Seminole, TX, United States
Seminole, TX, United States

EOG Resources Inc. is a Fortune 500 company with its headquarters in the Heritage Plaza building in downtown Houston, Texas. The company is one of the largest independent oil and natural gas exploration and production companies in the United States with proven reserves in the United States, Canada, Trinidad and Tobago, the United Kingdom, and China. EOG Resources, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol "EOG". Wikipedia.

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News Article | August 29, 2016
Site: www.theenergycollective.com

The latest data from the US Energy Information Administration (EIA) show that exports of shale oil from the US are destined for France and other European countries that have banned fracking, points out shale gas expert Nick Grealy. This is hypocritical, notes Grealy. If fracking is really that bad, why don’t the Europeans care when it’s done in Texas or North Dakota? Earlier this year I wrote at Energy Post on the paradox of France banning hydraulic fracturing for natural gas while at the same time imports to the Dunkerque LNG terminal by semi-state companies EdF and Engie were set to include US natural gas. As almost two thirds of US natural gas is already produced via hydraulic fracturing, it would be thus impossible to separate molecules into “good” gas or “bad” gas. This was mischievous on my part, part of an attempt to get a 2016 debate started on the 2011 French law which shut down scientific debate on hydraulic fracturing. France’s fixation on shale technology today is like ordering everyone to only use iPhone 2s. It’s especially sad that a country founded on elemental scientific rationality sought to stop scientific debate. If France chooses to think they don’t need natural gas, that’s one thing, but to import 40 bcm (billion cubic metres) of gas for heat and industry while the lowest carbon and highest tax alternative lies beneath the benighted banlieues of Northern Paris, this entirely political choice moves from paradox through contradiction to hypocrisy with alarming speed. Once I had prepared the earth for the debate, France’s Minister of Ecology, Sustainable Development and Energy, Ségolène Royal picked up the spade and started digging the hole deeper. For a couple of weeks, Mme Royal, with admirable consistency, first professed shock and ignorance and then ordered a study be made over how France could reconcile banning shale gas with using it. That was then, and perhaps one day, we’ll get an answer. Perhaps it will just be forgotten as US LNG finally starts arriving in North West Europe markets this winter. But what about oil? One catastrophic error in the shambles that is European hydraulic fracturing policy is to talk only about shale natural gas. It’s worth noting how in 2011 even the US debate rarely mentioned using the identical techniques of hydraulic fracturing for natural gas to produce oil. Although the first inklings that the techniques discovered in the Barnett Shale for gas in the 1990’s could be also be used for oil had started to go past conjecture to production as early as the attempts by EOG Resources and Continental Resources in the Eagle Ford and Bakken shales ten years or more ago, hydraulically fractured oil production only truly took off from 2011 onwards. The rest they say is history, and most especially the history of how the oil price collapsed as we saw the fallout from what the Economist called Sheiks versus Shale. Thus France’s debate about shale may have shut down debate at a critical juncture. Not only have we seen shale gas production increase by several orders of magnitude as the size of the resource surprised even long-standing optimists such as myself, shale has emerged with little or no of the horror stories of contamination prevalent in the debate of the Gasland movie era, which was filmed in 2009 and televised in France in 2011. The French shale debate was entirely one of politics and culture, even inserting itself into the story line of France’s most popular soap-opera Plus Belle La Vie. So much for the l’Académie des sciences opinion. A perfect storm of that rarity for France, all party support for the Loi Jacob  led to a ban on hydraulic fracturing. Jean-Baptiste Colbert would be turning in his grave. The scientific opinion of a hipster with a banjo, Josh Fox, counts more in France these days apparently. In the meantime, all the horrors predicted by the Royal/Fox alliance have resolutely refused to show up. Certainly there were errors in the early days of shale. Just as certainly as the Pennsylvania Department of Environmental Protection (DEP) recently noted, 2015 was marked by gas production forty times higher than that in 2009, yet “DEP investigations into water contamination through methane migration, yielded no findings of wrongdoing by the gas industry last year”. The Loi Jacob came about despite some half-hearted lobbying by the disorganised nascent French shale industry although it didn’t stop some later regrets from various quarters not only in the Socialist Party but even from former President Sarkozy who opened his primary campaign for next May’s Presidential election campaign admitting he had made a mistake over hydraulic fracturing. Although Mme Royal has dug in her heels, no one in France has yet pointed out an uncomfortable and inconvenient truth about the campaign to ban not only the method but its product. But it is already too late. France has already imported oil that is almost certainly produced by hydraulic fracturing. The US Energy Information Administration pointed out in May 2016 that a fifty one percent majority of US oil was produced using hydraulic fracturing. In August 2016, Resources for the Future noted in a paper on the economics of conventional versus unconventional oil and gas (p16): “Following the massive increase in unconventional drilling and collapse in gas prices, conventional gas wells have all but disappeared.” The same holds broadly true for oil. We can leave it to the philosophers how the dominant method of production can still be described as “unconventional”, but the debate over whether or not France should import shale oil is now settled. Until the shale boom, any idea that the US would export oil would have been politically, geologically and economically impossible. Now that North America produces more oil and gas than it imports US producers turned exporters after a minimum of political discussion. The EIA revealed not only the scale of US oil exports but that their actual destinations included France itself. France imported over 20 million barrels of US oil from December 2015 through May 2016, an amount that would have included at least 10 million barrels produced by the feared fracking method. France does everything well, and especially in this case, hypocrisy. France imported far more oil than anyone else in Europe in the same period with the exception of over 50 million barrels that made it’s way to the Netherlands. The Netherlands is another example of a country that is happy to feel virtuous by not using hydraulic fracturing, but is happy to live with the contradictions of it. As Rotterdam is the number one oil trading hub of the world, US shale oil is certainly also present in the engines of German, Spanish, Irish and Scottish automobile drivers, some of whom may well have bumper stickers reading “Shale Gas, Not Here, Not Anywhere” and think themselves blessed to live in communities not “blighted” by fracking. In 1807, the British Empire banned the Atlantic slave trade and banned slavery entirely by 1837. Yet, the cotton mills of Lancashire were content to buy American cotton all through the 1840’s and 50’s and even financed Confederate blockade runners to keep their mills supplied during the American Civil War. Today, countries (like France) ban GMO’s (Genetically Modified Organisms) in food and almost everyone signs treaties to block imports produced by child labour. What is the difference between banning hydraulic fracturing to protect France and its citizens but being content to allegedly poison the rest of the planet and US shale communities? This is a moral question as well as a geological one. The answer is that France, whichever party is in power post May 2017, must re-open the debate on shale. If that debate is founded on the twin French traditions of science and rationality, the outcome will certainly mean that the ban must fall. According to many geologists, American, French, British and German, the Paris Basin holds more shale oil than anywhere in Europe. When I attended COP 21 in Paris last December I was shocked to see how desolate the suburbs surrounding the conference site at Le Bourget were. The twin technologies of horizontal drilling and hydraulic fracturing make the northern suburbs of Paris, even the former airport at Le Bourget itself, perfect locations for low impact, lower carbon and of course, high tax French shale gas and oil. Or France has a choice. One is that 20 million barrels at a rough cost of $45 a barrel meant the good, if not always wisely led people of France, sent € 800 million to help “pollute” Texas and North Dakota. The other choice is to claim the €500 million of tax revenue from shale gas produced in France. After next May, if not before, France should decide if they can afford, morally or otherwise, that choice. Nick Grealy is director of the energy consultancy No Hot Air, specialising in public perception and acceptance issues of shale energy worldwide. This article was first published on his website and is republished here with permission.


News Article | September 28, 2016
Site: www.forbes.com

In an article I wrote earlier this year -- OPEC's Trillion-Dollar Miscalculation -- I speculated that if OPEC could go back in time to November 2014 we would likely have not seen oil prices crash as they did. Because at that time the cartel embarked upon a course of action that arguably had far greater financial repercussions than they expected. To review, OPEC, which is responsible for over 40% of the world’s oil production, has long attempted to function as the world’s swing producer for crude oil. If the world needed more oil production, OPEC would bring more barrels online. If demand declined, some production could be idled. The group believed that a stable price was the key to matching global supply and demand. Agreeing to production quotas was always a messy process, with competing factions within OPEC frequently having clashing objectives. But Saudi Arabia is by far OPEC's largest producer, and the group historically falls in line with its desires. And that desire in November 2014 was to abandon the objective of attempting to balance the market. Following that meeting OPEC announced that it would defend market share that was being lost, in particular to rising shale oil production. It is interesting to note that at the time they made the decision, OPEC's market share loss over the previous 5 years only amounted to about 2%. The group's production, in fact, was still near an all-time high. But perhaps they were looking at the lessons of history, hoping to avoid a repeat of what happened in the wake of the 1973 oil embargo, which led to a major loss of market share for OPEC: OPEC's market share peaked in 1973 at 51.2% of global crude oil production. By 1985 it had fallen to under 28% as a result of many changes implemented in the wake of the oil embargo. But then over the next decade OPEC managed to claw back market share, reaching 40% of the world's crude oil production in the 1990's. OPEC's share of global oil production has remained around that level for over 20 years, but because global oil demand is rising the group's production has actually risen by about 12 million barrels per day (bpd) since the 90's. Yet the group was clearly concerned about the rapid growth of shale oil production, which had added about 5 million bpd of new oil production to the market in roughly half a decade's time. U.S. production was growing at the fastest rate in history, and OPEC's November 2014 decision was at least in part an attempt to stem that tide. Based on statements made by OPEC members at the time, it was clear that they felt like oil prices, which had already fallen to ~$75/bbl might fall to $60 or even $50/bbl. It was commonly believed that $60 oil would decimate the U.S. shale oil industry, so after weathering this brief period of "low" prices, OPEC would be back in the driver's seat. We all know what happened. U.S. shale oil production proved to be much more resilient than expected. Some producers did go bankrupt, and U.S. production did fall. But most producers slashed expenses and kept producing (although they mostly stopped drilling new wells). The result was that prices plunged much more than OPEC expected, and this inflicted deep financial pain on its members. At subsequent OPEC meetings, there were always comments from Venezuela or Nigeria that production cuts were needed to prop up prices. Yet each time, the outcome of the meeting was to maintain course. Over the span of two years OPEC boosted production by 1.8 million bpd, exacerbating the surplus caused by the shale oil surge in the U.S. Today, following a lengthy meeting in Algeria, OPEC may have blinked. For the first time since the November 2014 meeting, the group announced that it would cut production. OPEC has agreed to reduce its oil output by as much as 740,000 bpd, from the current level of 33.24 bpd down to 32.5 million bpd. This decline would be on top of approximately 1 million bpd of oil production declines in the U.S. The markets rallied on the news, with Brent crude rising 6%. Major oil companies like EOG Resources and ConocoPhillips followed suit, with each up over 6% on the day. Global crude oil inventories are still quite high, so it is going to take some time to bring them back to normal historical levels. The biggest impact is psychological, as this reflects the first major shift in OPEC policy in nearly two years.  It is almost certainly an acknowledgement of the fiscal pain that is being endured by OPEC producers. They probably feared that without action they would be facing more fiscal pressures with no real end in sight. It seems unlikely that this is the outcome OPEC envisioned when they first embarked upon the strategy to defend market share. Member countries have dug themselves a deep financial hole. Venezuela is teetering on the edge of collapse, and OPEC's move may come too late to prevent that outcome. Yes, the strong growth trajectory of U.S. shale production was halted, but as a result of lower prices producers were forced to become more cost efficient. Break-even costs fell, and ~80% of U.S. shale oil remains online. Shale oil will remain on OPEC's radar for the foreseeable future, but it's not going away as easily as OPEC imagined. It's too late for them to snuff out the shale oil industry, because the industry has become more efficient with the decline in oil prices. As oil prices rise, the rigs will once again start drilling. Production won't rise as sharply as it did before, and OPEC can claim credit for that. Plus, OPEC still controls over 70% of the world's proved crude oil reserves. Thus, they are likely to continue to influence the world's crude oil markets for decades.


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

HOUSTON, Feb. 22, 2017 /PRNewswire/ -- Announces Leighton Steward Set to Retire from Board of Directors EOG Resources, Inc. (NYSE: EOG) (EOG) today announced the appointment of Robert P. Daniels to its Board of Directors, effective March 1, 2017. Daniels served as an...


News Article | November 1, 2016
Site: www.prnewswire.com

HOUSTON, Nov. 1, 2016 /PRNewswire/ -- EOG Resources, Inc. (NYSE: EOG) (EOG) is scheduled to present at the Bank of America Merrill Lynch Global Energy Conference on Thursday, November 17 at 12:20 p.m. Central time (1:20 p.m. Eastern time). Lloyd W. "Billy" Helms, Jr., Executive Vice Presid...


News Article | March 22, 2016
Site: www.ogj.com

BP Trinidad & Tobago (BPTT) and EOG Resources Inc. have entered into a joint venture to develop the Sercan natural gas field just off the northeast of Trinidad and Tobago.


SUGAR LAND, TX--(Marketwired - Feb 10, 2017) - Written by John Egan for Industrial Info Resources (Sugar Land, Texas) -- Drilling for oil on Wall Street, or buying barrels rather than finding them, is a time-honored way for Oil & Gas producers to grow while managing risks. And if you can buy those barrels using your high-priced stock rather than cash or debt, so much the better. EOG Resources Incorporated (NYSE:EOG) (Houston, Texas) did just that last September when it acquired Yates Petroleum Corporation (Artesia, New Mexico) for about $2.5 billion in a deal financed mostly with EOG's stock, which sold for about $85 per share at the time of the transaction. Investors are enthusiastic about the acquisition, driving up EOG's stock price by about $20 per share since then. Industrial Info's Oil & Gas subject-matter experts will hold a complimentary webinar on Monday, February 13, on Oil & Gas in the Americas. The event, which is complimentary, begins at 10:00 AM (Eastern), 4:00 PM (Central European Time). RSVP here. For details, view the entire article by subscribing to Industrial Info's Premium Industry News, or browse other breaking industrial news stories at www.industrialinfo.com. Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the www.industrialinfo.com "Contact Us" page.


NEW YORK, November 8, 2016 /PRNewswire/ -- Stock-Callers.com reviews the most recent performances of the following Independent Oil and Gas equities: Parsley Energy Inc. (NYSE: PE), EOG Resources Inc. (NYSE: EOG), Gulfport Energy Corp. (NASDAQ: GPOR), and California Resources Corp....


News Article | November 14, 2016
Site: marketersmedia.com

LONDON, UK / ACCESSWIRE / November 14, 2016 / Active Wall St. announces its post-earnings coverage on EOG Resources, Inc. (NYSE: EOG). The company reported its financial results for the third quarter fiscal 2016 (Q3 FY16) on November 03, 2016. The Houston, Texas-based company's net operating revenues fell 3% y-o-y; however net operating revenues beat Wall Street's estimates. Register with us now for your free membership at: http://www.activewallst.com/register/. One of EOG Resources' competitors within the Independent Oil & Gas space, Diamondback Energy, Inc. (NASDAQ: FANG), reported on November 07, 2016, financial and operating results for the third quarter ended September 30, 2016. AWS will be initiating a research report on Diamondback Energy in the coming days. Today, AWS is promoting its earnings coverage on EOG; touching on FANG. Get our free coverage by signing up to: During Q3 FY16, EOG Resources' net operating revenues came in at $2.12 billion, which was lower than $2.17 billion recorded at the end of Q3 FY15. However, net operating revenues for the reported quarter outperformed market expectations of $1.9 billion. The oil and gas company reported net loss of $190.00 million, or $0.35 loss per diluted share, compared to net loss of $4.08 billion, or $7.47 loss per diluted share, in Q3 FY15. The company's adjusted non-GAAP net loss for Q3 FY16 was $220.81 million, or $0.40 loss per share compared to adjusted non-GAAP net income of $13.51 million, or $0.02 per share, in the comparable prior year's quarter. Market analysts had forecasted adjusted non-GAAP net loss of $0.31 per share for Q3 FY16. EOG Resources spent $2.31 billion as operating expenses during Q3 FY16 compared to $8.40 billion in the past year's comparable quarter. Furthermore, the company's operating loss narrowed to $193.48 million form operating loss of $6.22 billion in Q3 FY15. In Q3 FY16, EOG Resources' total volume fell almost 3% y-o-y to 51.1 million barrels of oil equivalent (MMBoe). However, U.S. crude oil volumes came in at 275,700 barrels of oil per day (Bopd), which exceeded the midpoint of the company's guidance by 3%. In Q3 FY16, total crude oil and condensate production increased 1.1% y-o-y to 282.6 thousand barrels per day (MBbl/d). Natural gas liquids (NGL) volumes rose 5.3% y-o-y to 81.9 MBbl/d. However, in Q3 FY16, natural gas volumes decreased to 1,144 million cubic feet per day (MMcf/d) from the year ago level of 1,274 MMcf/d. During the reported quarter, EOG Resources raised its Delaware Basin net resource potential by 155% to 6.0 billion barrels of oil equivalent (BnBoe). Delaware Basin net well locations increased 27% in Q3 FY16 to 6,330. Furthermore, the company completed 22 wells in the Delaware Basin Wolfcamp. The company completed 47 wells in the Eagle Ford, during Q3 FY16, with an average treated lateral length of 5,700 feet per well and an average 30-day initial production rate per well of 1,825 Boed, or 1,425 Bopd, 190 Bpd of NGLs and 1.3 MMcfd of natural gas. In Q3 FY16, EOG completed 9 wells in the Powder River Basin with an average 30-day initial production rate per well of 1,560 Boed, or 840 Bopd, 245 Bpd of NGLs and 2.8 MMcfd of natural gas. Furthermore, in the North Dakota Bakken, 13 wells were completed in Q3 FY16, which has an average 30-day initial production rate per well of 850 Boed, or 763 Bopd, 45 Bpd of NGLs and 0.3 MMcfd of natural gas. For the quarter ended on September 30, 2016, EOG Resources generated $1.55 billion in cash from operations compared to $2.98 billion in the prior year's quarter. The company's cash and cash equivalents balance stood at $1.05 billion, as on September 30, 2016, compared to $718.51 million, at the close of books on December 31, 2015. The company's total long-term debt rose to $6.98 billion as on September 30, 2016, from $6.65 billion as on December 31, 2015. Furthermore, the company's debt-to-total capitalization ratio and net debt-to-total capitalization ratio stood at 37% and 33%, respectively as on September 30, 2016. For Q4 FY16, EOG Resources expects total production to be between 562.7 MBoe/d and 591.8 MBoe/d. For the full year FY16, the company projected new output in the range of 554.9 MBoe/d to 562.2 MBoe/d, which is above prior projections of 533.5 MBoe/d to 51.5 MBoe/d. The company also raised its capital expenditure budget range to $2.6 billion to $2.8 billion from the prior estimate range of $2.4 billion to 2.6 billion. Furthermore, the company increased 2020 Crude Oil Production CAGR outlook to 15% to 25%. EOG Resources' share price finished yesterday's trading session at $91.41, dropping by 1.32%. A total volume of 2.34 million shares exchanged hands. The stock has advanced 13.71% and 12.86% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company have surged 30.24%. The stock has a dividend yield of 0.73% currently has a market cap of $50.03 billion. 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 / November 14, 2016 / Active Wall St. announces its post-earnings coverage on EOG Resources, Inc. (NYSE: EOG). The company reported its financial results for the third quarter fiscal 2016 (Q3 FY16) on November 03, 2016. The Houston, Texas-based company's net operating revenues fell 3% y-o-y; however net operating revenues beat Wall Street's estimates. Register with us now for your free membership at: http://www.activewallst.com/register/. One of EOG Resources' competitors within the Independent Oil & Gas space, Diamondback Energy, Inc. (NASDAQ: FANG), reported on November 07, 2016, financial and operating results for the third quarter ended September 30, 2016. AWS will be initiating a research report on Diamondback Energy in the coming days. Today, AWS is promoting its earnings coverage on EOG; touching on FANG. Get our free coverage by signing up to: During Q3 FY16, EOG Resources' net operating revenues came in at $2.12 billion, which was lower than $2.17 billion recorded at the end of Q3 FY15. However, net operating revenues for the reported quarter outperformed market expectations of $1.9 billion. The oil and gas company reported net loss of $190.00 million, or $0.35 loss per diluted share, compared to net loss of $4.08 billion, or $7.47 loss per diluted share, in Q3 FY15. The company's adjusted non-GAAP net loss for Q3 FY16 was $220.81 million, or $0.40 loss per share compared to adjusted non-GAAP net income of $13.51 million, or $0.02 per share, in the comparable prior year's quarter. Market analysts had forecasted adjusted non-GAAP net loss of $0.31 per share for Q3 FY16. EOG Resources spent $2.31 billion as operating expenses during Q3 FY16 compared to $8.40 billion in the past year's comparable quarter. Furthermore, the company's operating loss narrowed to $193.48 million form operating loss of $6.22 billion in Q3 FY15. In Q3 FY16, EOG Resources' total volume fell almost 3% y-o-y to 51.1 million barrels of oil equivalent (MMBoe). However, U.S. crude oil volumes came in at 275,700 barrels of oil per day (Bopd), which exceeded the midpoint of the company's guidance by 3%. In Q3 FY16, total crude oil and condensate production increased 1.1% y-o-y to 282.6 thousand barrels per day (MBbl/d). Natural gas liquids (NGL) volumes rose 5.3% y-o-y to 81.9 MBbl/d. However, in Q3 FY16, natural gas volumes decreased to 1,144 million cubic feet per day (MMcf/d) from the year ago level of 1,274 MMcf/d. During the reported quarter, EOG Resources raised its Delaware Basin net resource potential by 155% to 6.0 billion barrels of oil equivalent (BnBoe). Delaware Basin net well locations increased 27% in Q3 FY16 to 6,330. Furthermore, the company completed 22 wells in the Delaware Basin Wolfcamp. The company completed 47 wells in the Eagle Ford, during Q3 FY16, with an average treated lateral length of 5,700 feet per well and an average 30-day initial production rate per well of 1,825 Boed, or 1,425 Bopd, 190 Bpd of NGLs and 1.3 MMcfd of natural gas. In Q3 FY16, EOG completed 9 wells in the Powder River Basin with an average 30-day initial production rate per well of 1,560 Boed, or 840 Bopd, 245 Bpd of NGLs and 2.8 MMcfd of natural gas. Furthermore, in the North Dakota Bakken, 13 wells were completed in Q3 FY16, which has an average 30-day initial production rate per well of 850 Boed, or 763 Bopd, 45 Bpd of NGLs and 0.3 MMcfd of natural gas. For the quarter ended on September 30, 2016, EOG Resources generated $1.55 billion in cash from operations compared to $2.98 billion in the prior year's quarter. The company's cash and cash equivalents balance stood at $1.05 billion, as on September 30, 2016, compared to $718.51 million, at the close of books on December 31, 2015. The company's total long-term debt rose to $6.98 billion as on September 30, 2016, from $6.65 billion as on December 31, 2015. Furthermore, the company's debt-to-total capitalization ratio and net debt-to-total capitalization ratio stood at 37% and 33%, respectively as on September 30, 2016. For Q4 FY16, EOG Resources expects total production to be between 562.7 MBoe/d and 591.8 MBoe/d. For the full year FY16, the company projected new output in the range of 554.9 MBoe/d to 562.2 MBoe/d, which is above prior projections of 533.5 MBoe/d to 51.5 MBoe/d. The company also raised its capital expenditure budget range to $2.6 billion to $2.8 billion from the prior estimate range of $2.4 billion to 2.6 billion. Furthermore, the company increased 2020 Crude Oil Production CAGR outlook to 15% to 25%. EOG Resources' share price finished yesterday's trading session at $91.41, dropping by 1.32%. A total volume of 2.34 million shares exchanged hands. The stock has advanced 13.71% and 12.86% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company have surged 30.24%. The stock has a dividend yield of 0.73% currently has a market cap of $50.03 billion. 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.


News Article | February 22, 2017
Site: www.accesswire.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 [email protected]. 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.


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. 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.

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