Company Report

Devon Energy corporate report

Get this report

$4,750

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- Available as part of a subscription
- FAQ's about online orders

17 April 2018

Devon Energy corporate report

Report summary

Devon’s seven-month flurry of M&A repositioned its portfolio to be better suited for growth in a low-price environment. We now estimate that Devon holds the second-largest base of undeveloped North American liquids reserves that generates >10% returns under US$70/bbl WTI. Our deal valuations suggest Devon had to pay a modest premium to acquire the high-upside tight-oil assets, while selling its non-core assets at a small discount. Devon will rely on its proven track record as a strong tight-oil operator to improve results and create incremental value. Gearing is far above historical norms; the company needs to prove it can de-lever orgaincally. We believe Devon is well positioned to generate free cash flow.

Table of contents

  • Other Devon Energy research
  • Executive summary
    • Sharpening the portfolio (again)
    • Allocating free cash flow: big potential for shareholder distributions
    • Hedging: opportunistic versus programmatic
    • Executing on the core
    • Assessing the upside
  • Portfolio summary
  • Valuation
  • Investment
  • Production
  • Reserves and resources
    • Economic assumptions

Tables and charts

This report includes 35 images and tables including:

  • SWOT analysis
  • Share-price performance
  • Portfolio summary: Image 1
  • Base case upstream NPV,10
  • Current NPV,10 vs. future NPV,10
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported cost
  • New project returns
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total resources: regional breakdown
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Divestiture candidates
  • WM base case: free cash flow
  • Divestiture scenario: free cash flow
  • Hedging in 2018: quantity vs. quality
  • Bone Spring: productivity trends
  • Strategy: Image 7
  • % of capex allocated to US Mid-Continent
  • Share-price performance: 2018 YTD
  • Valuation: Implied long-term oil price
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Economic assumptions: Table 4
  • Foreign exchange rate assumptions

What's included

This report contains:

  • Document

    Devon Energy corporate report

    PDF 520.37 KB

  • Document

    Devon Energy corporate report

    ZIP 2.85 MB

  • Document

    Devon Corporate Report.xls

    XLS 3.63 MB

  • Document

    Devon Clean Spreadsheet.xls

    XLS 4.50 MB

Other reports you may be interested in

Browse reports by Industry Sector