During Q2, Devon Energy (ticker: DVN) averaged approximately 536,000 BOEPD which was 6,000 BOEPD higher than the company’s midpoint guidance for the quarter. Of that, approximately 44% of the production was oil.
Devon indicated that 412,000 BOEPD of its total 536,000 BOEPD was sourced from U.S. resource plays.
The company believes that its liquid volumes will reach approximately 65% of its product mix. Currently the company is forecasting crude oil production of between 234,000 and 244,000 BOPD for the third quarter.
The company also has revised its 2017 capital outlook to between $1.9 and $2.2 billion—roughly $100 million less than its last guidance. The revision has taken place without any alterations to its planned activity levels. Devon intends to reach 20 operating rigs by the end of 2017—the majority of which will be concentrated in the Delaware or STACK—where Devon has over 30,000 potential drilling locations.
In its operations, Devon highlighted a few top producing wells in its STACK and Delaware assets—of which nine wells achieved 30-day initial production rates averaging around 2,000 BOEPD. One well, the Privott 17-H in the STACK, reached a peak of 6,000 BOEPD.
The company also announced that its divestitures totaled approximately $340 million. One such, announced in July, was a divestiture of Eagle Ford acreage to Penn Virginia.
