Devon, PA, United States
Devon, PA, United States

Devon Energy Corporation is among the largest U.S.-based independent natural gas and oil producers. Based in Oklahoma City, Oklahoma, the company's operations are focused on North American onshore exploration and production. Devon is one of North America’s larger processors of natural gas liquids and owns natural gas pipelines and treatment facilities in many of the company’s producing areas.The company is ranked among Fortune's 500 largest corporations in America, and is also included on the publication's 100 Best Companies to Work For and Most Admired Companies lists. Devon is also included in the S&P 500 Index and trades on the New York Stock Exchange under the ticker symbol DVN. Wikipedia.


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Patent
Devon Energy | Date: 2016-07-28

A method and system for enhancing petroleum production are provided, in which a fracturing operation can be conducted in a formation through a string and then petroleum is displaced from the fractured formation by selectively injecting fluid into selected fractures in the formation while other non-selected fractures remain without fluid injection. The injected fluid flows out into the fractured formation and enhances recovery from the non-selected fractures. Petroleum is selectively collected from the non-selected fractures.


News Article | February 22, 2017
Site: www.washingtonpost.com

In his previous role as Oklahoma’s attorney general, the Environmental Protection Agency’s new administrator regularly huddled with fossil fuel firms and electric utilities about how to combat federal environmental regulations and spoke to conservative political groups about what they called government “overreach,” according to thousands of pages of emails made public Wednesday. “The newly released emails reveal a close and friendly relationship between Scott Pruitt’s office and the fossil fuel industry, with frequent meetings, calls, dinners and other events,” said Nick Surgey, research director for the Center for Media and Democracy, which has sued to compel the release of the emails. The emails highlight an often-chummy relationship between Pruitt’s office and Devon Energy, a major oil and gas exploration and production company based in Oklahoma City. The correspondence makes clear that top officials at the company met often with Pruitt or people who worked for him. Devon representatives also helped draft — and redraft — letters for Pruitt to sign and send to federal officials in an effort to stave off new regulations. “Any suggestions?” a deputy solicitor general in Pruitt’s office wrote to a Devon executive in early May 2013, including a draft of a letter the office was planning to send to the EPA regarding proposed regulations of methane emissions. “Here you go,” the executive, Bill Whitsitt replied. “Please note that you could use just the red changes, or both red and blue (the latter being some further improvements from one of our experts) or none.” “I sent the letter today,” the deputy solicitor general wrote the following day. “Thanks for all your help on this.” The emails show that Pruitt and his office were in touch with a network of conservative groups, many of which in the past have received backing from billionaire brothers Charles G. and David H. Koch, the libertarian owners of Koch Industries, a major oil company. The documents detail not only how Pruitt’s office at times coordinated with industry officials to fight unwanted regulations from Washington, but also how he was a highly sought-after speaker at conferences and other gatherings for groups such as the American Legislative Exchange Council, which works with corporate interests and state legislators to shape key pieces of legislation. In one example, Pruitt was a speaker at an ALEC conference on May 3, 2013, in Oklahoma City. He was part of a panel called, “Embracing American Energy Opportunities: From Wellheads to Pipelines.” The event also featured a reception at the Petroleum Club and a luncheon sponsored by Koch Industries. The Oklahoma attorney general’s office handed over the batch of emails — nearly 7,000 pages in all — this week in order to meet a deadline set by a judge who ordered the documents’ release following more than two years of effort by CMD, a liberal watchdog organization. The group had sued to compel the state to release the documents under public records laws. (The emails can be viewed here.) [Pruitt to EPA employees: ‘We don’t have to choose’ between jobs and the environment] Though the emails show Pruitt’s ties with a wide range of fossil fuel interests and conservative political groups, they show a particularly friendly working relationship with officials Devon. Much of the correspondence revolves around arranging speaking engagements, obtaining contact information for people at the federal Office of Management and Budget and coordinating letter-writing efforts. At one point, Pruitt’s then-chief of staff, Melissa Houston, wrote in a Jan. 9, 2013, email to Whitsitt, Devon’s vice president for public affairs: “You are so amazingly helpful!!! Thank you so much!!!” In another email chain on March 21, 2013, Whitsitt wrote to Pruitt’s office offering a draft of a letter that state attorneys general might sign and send to the then-acting EPA administrator regarding limits on methane emissions. Devon, which has substantial shale gas and shale oil drilling operations, would have been affected by the rule. “Attached is a potential first-cut draft of a letter a (bipartisan if possible?) group of AGs might send to the acting EPA administrator and some others in the Administration in response to the NE states’ notice of intent to sue for more E&P emission regulation,” Whitsitt wrote. “It would be a shot across the bow, warning EPA not to not go down a negotiated-rulemaking or wink-at-a sue-and-settle tee-up process.” The company vice president gave strategic advice, too. “If sent, I’d suggest that it be made public, at least to the Hill and to policy community publications,” he wrote. “It seems to me this would also be a logical outgrowth of the fossil energy AGs meeting and could be powerful with a number of signers. It is also the kind of thing that in the future could be run through the clearinghouse we discussed. Please let me know what you and General Pruitt think, or if we can help further.” That same month, Whitsitt also offered a draft of a letter for Pruitt to sign about the federal Bureau of Land Management’s revised proposal of a rule on hydraulic fracturing, a drilling technique that has helped U.S. companies like Devon sharply expand output and profits. Following up on his conversations with Pruitt, Whitsitt suggested a meeting “or perhaps more efficient, a conference call” with OMB officials. “The attached draft letter (or something like it that Scott if comfortable talking from and sending to the acting director to whom the letter is addressed) could be the basis for the meeting or call,” he wrote. Pruitt’s chief of staff replied: “Thanks Bill — we will take a look and start working on a draft.” In a Nov. 8, 2013, email, Houston asked the Devon VP of public and government affairs, Allen Wright, to take her, her sons and her father to see Devon Tower, a skyscraper in downtown Oklahoma City. Wright asked a colleague to escort her and her family to “50” — apparently the top of the 50-story tower. In another case, Pruitt received a thankful email from Stuart Solomon, the president and chief operating officer of the Public Service Company of Oklahoma, a utility that’s part of the larger power company American Electric Power. The email came as the company hailed a 2014 decision by the EPA to back off of an attempt to impose a federal plan on Oklahoma for its compliance with the agency’s regional haze rule, and instead accept a plan offered by the state. Pruitt had sued the EPA over its federal plan – which, according to a press release from Solomon’s company, “would have cost the utility and its customers about $650 million more in additional near-term investments than the state plan.” “Scott, I wanted to tell you personally how much I appreciate your efforts to pave the way for a state solution to meeting the RHR challenge,” said Solomon. “Your lawsuit against EPA, and your encouragement of our efforts to settle this issue in a way that benefits the state, were instrumental in giving us the time and the opportunity to develop a revised state plan.” Pruitt’s close ties to Devon Energy were first highlighted in 2014 by the New York Times, which reported that a letter ostensibly written by the attorney general alleging that the EPA overestimated air pollution from natural gas drilling was actually written by the company’s attorneys. “That’s actually called representative government in my view of the world,” Pruitt later said of the letter. The emails’ release comes just days after Pruitt was confirmed as the EPA’s new leader. Senate Democrats and environmental groups made a last-minute push to delay his confirmation vote last week, contending that lawmakers — and the public — ought to be able to review his correspondence with industry officials before putting him in charge of safeguarding the nation’s environment. Republicans forged ahead anyway, and Pruitt was confirmed by a 52-to-46 vote. In a statement Tuesday, the Oklahoma attorney general’s office said it “went above and beyond what is required under the Open Records Act and produced thousands of additional documents that, but for the Court’s order, would typically be considered records” outside the scope of the act. “This broad disclosure should provide affirmation that, despite politically motivated allegations, the Office of the Attorney General remains fully committed to the letter and spirit of the Open Records Act,” spokesman Lincoln Ferguson said. Pruitt’s office at EPA did not immediately respond to a request for comment on Wednesday. [Scott Pruitt, longtime adversary of EPA, confirmed to lead the agency] In an email, Devon Energy spokesman John Porretto said the company’s engagement with Pruitt during his time as attorney general was “consistent — and proportionate — with our commitment to engage in conversations with policymakers on a broad range of matters that promote jobs, economic growth and a robust domestic energy sector.” He added: “We have a clear obligation to our shareholders and others to be involved in these discussions related to job growth, economic growth and domestic energy…. It would be indefensible for us to not be engaged in these important issues.” Environmental groups on Wednesday were quick to criticize Pruitt, arguing that the emails showed once again his penchant for putting the interests of industry over the health of ordinary citizens. “This is Scott Pruitt’s mission statement: attack environmental safeguards, protect industrial polluters and let the public pay the price,” Rhea Suh, president of the Natural Resources Defense Council, said in a statement. “These emails tell us that he’s in league with the very industries we’ve now entrusted him to police. He so deeply imbedded himself with energy companies that they described Pruitt and his allies as ‘fossil energy AGs,’ a badge of dishonor for a public guardian if ever there were one.” The Oklahoma attorney general’s office withheld some documents as exempted or privileged and has asked Judge Aletia Haynes Timmons to review whether they should be released, according to the Center for Media and Democracy. Timmons also ordered Pruitt’s former office to hand over records related to five outstanding records requests by early next week. After unsuccessfully seeking the release of Pruitt’s correspondence with fossil-fuel representatives under public records laws, the center filed suit over his refusal to turn over the documents and requested the expedited hearing that led to Timmons’s order on Thursday. In her ruling, the judge said there had been “an abject failure to provide prompt and reasonable access to documents requested.” Pruitt sued the EPA more than a dozen times during the Obama administration, challenging the agency’s authority to regulate toxic mercury pollution, smog, carbon emissions from power plants and the quality of wetlands and other waters. During his tenure in Oklahoma, he dismantled a specialized environmental protection unit that had existed under his Democratic predecessor and established a “federalism unit” to combat what he called “unwarranted regulation and systematic overreach” by Washington. These moves earned him widespread opposition from environmental activists but praise from fellow Republicans and industry representatives, who saw him as a friend to businesses and a staunch opponent of federal regulations they called unnecessary and burdensome. On Tuesday, Pruitt addressed EPA employees for the first time as their new boss. He spoke of stepping back from the aggressive regulations of recent years and said there need not be a contradiction between environmental protection and energy production or job creation. “We as an agency and we as a nation can be both pro-energy and jobs and pro-environment,” he said. “We don’t have to choose between the two.” Chris Mooney and Juliet Eilperin contributed to this report. This post has been updated. More from Energy and Environment: Hundreds of current, former EPA employees urge Senate to reject Trump’s nominee for the agency The West’s largest coal-fired power plant is closing. Not even Trump can save it. Scott Pruitt, longtime adversary of EPA, confirmed to lead the agency Trump EPA official juggles two jobs in two Washingtons, and it hasn’t gone well For more, you can sign up for our weekly newsletter here and follow us on Twitter here.


News Article | March 3, 2017
Site: www.24-7pressrelease.com

CHOCTAW, OK, March 03, 2017-- Stephen Whitaker has been included in Marquis Who's Who. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.Supported by more than four decades of invaluable contributions to oil and gas geology, Mr. Whitaker continues to build on his reputation for excellence through his new job as the president of Violent Energy, where he has been since 2017. He initially began his journey as a geological assistant for the U.S. Geological Survey, and subsequently joined companies like Texaco, the Illinois State Geological Survey, Apache Corp., IBEX Geological Consultant, Inc., and Rex Energy Corp. He also served on the board of directors for the Illinois Oil & Gas Association.Mr. Whitaker prepared for his endeavors by graduating from the University of Southern California and the University of Colorado with a Bachelor of Science and Master of Science in geology, respectively. A member of the American Association of Petroleum Geologists and the Illinois Geological Society, he has achieved much since then. He has encouraged oil exploration in Illinois through lectures, publications, and the development of exploration programs, and conducted geological analyses that led to the acquisition of key properties in the Eagle Ford trend of South Texas by Devon Energy. Furthermore, he has instructed others on the potential of Waulsortian mounds in Illinois, and completed geological analyses and mapping of upper-Devonian shales in the western Appalachian Basin.. Throughout his career, Mr. Whitaker has contributed his extensive industry knowledge into such creative works as "Silurian Pinnacle Distribution in Illinois: Model for Hydrocarbon Exploration," and "Fluvial-Estuarine Valley Fills at the Mississippian-Pennsylvanian Unconformity in Sandstone Petroleum Reservoirs." Since the mid-1990s, Mr. Whitaker has been featured in numerous additions of Who's Who in America, Who's Who in Science and Engineering, Who's Who in the Midwest, and Who's Who in the World.About Marquis Who's Who :Since 1899, when A. N. Marquis printed the First Edition of Who's Who in America , Marquis Who's Who has chronicled the lives of the most accomplished individuals and innovators from every significant field of endeavor, including politics, business, medicine, law, education, art, religion and entertainment. Today, Who's Who in America remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms around the world. Marquis publications may be visited at the official Marquis Who's Who website at www.marquiswhoswho.com


News Article | February 22, 2017
Site: news.yahoo.com

All three major equity indices finished at all-time highs for the seventh time in eight sessions (AFP Photo/SPENCER PLATT) New York (AFP) - US stocks jumped Tuesday with retailers and energy firms among the winners as positive sentiment about President Donald Trump's economic agenda again lifted the market to fresh records at the close. All three major equity indices finished at all-time highs for the seventh time in eight sessions, with the Dow Jones Industrial Average up 0.6 percent at 20,743.00. The broad-based S&P 500 also gained 0.6 percent to end the day at 2,365.38, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 5,865.95. Jack Ablin, chief investment officer at BMO Private Bank, said the latest records reflected "continued panic buying" as money managers fear missing out on new peaks. The surge has been prompted by expectations Trump will imminently unveil details of a major tax plan, perhaps at his February 28 State of the Union address. Other factors behind Tuesday's gains included higher oil prices and better-than-expected earnings from retailers. European markets also got a lift from a positive eurozone economic report. Wal-Mart jumped 3.0 percent after reporting a 1.8 percent gain in fourth-quarter comparable sales at US stores. The retail giant also saw strong increases in e-commerce, although profits were pinched by increased spending. Home Depot gained 1.4 percent after reporting an 18.6 percent jump in fourth-quarter earnings to $1.7 billion. Other retailers to gain included Gap, up 2.3 percent, Best Buy, up 1.7 percent and Target, up 0.6 percent. Petroleum-linked shares advanced on higher oil prices, with Chevron climbing 1.3 percent, Devon Energy 2.1 percent and Transocean 2.4 percent. Yahoo rose 0.9 percent and Verizon 0.5 percent after they announced a $350 million reduction in the price of Yahoo's core Internet business in the sale to Verizon following a pair of major data breaches of Yahoo. Unilever lost 7.5 percent and Kraft Heinz fell 1.8 percent in the first session since Kraft Heinz withdrew its bid for the Unilever over the weekend. Another large food company, Mondelez International, jumped 5.8 percent as it launched a new "Vea" brand of crisps and bars with no artificial ingredients or GMOs. Popeyes Louisiana Kitchen shot up 19.1 percent after agreeing to be acquired by Restaurant Brands International, the parent company of Burger King and Tim Horton's, for $1.8 billion. Restaurant Brands gained 7.0 percent.


News Article | February 22, 2017
Site: marketersmedia.com

LONDON, UK / ACCESSWIRE / February 22, 2017 / Active Wall St. announces its post-earnings coverage on Devon Energy Corp. (NYSE: DVN). The Company announced its fourth quarter and fiscal 2016 financial results on February 14, 2017. The oil and gas exploration Company returned to profit as compared to the year earlier quarter and surpassed top- and bottom-line expectations. Register with us now for your free membership at: One of Devon Energy's competitors within the Independent Oil & Gas space, EOG Resources, Inc. (NYSE: EOG), announced on January 17, 2017, that it will host a conference call to discuss Q4 and full year 2016 results on Tuesday, February 28, 2017, at 10 a.m. ET. AWS will be initiating a research report on EOG Resources in the coming days. Today, AWS is promoting its earnings coverage on DVN; touching on EOG. Get our free coverage by signing up to: For the three months ended December 31, 2016, Devon generated revenue of $3.35 billion compared to revenue of $2.89 billion in Q4 2015, also beating Wall Street's forecasts of $2.79 billion. Devon's reported net earnings totaled $331 million, or $0.63 per diluted share, in Q4 2016 compared to net loss of $4.53 billion, or $11.12 per share, in Q4 2015. Adjusting for items, the Company's core earnings were $131 million, or $0.25 per diluted share, in the reported quarter. These strong earnings result exceeded analysts' consensus estimates of $0.19 per share. The Company's improved profitability in Q4 2016 was attributable to higher commodity prices and an improved cost structure. These factors also strengthened Devon's operating cash flow to $536 million in Q4 2016. Combined with proceeds received from asset sales, the Company's total cash inflows for the reported quarter reached $1.8 billion. During Q4 2016, Devon's reported oil production averaged 244,000 barrels per day. With the shift to higher-margin production, oil accounted for the largest component of the Company's product mix at 45% of total volumes. Total Companywide production in Q4 2016 reached 537,000 oil-equivalent barrels (Boe) per day, exceeding the midpoint of guidance by 2,000 Boe per day. The majority of the Company's production was attributable to its US resource plays, which averaged 396,000 Boe per day during Q4 2016. Led by results from the STACK, Delaware Basin and Eagle Ford assets, the Company's initial 90-day production rates in the US has increased for the fourth consecutive year, advancing more than 300% from 2012. In Canada, Devon's heavy-oil operations also delivered impressive results with net oil production averaging 139,000 barrels per day in the reported quarter. The Company's Canadian oil production increased 14% on a y-o-y basis. As on December 31, 2016, Devon's estimated proved reserves were 2.1 billion Boe, up 3% increase compared to the Company's retained asset portfolio in FY15. At year-end, the Company's higher-margin, liquid reserves totaled 1.1 billion Boe, or approximately 55% of total reserves. Devon's US operations proved reserves increased 7% to 1.6 billion Boe. Devon's capital programs within the US added 275 million Boe of reserves during FY16. This represents a replacement rate of approximately 175% on a retained asset basis. The Company noted that excluding property acquisition costs, these reserves were added at a finding cost of only $5 per Boe added during the year. Devon's Lease operating expenses (LOE) totaled $367 million for Q4 2016 and were 4% below the midpoint of guidance. The $1.1 billion sale of Access Pipeline in Canada added $28 million of incremental LOE during Q4 2016. The strong fourth-quarter result was driven by the Company's US asset portfolio, where LOE costs improved by 42% to $236 million from peak rates in early 2015. In aggregate, Devon's cost-savings initiatives achieved $1.3 billion of operating and G&A expense reductions in FY16. The Company expects these cost savings to be sustainable in FY17 due to structural improvements and efficiency gains within its field operations and corporate support groups. Devon's midstream business generated $212 million of operating profit in Q4 2016, driven entirely by the Company's strategic investment in EnLink Midstream. For FY16, EnLink-related operating profit expanded to $879 million, up 6% on a y-o-y basis. For FY17, Devon projects EnLink's midstream operating profits will advance to a range of $900 million to $950 million. Devon has a 64% ownership in EnLink's general partner (ENLC) and a 24% interest in the limited partner (ENLK). As per the day of the press release, the Company's ownership in EnLink has a market value of approximately $4 billion and is expected to generate cash distributions of around $270 million annually. On October 6, 2016, Devon completed the sale of its 50% interest in the Access Pipeline for USD $1.1 billion. This accretive transaction officially completed Devon's $3.2 billion non-core asset divestiture program. Devon noted that the majority of divestiture proceeds were utilized to retire $2.5 billion of debt through tender offerings and repayments in H2 2016. As a result of the debt-reduction efforts, the Company expects its recurring, go-forward financing costs to decline by around $120 million annually. Devon exited Q4 2016 with $2 billion of cash on hand and an undrawn credit facility of $3 billion. In FY17, Devon is expecting to increase activity in its US resource plays to as many as 20 operated rigs by year end. The Company expects to invest between $2.0 billion and $2.3 billion of E&P capital in FY17. Devon's upstream capital plans are expected to drive 13% to 17% oil production growth in the US during FY17. On Tuesday, February 21, 2017, the stock closed the trading session at $45.06, climbing 2.01% from its previous closing price of $44.17. A total volume of 4.97 million shares have exchanged hands, which was higher than the 3-month average volume of 4.42 million shares. Devon Energy's stock price rallied 5.24% in the last three months, 1.92% in the past six months, and 125.34% in the previous twelve months. The stock currently has a market cap of $23.61 billion and has a dividend yield of 0.53%. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / February 22, 2017 / Active Wall St. announces its post-earnings coverage on Devon Energy Corp. (NYSE: DVN). The Company announced its fourth quarter and fiscal 2016 financial results on February 14, 2017. The oil and gas exploration Company returned to profit as compared to the year earlier quarter and surpassed top- and bottom-line expectations. Register with us now for your free membership at: One of Devon Energy's competitors within the Independent Oil & Gas space, EOG Resources, Inc. (NYSE: EOG), announced on January 17, 2017, that it will host a conference call to discuss Q4 and full year 2016 results on Tuesday, February 28, 2017, at 10 a.m. ET. AWS will be initiating a research report on EOG Resources in the coming days. Today, AWS is promoting its earnings coverage on DVN; touching on EOG. Get our free coverage by signing up to: For the three months ended December 31, 2016, Devon generated revenue of $3.35 billion compared to revenue of $2.89 billion in Q4 2015, also beating Wall Street's forecasts of $2.79 billion. Devon's reported net earnings totaled $331 million, or $0.63 per diluted share, in Q4 2016 compared to net loss of $4.53 billion, or $11.12 per share, in Q4 2015. Adjusting for items, the Company's core earnings were $131 million, or $0.25 per diluted share, in the reported quarter. These strong earnings result exceeded analysts' consensus estimates of $0.19 per share. The Company's improved profitability in Q4 2016 was attributable to higher commodity prices and an improved cost structure. These factors also strengthened Devon's operating cash flow to $536 million in Q4 2016. Combined with proceeds received from asset sales, the Company's total cash inflows for the reported quarter reached $1.8 billion. During Q4 2016, Devon's reported oil production averaged 244,000 barrels per day. With the shift to higher-margin production, oil accounted for the largest component of the Company's product mix at 45% of total volumes. Total Companywide production in Q4 2016 reached 537,000 oil-equivalent barrels (Boe) per day, exceeding the midpoint of guidance by 2,000 Boe per day. The majority of the Company's production was attributable to its US resource plays, which averaged 396,000 Boe per day during Q4 2016. Led by results from the STACK, Delaware Basin and Eagle Ford assets, the Company's initial 90-day production rates in the US has increased for the fourth consecutive year, advancing more than 300% from 2012. In Canada, Devon's heavy-oil operations also delivered impressive results with net oil production averaging 139,000 barrels per day in the reported quarter. The Company's Canadian oil production increased 14% on a y-o-y basis. As on December 31, 2016, Devon's estimated proved reserves were 2.1 billion Boe, up 3% increase compared to the Company's retained asset portfolio in FY15. At year-end, the Company's higher-margin, liquid reserves totaled 1.1 billion Boe, or approximately 55% of total reserves. Devon's US operations proved reserves increased 7% to 1.6 billion Boe. Devon's capital programs within the US added 275 million Boe of reserves during FY16. This represents a replacement rate of approximately 175% on a retained asset basis. The Company noted that excluding property acquisition costs, these reserves were added at a finding cost of only $5 per Boe added during the year. Devon's Lease operating expenses (LOE) totaled $367 million for Q4 2016 and were 4% below the midpoint of guidance. The $1.1 billion sale of Access Pipeline in Canada added $28 million of incremental LOE during Q4 2016. The strong fourth-quarter result was driven by the Company's US asset portfolio, where LOE costs improved by 42% to $236 million from peak rates in early 2015. In aggregate, Devon's cost-savings initiatives achieved $1.3 billion of operating and G&A expense reductions in FY16. The Company expects these cost savings to be sustainable in FY17 due to structural improvements and efficiency gains within its field operations and corporate support groups. Devon's midstream business generated $212 million of operating profit in Q4 2016, driven entirely by the Company's strategic investment in EnLink Midstream. For FY16, EnLink-related operating profit expanded to $879 million, up 6% on a y-o-y basis. For FY17, Devon projects EnLink's midstream operating profits will advance to a range of $900 million to $950 million. Devon has a 64% ownership in EnLink's general partner (ENLC) and a 24% interest in the limited partner (ENLK). As per the day of the press release, the Company's ownership in EnLink has a market value of approximately $4 billion and is expected to generate cash distributions of around $270 million annually. On October 6, 2016, Devon completed the sale of its 50% interest in the Access Pipeline for USD $1.1 billion. This accretive transaction officially completed Devon's $3.2 billion non-core asset divestiture program. Devon noted that the majority of divestiture proceeds were utilized to retire $2.5 billion of debt through tender offerings and repayments in H2 2016. As a result of the debt-reduction efforts, the Company expects its recurring, go-forward financing costs to decline by around $120 million annually. Devon exited Q4 2016 with $2 billion of cash on hand and an undrawn credit facility of $3 billion. In FY17, Devon is expecting to increase activity in its US resource plays to as many as 20 operated rigs by year end. The Company expects to invest between $2.0 billion and $2.3 billion of E&P capital in FY17. Devon's upstream capital plans are expected to drive 13% to 17% oil production growth in the US during FY17. On Tuesday, February 21, 2017, the stock closed the trading session at $45.06, climbing 2.01% from its previous closing price of $44.17. A total volume of 4.97 million shares have exchanged hands, which was higher than the 3-month average volume of 4.42 million shares. Devon Energy's stock price rallied 5.24% in the last three months, 1.92% in the past six months, and 125.34% in the previous twelve months. The stock currently has a market cap of $23.61 billion and has a dividend yield of 0.53%. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. 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Patent
Devon Energy | Date: 2014-02-12

A method and system for enhancing petroleum production are provided, in which petroleum is displaced from a fractured formation by selectively injecting fluid into selected fractures in the formation without injecting into the other non-selected fractures. The injected fluid flows out into the fractured formation and enhances recovery from the non-selected fractures. Petroleum is selectively collected from the non-selected fractures.


Patent
Devon Energy | Date: 2015-06-29

A method and a system for obtaining information for imaging a subterranean formation are provided. The method comprises emitting sonic or percussive signals from one or more point source locations in or near the subterranean formation; detecting the signals at one or more receiver locations; and processing the signals to calculate the geometry of the ray paths travelled by the signals in the subterranean formation. The system comprises one or more signal sources for generating sonic or percussive signals; a receiver for receiving the signals; and a processor for processing the signals.


Patent
Devon Energy | Date: 2012-11-28

A method of booting a thin client computer does not require a technician to load an operating system and otherwise configure the thin client computer to permit operation thereof. The thin client computer is pre-loaded with a boot sequence in the read only memory that requires only that a kernel stored in the read only memory be activated. The kernel directs the thin client computer to a domain name server that provides the internet address of a file server from which the requisite operating system is obtained. After installation of the operating system, the domain name server is contacted to provide the address at which the thin client computer obtains application software and data storage capabilities from a remote server to complete the set-up of the thin client computer for operation. The remote server establishes a network application or remote virtual desktop for the operation of the thin client computer.


News Article | February 21, 2017
Site: www.prnewswire.com

NORMAN, Okla., Feb. 21, 2017 /PRNewswire/ -- The Price College of Business Energy Institute at the University of Oklahoma will host its fifth annual Energy Symposium, March 30, 2017, at the Devon Energy Center in Oklahoma City. The event will feature two panel sessions: "Forces Shaping...


OKLAHOMA CITY--(BUSINESS WIRE)--Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the fourth quarter and full-year 2016. Also included within the release is the company’s guidance outlook for the first quarter and full-year 2017. “For Devon, 2016 was a transformational year,” said Dave Hager, president and CEO. “We successfully reshaped our asset portfolio to focus on our top two franchise assets, the STACK and Delaware Basin, providing us a sustainable, multi-decade growth platform. With these world-class assets, we delivered outstanding operational performance throughout the year. Our drilling programs generated the best well productivity in Devon’s 45-year history and we maximized the value of every barrel produced with cost-reduction efforts that reached $1.3 billion of annual savings.” “We also took important steps during the year to strengthen our investment-grade financial position with the timely completion of our $3.2 billion asset divestiture program,” Hager said. “These accretive transactions provided us with the financial capacity to further accelerate investment across our best-in-class U.S. resource plays in 2017 and beyond. This increased drilling activity will continue to rapidly shift our production mix to higher-margin products, positioning us to deliver peer-leading cash flow expansion at today’s market prices.” Devon’s reported oil production averaged 244,000 barrels per day in the fourth quarter of 2016. With the shift to higher-margin production, oil accounted for the largest component of the company’s product mix at 45 percent of total volumes. Total companywide production in the fourth quarter reached 537,000 oil-equivalent barrels (Boe) per day, exceeding the midpoint of guidance by 2,000 Boe per day. In an effort to maximize profitability, Devon chose to reject approximately 12,000 barrels per day of ethane in the fourth quarter. Record-Setting Well Productivity in U.S. Resource Plays The majority of the company’s production was attributable to its U.S. resource plays, which averaged 396,000 Boe per day during the fourth quarter. Production within the U.S. during 2016 benefited from drilling activity that achieved the best new well productivity in Devon’s 45-year history. Led by results from the STACK, Delaware Basin and Eagle Ford assets, the company’s initial 90-day production rates in the U.S. increased for the fourth consecutive year, advancing more than 300 percent from 2012. The substantial improvement in well productivity was driven by activity focused in top resource plays, improved subsurface reservoir characterization, leading-edge completion designs and improvements in lateral placement. In Canada, Devon’s heavy-oil operations also delivered impressive results with net oil production averaging 139,000 barrels per day in the fourth quarter. Driven by the industry-leading performance of the Jackfish complex, Canadian oil production increased 14 percent compared to the fourth quarter of 2015. Devon’s estimated proved reserves were 2.1 billion Boe on Dec. 31, 2016, a 3 percent increase compared to the company’s retained asset portfolio in 2015. Proved developed reserves accounted for 80 percent of the total. At year-end, higher-margin, liquids reserves totaled 1.1 billion Boe, or approximately 55 percent of total reserves. The most significant reserve growth came from the company’s U.S. operations where proved reserves increased 7 percent to 1.6 billion Boe. Devon’s capital programs within the U.S. added 275 million Boe of reserves (extensions, discoveries and performance revisions) during 2016. This represents a replacement rate of approximately 175 percent (on a retained asset basis). Excluding property acquisition costs, these reserves were added at a finding cost of only $5 per Boe added during the year. These attractive reserve results in the U.S. were driven by new-well activity that achieved record-setting productivity, a materially improved operating cost structure and successful base production initiatives. In Canada, the company’s heavy oil reserves amounted to 504 million Boe at year end. Beyond proved reserves, tremendous upside exists with Devon’s top-tier Canadian assets, with more than 1.4 billion Boe of risked resource. Lease Operating Costs Improve by 42 Percent in U.S. Resource Plays Devon continued to make progress lowering operating costs in the fourth quarter. Lease operating expenses (LOE) totaled $367 million for the quarter and were 4 percent below the midpoint of guidance. The $1.1 billion sale of Access Pipeline in Canada added $28 million of incremental LOE during the quarter. The strong fourth-quarter result was driven by the company’s U.S. asset portfolio, where LOE costs improved by 42 percent from peak rates in early 2015. The decrease in LOE was primarily driven by improved power and water-handling infrastructure, reduced labor expense and lower supply chain costs. The company also maintained its significantly improved general and administrative (G&A) cost structure in the fourth quarter. Including capitalized costs, G&A expenses totaled $224 million, a nearly 40 percent improvement compared to peak costs in late 2014. The significantly lower overhead costs were driven by lower personnel expenses. In aggregate, Devon’s cost-savings initiatives achieved $1.3 billion of operating and G&A expense reductions in 2016 compared to peak levels in 2014. The company expects these cost savings to be sustainable in 2017 due to structural improvements and efficiency gains within its field operations and corporate support groups. Devon’s midstream business generated $212 million of operating profit in the fourth quarter, driven entirely by the company’s strategic investment in EnLink Midstream. For the full-year 2016, EnLink-related operating profit expanded to $879 million, a 6 percent improvement compared to 2015. In 2017, with strong growth expected from EnLink, Devon projects its midstream operating profits will advance to a range of $900 million to $950 million. Based on the midpoint of guidance, this estimate represents approximately a 10 percent increase compared to 2016. EnLink’s growth is derived from an asset base that is positioned in some of the most attractive markets in North America, including the STACK, Midland Basin, Delaware Basin and an NGL business that services end-user demand along the Gulf Coast. Devon has a 64 percent ownership in EnLink’s general partner (NYSE: ENLC) and a 24 percent interest in the limited partner (NYSE: ENLK). In aggregate, the company’s ownership in EnLink has a market value of approximately $4 billion and is expected to generate cash distributions of around $270 million annually. For additional details on Devon’s E&P operations, please refer to the company’s fourth-quarter 2016 operations report at www.devonenergy.com. Highlights from the report include: On Oct. 6, 2016, the company closed on the sale of its 50 percent interest in the Access Pipeline for USD $1.1 billion. This accretive transaction officially completed Devon’s $3.2 billion non-core asset divestiture program. The majority of divestiture proceeds were utilized to retire $2.5 billion of debt through tender offerings and repayments in the second half of 2016. As a result of the debt-reduction efforts, the company expects its recurring, go-forward financing costs to decline by around $120 million annually, with no significant debt maturities until mid-2021. Devon exited the fourth quarter with investment-grade credit ratings and significant liquidity, which consisted of $2 billion of cash on hand and an undrawn credit facility of $3 billion. In addition to an investment-grade balance sheet, Devon’s financial position is bolstered by a significantly increased commodity hedging position in 2017. The company currently has approximately 50 percent of its estimated oil and gas production hedged in the upcoming year and will continue to build out its hedging position in the future. Devon’s reported net earnings totaled $331 million or $0.63 per diluted share in the fourth quarter. Adjusting for items securities analysts typically exclude from their published estimates, the company’s core earnings were $131 million or $0.25 per diluted share in the fourth quarter. This strong earnings result exceeded analyst consensus estimates by 20 percent. The company’s significantly improved profitability in the fourth quarter was attributable to higher commodity prices and an improved cost structure. These factors also strengthened Devon’s operating cash flow to $536 million in the fourth quarter. Combined with proceeds received from asset sales, the company’s total cash inflows for the quarter reached $1.8 billion. Detailed forward-looking guidance for the first quarter and full-year 2017 is provided later in the release. In 2017, Devon expects to further accelerate activity in its U.S. resource plays to as many as 20 operated rigs by year end. With this level of planned activity, the company expects to invest between $2.0 billion and $2.3 billion of E&P capital in 2017, with nearly 90 percent of the capital devoted to U.S. resource plays. Devon’s upstream capital plans are expected to drive 13 to 17 percent oil production growth in the U.S. during 2017 compared to the fourth quarter of 2016, which marks the low point of Devon’s production profile. This resumption of growth in high-margin production will begin in the first quarter of 2017. The operational momentum created by accelerated drilling activity in the STACK and Delaware Basin in the upcoming year is expected to advance light-oil production in the U.S. by approximately 20 percent in 2018 compared to 2017. This rapid growth in high-margin production, combined with a significantly improved cost structure, positions Devon to deliver peer-leading cash flow expansion at today’s market prices. Pursuant to regulatory disclosure requirements, Devon is required to reconcile non-GAAP (generally accepted accounting principles) financial measures to the related GAAP information. Finding cost, core earnings and core earnings per share referenced within the commentary of this release are non-GAAP financial measures. Reconciliations of these and other non-GAAP measures are provided within the tables of this release. Please note that as soon as practicable today, Devon will post an operations report to its website at www.devonenergy.com. The company’s fourth-quarter conference call will be held at 10 a.m. Central (11 a.m. Eastern) on Wednesday, Feb. 15, 2017, and will serve primarily as a forum for analyst and investor questions and answers. This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (SEC). Such statements include those concerning strategic plans, expectations and objectives for future operations, and are often identified by use of the words “expects,” “believes,” “will,” “would,” “could,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding our business and operations are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to: the volatility of oil, gas and NGL prices; uncertainties inherent in estimating oil, gas and NGL reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in exploration and development activities; risks related to our hedging activities; counterparty credit risks; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters; risks relating to our indebtedness; our ability to successfully complete mergers, acquisitions and divestitures; the extent to which insurance covers any losses we may experience; our limited control over third parties who operate our oil and gas properties; midstream capacity constraints and potential interruptions in production; competition for leases, materials, people and capital; cyberattacks targeting our systems and infrastructure; and any of the other risks and uncertainties identified in our Form 10-K and our other filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise. The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. This release may contain certain terms, such as resource potential, potential locations, risked and unrisked locations, estimated ultimate recovery (or EUR), exploration target size and other similar terms. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, available at www.devonenergy.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov. Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. and Canada with an emphasis on a balanced portfolio. The company is the second-largest oil producer among North American onshore independents. For more information, please visit www.devonenergy.com. This press release includes non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in this press release, including reconciliations to their most directly comparable GAAP measure. Devon’s reported net earnings include items of income and expense that are typically excluded by securities analysts in their published estimates of the company’s financial results. Accordingly, the company also uses the measures of core earnings and core earnings per share attributable to Devon. Devon believes these non-GAAP measures facilitate comparisons of its performance to earnings estimates published by securities analysts. Devon also believes these non-GAAP measures can facilitate comparisons of its performance between periods and to the performance of its peers. The following table summarizes the effects of these items on fourth-quarter 2016 earnings. Devon defines net debt as debt less cash and cash equivalents and net debt attributable to the consolidation of EnLink Midstream as presented in the following table. Devon believes that netting these sources of cash against debt and adjusting for EnLink net debt provides a clearer picture of the future demands on cash from Devon to repay debt. Finding cost is defined as costs incurred less acquisitions costs. Devon believes finding cost is relevant because it provides additional insight into costs associated with current year exploration and development activities. Certain securities analysts also use this methodology to measure Devon’s performance. It should be noted that the actual costs of reserves added through Devon’s drilling program will differ, sometimes significantly, from the direct comparison of capital spent and reserves added in any given period due to the timing of capital expenditures and reserves bookings. Devon defines upstream cash flow as cash flow from operations less EnLink cash flow from operations, less cash flow from divested assets and debt repayments, plus distributions received from EnLink. Devon believes upstream cash flow is relevant because it provides a clearer picture of cash flow generation ability from Devon’s retained upstream assets and its investment in EnLink. Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price. Devon’s natural gas derivatives settle against the Inside FERC first of the month Henry Hub index. Commodity hedge positions are shown as of February 7, 2017.

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