Devon Energy
Devon Energy is one of the largest US independent oil & gas exploration and production (E & P) companies. Their resource mix is 64% gas / 36% liquids, with the bulk of assets in onshore North America. Devon Energy is one-third of the way through an onshore oil wildcat in Egypt near to the US independent’s East Zeit production facilities. The Dendera-1X wildcat has upside resource potential of 50 million barrels of oil equivalent. Devon Energy is in the position to make a lot of money if the Powder River Basin project is approved.
Devon Energy is one-third of the way through an onshore oil wildcat in Egypt near to the US independent’s East Zeit production facilities. The Dendera-1X wildcat has upside resource potential of 50 million barrels of oil equivalent. Devon Energy is named after a geographical feature in England. Devon Energy is at an all time high and the upward move has been accompanied by heavy volume. Notwithstanding the global economic slowdown, the price of oil has managed to remain firm due to supply constraints and geopolitical tensions.
Production has been firmly established with over 4,700 successfully completed wells drilled, the field encompassing over 500,000 acres. It is currently producing in excess of one billion cubic feet per day. Production volume should increase 4-5% in 2007 and 7-11% in 2008. Analysts also like Devon’s strategy decision to sell international assets with lower growth prospects.
Earnings totaled $1.31 billion, up from $579 million last year. Devon noted that its results were boosted by a one-time gain of $342 million from accounting adjustments and the sales of its Egyptian and West African operations. Earnings are on an uptrend since 2000 and the stock bottomed earlier this year in the mid-$3 area. Palladium, which is in a bear market right now, might see a big reversal one day.
Gas companies know the competition game well. The price companies offer land owners is not just based on the price of natural gas, Robbins said. Gail Kim and ODB: I actually do not have a ton to say about this match, other than it was a damn fine tag team match. Saeed got to look good in the match, even if her outfit may have limited her a bit.