OKLAHOMA CITY, March 11, 2019 /PRNewswire/ — Red Wolf Natural Resources, LLC (“Red Wolf”), a newly formed upstream oil and gas exploration and production company,...
Many division order analysts are squeamish about working Oklahoma as a geographic area. This is because Oklahoma is unique in its royalty...
A New York-based hedge fund manager said Wednesday Gulfport Energy’s plan to repurchase $400 million of stock was just one of several...
LONDON (Bloomberg) — BP Plc’s sale of a portfolio of U.S. onshore shale assets worth a combined $7 billion is progressing, with...
Reuters – Exxon Mobil Corp. on March 5 estimated production at its top U.S. shale field would rise to 1 million barrels...
It is time to start chipping away at the giant iceberg of issues surrounding post-production deducts and the litigation that follows. This...
CALGARY, Alberta–(BUSINESS WIRE)–Feb 20, 2019–RS Energy Group (RSEG) is excited to announce it has formed a strategic partnership with Denver-based FourPoint Energyand LongPoint Minerals, uniquely...
Jaime R. Carrero | Victoria Advocate –Researchers are using satellites to see how much flaring is occurring in the Eagle Ford Shale...
Hart Energy –Devon Energy Corp. (NYSE: DVN) launched plans on Feb. 19 to complete its transformation into a high-return U.S. oil growth...
Roan Resources, Inc. Announces Fourth Quarter Highlights and 2019 Development Program Focused on Capital Discipline and Positive Free Cash Flow by the...
U.S. stocks finished higher on Wednesday, with the S&P 500 reaching its third record close of the year, after minutes of the Federal Reserve's last meeting suggested officials still remain biased toward easing.
Meanwhile, 2- and 10-year Treasury yields slipped for the third time in the past four sessions after the Fed's January meeting minutes were released.
The Dow Jones Industrial Average finished up by 71.25 points, or almost 0.2%, at 44,627.59, based on preliminary data. It ended higher for the fifth time in the past seven sessions.
The S&P 500 closed higher by 14.57 points, or 0.2%, at 6,144.15 — surpassing Tuesday's previous record high of 6,129.58.
The Nasdaq Composite ended higher by 14.99 points, or less than 0.1%, at 20,056.25.
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:
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Author Mark Davidson, Washington|Editor–Everett Wheeler|Energy Intelligence Group| The number of active US gas rigs...
By Haley Zaremba for Oilprice.com | The United States electric vehicle industry is facing...
(Reuters) – U.S. gasoline demand in May fell to the lowest for that month...
by Bloomberg, via RigZone.com|Weilun Soon, Rakesh Sharma, Reporting| At least four tankers discharged millions...
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