Devon Energy Company News
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Permian Auction Doubles 2008 Record with near Billion-Dollar Sale
Friday, September 07, 2018 The price to access unexplored shale assets on the New Mexico side of the Permian Basin soared to $95,001 an acre in a federal government auction.
Shale Companies Sink On Investor Disappointment, Hedging Losses
Wednesday, August 01, 2018 Shares of US oil producers dropped sharply after several companies posted weaker-than-expected results.
Devon Energy Plans to Lay Off 9 Percent of Staff to Boost Returns
Tuesday, April 10, 2018 U.S. shale oil producer Devon Energy Corp will lay off 300 workers, roughly 9 percent of staff, as part of a plan to streamline its operations.
A Small Oil Field In Oklahoma Is Seeing Big Bets From Producers
Monday, March 19, 2018 Investments are now paying off as production levels rise and soaring land costs in the Permian have producers looking to other fields for expansion.
'Netflix for Oil' Setting Stage for $1 Trillion Data Battle
Monday, March 19, 2018 The service companies that map underground pockets of oil, drill the wells and lift crude from miles below are generating vast new amounts of data they never before realized could be valuable.
US Shale Producers Promise both Higher Output and Returns
Friday, November 03, 2017 U.S. shale producers are telling investors impatient for better returns that they can keep boosting oil output aggressively and do so while still making money for shareholders.
Devon Energy 3Q Profit Beats Estimates
Tuesday, October 31, 2017 Devon reports a bigger-than-expected quarterly profit, helped by higher realized prices for oil.
Shale Drillers Show Few Signs of Slowing as Profits Expand
Wednesday, August 02, 2017 Four of the biggest US drillers said they're not backing away from lofty production targets for 2017.
Devon Energy Trims Full-Year Spending
Tuesday, August 01, 2017 Devon Energy trims its full-year exploration spending by $100 million, joining a growing list of US shale producers.
Devon Energy Plans To Divest $1B Assets; Profit Beats
Tuesday, May 02, 2017 Devon Energy says it will divest about $1 billion of its assets.
Devon Energy Beats Profit Estimates As Cost Cuts Pay Off
Tuesday, February 14, 2017 Devon Energy reports a bigger-than-expected quarterly profit, as the US oil producer benefited from its cost-cutting initiatives.
E&P Companies Target Potential of STACK, SCOOP Plays
Thursday, August 25, 2016 Operators are testing the oil potential of the STACK and SCOOP plays as they seek E&P opportunities that work in a lower oil price environment.
US Frackers Surprise Themselves As Tweaks Keep Adding Barrels
Wednesday, August 03, 2016 Nimble US shale oil producers continue to show an uncanny ability to squeeze more and more crude from new wells, allowing them to do more with less.
Devon Energy Posts Surprising Adjusted Profit On Cost Cuts
Tuesday, August 02, 2016 Devon posts an unexpected adjusted quarterly profit and narrows its net loss.
Devon Stacks Up More Success in STACK Play
Tuesday, July 19, 2016 Devon Energy reports more testing and production success in the STACK play in Oklahoma.
Oil Patch 'Left for Dead' Will Spark New IPOs for US Explorers
Thursday, June 23, 2016 As the oil industry emerges from the biggest bust in three decades, shale drillers in a neglected corner of the biggest US oil field are poised to take a new generation of gushers public.
Devon Sells Texas Land to Pioneer, Undisclosed Buyer for $858M
Wednesday, June 15, 2016 U.S. shale oil producer Devon Energy Corp said it would sell Texas acreage to Pioneer Natural Resources Co and an undisclosed buyer for $858 million, as the pace of asset sales picks up on recovering oil prices.
Devon Energy To Divest Nearly $1B Assets
Monday, June 06, 2016 Devon Energy Corp says it will sell nearly $1 billion of producing assets in Texas and certain royalty interest as part of its divestiture program to improve its finances.
As Oil Boom Goes Bust, Oklahoma Protects Drillers and Squeezes Schools
Tuesday, May 17, 2016 After intense lobbying, Oklahoma's oilmen scored a victory two years ago. State lawmakers voted to keep in place some of lowest taxes on oil and gas production in the United States - a break worth $470 million in fiscal year 2015 alone.
US Shale Oil Drillers Finally Buckling as OPEC Pumps On
Friday, February 26, 2016 US oil drillers are finally beginning to buckle. For more than a year, American oil producers found a way to keep pumping despite a worldwide slide in crude prices.
Devon Energy Slashes Spending 75%, Cuts Jobs And Says Output To Dip
Tuesday, February 16, 2016 Devon slashes its 2016 capital spending program 75%, announces layoffs for 20% of staff and says production would slip as low prices roil shale oil companies.
Devon Says Hires Jefferies To Sell Non-Core Assets To Cut Debt
Wednesday, February 10, 2016 Devon Energy has hired the US investment bank Jefferies Group LLC to market assets across four major shale basins to raise cash and slash debt.
BP Buys New Mexico Oil And Gas Assets From Devon Energy
Friday, December 18, 2015 BP says its US onshore unit has acquired all of Devon's oil and gas properties in the San Juan Basin in New Mexico for an undisclosed price.
Report: With Oil Hedges Rolling Off, US Shale Producers Face Stiff Test
Monday, December 14, 2015 Cash-strapped U.S. shale oil producers are facing another sharp sell-off in a 18-month-old crude slump with reduced hedging protection, risking a severe hit to earnings if prices fail to recover.
Devon Energy To Buy Assets From Felix Energy For $1.9B
Monday, December 07, 2015 Devon Energy says it will buy some assets in the Anadarko Basin from smaller peer Felix Energy for $1.9 billion.
Devon Energy Plans To Cut Capital Spending Next Year
Wednesday, November 04, 2015 Devon Energy says it will slash capital spending for its exploration and production budget next year as crude oil prices remain depressed.
Devon Energy Has $3.5B Quarterly Loss On Writedowns
Tuesday, November 03, 2015 Devon Energy reports a quarterly loss compared with a year-earlier profit.
Devon Energy Cuts 15% Of Staff In Canada
Wednesday, October 28, 2015 Devon Energy has cut around 200 jobs, or 15%, of its staff in Canada following a significant reduction in capital spending, a company spokeswoman says.
Big Data, Internet of Things Transforming Oil and Gas Operations
Thursday, September 17, 2015 The amount of Big Data generated by oil and gas operations continues to grow as industry seeks to define Big Data and derive more benefits from it.
Devon Quarterly Results Beat Street, Oil Output Up
Tuesday, August 04, 2015 Devon Energy reported quarterly results that topped expectations as it pumped a record amount of US crude oil from shale basins in Texas and costs fell.
Devon Energy Names COO Hager As Chief Executive Officer
Monday, August 03, 2015 Devon Energy names Dave Hager chief executive officer.
Suncor Oil Sands Project Aims to Replace Steam with Radio Waves
Tuesday, July 14, 2015 Suncor Energy launches a pilot project to replace the high-pressure steam used to extract bitumen from oil sands with radio frequency technology developed by U.S. defence contractor Harris Corporation.
Devon Energy And Apache Shut-In Some Wells For Storms
Wednesday, May 27, 2015 Apache and Devon Energy shut-in some oil and gas wells as a precautionary measure because of heavy rains in Texas and Oklahoma.
Oil Companies' New Math Makes Them Look Bigger in Texas
Friday, November 21, 2014 Energy companies have long touted to Wall Street investors the number of acres they lease or own as a measure of how many oil and gas shale wells they can potentially drill.
Devon Energy Profit Tops Estimates, Output Jumps 19%
Tuesday, November 04, 2014 Devon Energy reports a sharply higher quarterly profit that topped Wall Street estimates.
Devon Energy 2Q Profit Slips; Output Lower
Wednesday, August 06, 2014 Devon Energy reports a 1% decrease in quarterly profit, matching Wall Street expectations, as asset sales dented oil and gas production.
Devon To Sell Oil And Gas Assets To Linn Energy For $2.3B
Monday, June 30, 2014 Devon Energy says it will sell all of its non-core US oil and gas properties to Linn Energy for $2.3 billion.
GE, Devon Sign New Technology Collaboration Agreement for Unconventionals
Monday, May 12, 2014 GE and Devon Energy sign a new technology collaboration agreement (TCA) to drive innovations that will enhance the performance and economics of unconventional oil and natural gas projects.
Devon Energy Profit Tops Street, Sees Permian Potential
Wednesday, May 07, 2014 Devon Energy says oil wells in Texas and New Mexico will provide much of its future growth as it seeks to pump more barrels of crude from shale.
Devon Buys 50,000 shale acres for $249 million cash
Tuesday, May 06, 2014 Devon Energy says it acquired 50,000 acres and some production in the Cana-Woodford Shale in Oklahoma for $249 million in cash from Cimarex.
Devon Sells Some Gas Assets As Oil Focus Pays Off
Wednesday, February 19, 2014 Devon says it would sell some liquids-rich natural gas assets in Canada for about $2.8B and posted a better-than-expected profit as it ramps up production of more lucrative oil.
Devon to Drill 8 Wells on a Single Unit in Oklahoma
Monday, February 17, 2014 Magnolia Petroleum reports that its partner, Devon Energy, will drill eight wells on a single spacing unit in Oklahoma in order to maximise recovery of reserves from the Mississippi Lime and Woodford formations.
PLS: Eagle Ford Tops 2013 US O&G Deals Despite Overall Deal Decline
Monday, January 13, 2014 The Eagle Ford was home to the greatest transactions values in 2013, while overall upstream O&G deals declined.
Devon To Buy GeoSouthern Eagle Ford Assets For $6 Billion
Wednesday, November 20, 2013 Devon Energy strikes a deal to buy privately held GeoSouthern Energy's assets in the Eagle Ford shale region of south Texas for $6 billion in cash.
Devon Profit Beats Street On Jump In Permian Production
Wednesday, November 06, 2013 Devon Energy posts a higher-than-expected 3Q profit following a jump in its Permian Basin production.
Goodrich Touts Tuscaloosa Marine Success Despite Soft Shale Worries
Wednesday, October 23, 2013 Goodrich Petroleum Corp. disproved soft rock worries in the Tuscaloosa Marine Shale and is doubling down in the play.
Devon Midstream Partners Files for IPO of Up to $400M
Friday, September 27, 2013 Devon Midstream Partners files with U.S. regulators to raise up to $400 million in an initial public offering of its common units.
Devon Energy Profit Jumps as Permian Basin Oil Output Rises
Wednesday, August 07, 2013 Devon Energy's profit jumps 43% as higher production from its properties in Texas' Permian basin boost oil output by 14%.
Devon Energy Names Hager as Chief Operating Officer
Monday, June 10, 2013 Devon Energy promotes David Hager, the head of its exploration and production business, as its chief operating officer.
Devon to Form Midstream MLP
Thursday, June 06, 2013 Devon Energy's board approves the proposed formation of a publicly traded midstream company.