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Devon Energy oil and gas exploration summary

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27 September 2019

Devon Energy oil and gas exploration summary

Report summary

Devon’s exploration strategy has evolved significantly over the last 15 years. 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 conventional exploration. Devon subsequently divested its Gulf of Mexico (GoM) and international assets in 2010 to focus on growing production and reserves from its North American unconventional and Canadian oil sands projects. In early 2019, Devon announced plans to divest its Canadian and Barnett Shale positions, in line with its strategy to focus on high-return tight oil assets in the US. In June 2019, Devon completed the sale of its Canadian assets to Canadian Natural Resources Limited. Devon's remaining Barnett position remains on the market at the time of publication, with the company aiming to complete its divestment by the end of the year.

Table of contents

  • Upstream strategy
  • Exploration strategy
  • Evolution of exploration strategy
  • Well data
    • 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 19 images and tables including:

  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Gross exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Conventional new field discoveries (2009 to 2018)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
  • Full-cycle economics
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by resource category
  • Exploration returns by water depth

What's included

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    Devon Energy oil and gas exploration summary

    PDF 1.13 MB

  • Document

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