financial Post – CALGARY – While companies drilling for oil and gas have shrunk in recent years, RS...
Texas Monthly—writer-at-large Loren Steffy’s new book, George P. Mitchell: Fracking, Sustainability, and an Unorthodox Quest to Save the Planet (Texas A&M University Press), is...
Adrian Hedden, Carlsbad Current-Argus—Residents have two weeks to file comments on the federal BLM’s February 2020 sale of leases of New Mexico...
John Kemp – Reuters– By early last week, hedge funds had become the most bearish toward oil prices since the start of...
Oklahoma State University has announced that a conference table used daily by the late legendary philanthropist T. Boone Pickens will be lent...
Reuters – U.S. shale producer Parsley Energy Inc on Monday agreed to buy smaller peer Jagged Peak Energy Inc in an all-stock...
The Journal Record – Thanks in large part to the unprecedented success of Oklahoma’s natural gas producers, the United States is set...
By Kelly Gilblom – Bloomberg – When BP Plc announced its historic exit from Alaska, Chief Executive Officer Bob Dudley pointed to...
Forbes – Jude Clemente – Ever since the U.S. shale revolution took flight in 2008, it’s been a consistent theme: not just...
Devon Energy (NYSE: DVN) delivered a solid performance in Q4 2024, capping off a year of record production and strong financial results. The company reported impressive oil and total volume growth, generated substantial free cash flow, and executed strategic acquisitions to strengthen its portfolio. Looking ahead, Devon has outlined an ambitious 2025 strategy that prioritizes capital efficiency, operational improvements, and shareholder returns.
Devon continued to execute its operating plan effectively, achieving record oil production of 398,000 barrels per day, surpassing its guidance. The company generated $738 million in free cash flow, reinforcing its commitment to disciplined capital allocation. Shareholder returns remained a priority, with $444 million in cash distributed during the quarter through dividends and share repurchases.
Operationally, Devon maintained efficient capital spending, spending $872 million—3% below its guidance. The successful integration of the Grayson Mill acquisition in the Rockies has also exceeded expectations, contributing to production growth and operational synergies.
One of the key developments in Q4 was Devon’s decision to dissolve its Eagle Ford partnership with BPX, securing operatorship of 46,000 net acres in the Blackhawk field. This move grants the company greater development flexibility and is expected to result in significant drilling and completion (D&C) savings, enhancing the asset’s net present value (NPV) and overall returns.
For 2025, Devon projects production growth of 10% year-over-year, with total volumes expected to range between 805,000 and 825,000 barrels of oil equivalent per day (BOE/d). The company anticipates generating $3.0 billion in free cash flow at $70 WTI, while total capital expenditures are expected to be between $3.8 billion and $4.0 billion, slightly lower than previous guidance.
Key asset focus areas for 2025 include:
Oil futures were lifted Tuesday, ending with gains after a drone attack by Ukraine on a pipeline carrying crude from Kazakhstan across southern Russia curtailed flows.
At the same time, preliminary talks between Russia and the U.S. aimed at ending the war in Ukraine capped upside due to the potential for negotiations to result in the easing of sanctions on Russia’s energy sector.
Presidio Petroleum is preparing to enter the public markets through a strategic merger with...
Trying to catch up in oil and gas production is difficult enough. It becomes...
Hart Energy, via Yahoo News | Occidental Petroleum [OXY • NYSE] is selling off...
By Adam Smeltz | UNIVERSITY PARK, Pa. – Oil produced from shale reservoirs drove...
Author Mark Davidson, Washington|Editor–Everett Wheeler|Energy Intelligence Group| The number of active US gas rigs...
(Reuters) – U.S. gasoline demand in May fell to the lowest for that month...
Fossil fuel financing by Wall Street’s leading banks has declined sharply in 2025, highlighting...
by Bloomberg, via RigZone.com|Weilun Soon, Rakesh Sharma, Reporting| At least four tankers discharged millions...
Key Highlights Global oil inventories are expected to grow more than 2 million b/d...
The race to lower costs and accelerate production timelines in the Permian Basin has...
Mexico’s energy story has turned again. After years of political resistance to hydraulic fracturing,...
˃ Financing from the six largest Wall Street banks for oil, gas, and coal...
Have your oil & gas questions answered by industry experts.