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Devon Energy oil and gas exploration summary

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Report summary

Devon’s exploration strategy has evolved significantly over the last 15 years. Prior to 2004, it was dominated by M&A and low-risk exploration. It then attempted to balance low-risk projects with high-impact conventional exploration. It further refined strategy to maintain a portfolio of low-risk, onshore North American opportunities and high-impact deepwater targets. It sold GoM and international assets in 2010 to focus on US unconventional and Canadian oil sands projects. After spending US$2.5 bil on tight-oil STACK and Powder River basin assets in 2015, Devon further divested. In 2016, it sold upstream assets in East Texas, Granite Wash assets in the Anadarko basin and royalty interests in the Permian. In May 2017, it announced another US$1 billion non-core divestiture plan including leaseholds in the Barnett Shale. After shedding non-core positions, it will focus entirely on developing core assets. The main focus during 2017 was on STACK and Delaware basin developments.

What's included

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Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration strategy
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Production
    • Conventional assets sales created value and funded early unconventional exploration
    • Tight oil plays creating the most value
    • Shale gas success limited by gas price falls

Tables and charts

This report includes 22 images and tables including:


  • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin


  • Ten year performance summary
  • Full-cycle economics
  • SWOT Grid
  • Gross exploration & appraisal wells by basin and sector
  • Conventional new field discoveries (2007 to 2016)
  • Reserves and resources: Table 2

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