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Company Description

Contact Info

333 West Sheridan Avenue

Oklahoma City, OK 73102

United States

Phone: 405-235-3611

Fax: 405-228-4849

Devon Energy Corporation, an independent energy company, is engaged primarily in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs). The company’s operations are concentrated in various North American onshore areas in the U.S. and Canada. It also owns natural gas pipelines, plants, and treatment facilities in majority of its producing areas. The company holds 14 million net acres. Oil and Gas Properties Anadarko Basin: The company’s acreage is located primarily in Oklahoma’s Canadian, Blaine, Caddo, and Dewey counties. The Anadarko Basin is a non-conventional reservoir and produces natural gas, NGLs, and condensate. In 2014, the company planned to drill approximately 95 wells. Its Cana plant has 350 MMcf per day of total capacity. Barnett Shale: The company’s leases are located primarily in Denton, Johnson, Parker, Tarrant, and Wise counties in north Texas. The Barnett Shale is a non-conventional reservoir, producing natural gas, NGLs, and condensate. The company is the primary producer in the Barnett Shale. In 2014, it planned to drill approximately 80 wells. Its Bridgeport plant is a major processing plant in the U.S., with 790 MMcf per day of total capacity. These midstream assets also include a pipeline system and a 15 MBbls per day NGL fractionator. Mississippian-Woodford Trend: Located in northern Oklahoma and southern Kansas, these acres target oil in the Mississippian Lime and Woodford Shale. These areas are being explored and developed under the company’s joint venture arrangement with Sinopec Corporation and independently by the company on the acreage outside of its area of mutual interest with Sinopec Corporation. In 2014, the company planned to drill approximately 230 wells. Permian Basin: The company’s acreage is located in various counties in west Texas and southeast New Mexico. It has a joint venture arrangement with Sumitomo covering approximately 650,000 net acres in the Cline Shale and Midland-Wolfcamp Shale. In addition to the Cline and Wolfcamp Shale activity, the company’s drilling activity continues to target conventional and non-conventional oil and liquids-rich gas targets within the Conventional Delaware, Bone Spring, Midland-Wolfcamp, Wolfberry and Avalon Shale plays. In 2014, it planned to drill approximately 350 wells. Rockies: The company’s operations are focused in the Powder River basin in Wyoming where it has 150,000 net acres. These acres are principally located in eastern Wyoming in the counties of Campbell, Converse, and Johnson. The company is targeting various Cretaceous oil objectives, including the Turner, Frontier, and Parkman formations. Its activity and associated capital in the Powder River basin is a part of its joint venture agreement with Sinopec Corporation. In 2014, the company planned to drill approximately 25 wells in the Powder River Basin. Canadian Heavy Oil: The company is a U.S.-based independent energy company to develop and operate a bitumen oil sands project in Canada. It has two main projects, Jackfish and Pike, located in Alberta, Canada. In addition, the company’s Lloydminster properties are located to the south and east of Jackfish in eastern Alberta and western Saskatchewan. Lloydminster produces heavy oil by conventional means, without the need for steam injection. Jackfish is the company’s thermal heavy oil project in the non-conventional oil sands of east central Alberta. It is employing steam-assisted gravity drainage at Jackfish. The first phase of Jackfish is operational with a gross facility capacity of 35 MBbls per day. The company’s Pike oil sands acreage is situated directly to the southeast of its Jackfish acreage in east central Alberta and has similar reservoir characteristics to Jackfish. To facilitate the delivery of the company’s heavy oil production, it has a 50 percent interest in the Access Pipeline transportation system in Canada. This pipeline system allows the company to blend its Jackfish, and eventually its Pike, heavy oil production with condensate or other blend-stock and transport the combined product to the Edmonton area for sale. Lloydminster is an oil development play. The company has drilled approximately 2,700 wells in the area. In 2014, it planned to drill approximately 175 wells. Non-Core Properties The company’s non-core properties are located throughout the U.S. and Canada and primarily consist of reservoirs that produce dry natural gas. Marketing and Midstream Activities The company’s marketing and midstream operations provide gathering, compression, treating, processing, fractionation, and marketing services to the company and other third parties. Strategy The company’s strategy includes exploring for undiscovered oil and natural gas reserves; purchasing and developing oil and natural gas properties; improving the value of production through marketing and midstream activities; and optimizing production operations. Government Regulation Certain of the company’s U.S. natural gas and oil leases are granted by the federal government and administered by the Bureau of Land Management of the Department of the Interior. Significant Events In May 2014, GE Oil & Gas announced a new Technology Collaboration Agreement with Devon Energy Corporation to accelerate the development and testing of products in the field to enhance the performance and economics of unconventional oil and gas projects. History Devon Energy Corporation, a Delaware corporation, was founded in 1971.

 

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