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15 Pages

Devon Energy oil and gas exploration summary

Devon Energy oil and gas exploration summary

Report summary

Devon’s exploration strategy has evolved significantly over the last decade. Prior to 2004, it was dominated by acquisitions, mergers, and low-risk exploration. The company then attempted to balance its low-risk, near-term projects with high-impact exploration. It further refined its strategy in an attempt to maintain a balanced portfolio of low-risk, onshore North American opportunities and high-impact deepwater targets. Devon subsequently divested its Gulf of Mexico and international assets in 2010 to focus on growing production and reserves from its North American unconventional and Canadian oil sands projects. After shedding its non-core positions, Devon will focus entirely on developing five core assets. Oil-led exploitation in the Eagle Ford, the Permian Basin and Canadian heavy oil sector will be the main growth engine. This will be supported by the cash generative Barnett shale and Anadarko Basin plays, which provide additional optionality into a gas price recovery.

What's included?

This report includes 2 file(s)

  • Devon Energy oil and gas exploration summary PDF - 926.54 KB 15 Pages, 6 Tables, 20 Figures
  • Devon Energy.xls XLS - 547.50 KB


Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.

This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.

Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.

Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.

  • Executive summary
  • Strategy
    • Upstream strategy and exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
  • Exploration
    • Well data
  • Reserves and resources
    • Scope of this report
      • Key organic unconventional plays
  • Production
  • Valuation
    • Conventional assets sales created value and funded early unconventional exploration
    • Shale gas success limited by gas price falls
    • Liquids-rich Anadarko Woodford creates value
    • Joint ventures in emerging Permian tight oil plays create the most value

In this report there are 26 tables or charts, including:

  • Executive summary
    • Basins drilled and major discoveries 2005-2014
    • Ten year performance summary
  • Strategy
    • Strategy: Table 1
    • Net active exploration acreage by water depth
    • Net active exploration acreage by country
  • Investment and costs
    • Exploration & appraisal spend and reinvestment
    • Exploration & appraisal spend by water depth
    • Exploration & appraisal spend by basin maturity
    • Discovery costs by water depth
  • Exploration
    • Gross exploration & appraisal wells by basin and sector
    • Exploration wells drilled and spend per well
    • Exploration success rates
  • Reserves and resources
    • Conventional new field discoveries (2005 to 2014)
    • Reserves and resources: Table 2
    • Volumes discovered by year
    • Volumes discovered by water depth
    • Volumes discovered by country
    • Volumes discovered by basin
  • Production
    • Production from new field discoveries and organic unconventionals
  • Valuation
    • Full-cycle economics
    • Full cycle value creation by year (conventional only)
    • Full cycle value creation by year, with uncons
    • Exploration returns by year (conventional only)
    • Exploration returns by year, with uncons
    • Value creation by reserve category
    • Value creation by water depth
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