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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. Devon 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.By the middle of 2016 the company had been through a seven month flurry of M&A repositioning its portfolio to be better suited for growth in a low price environment.After shedding its non core positions Devon will focus entirely on developing six core assets. Oil led exploitation in the Eagle Ford the Permian Basin the STACK Powder River Basin and Canadian heavy oil sector will be the main growth engine. This will be supported by the cash generative Barnett shale which provide additional optionality into a gas price recovery.

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Table of contents

  • Executive summary
  • Strategy
  • Investment and costs
  • Exploration
  • Reserves and resources
  • Production
  • Valuation

Tables and charts

This report includes 22 images and tables including:


  • Basins drilled and all conventional & organic unconventional discoveries 2006-2015
  • 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 (2005 to 2014)
  • Reserves and resources: Table 2

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