Oklahoma City-based Devon Energy reported record oil production in 2023Q1 of 320,000 barrels per day. “This solid operational execution, combined with low reinvestment rates, has allowed Devon to generate free cash flow for 11 consecutive quarters across a variety of market conditions,” Rick Muncrief, president and CEO, said May 8. Production exceeded midpoint of guidance by 2,000 b/d. Total production was 641,000 boed (up 11 percent from 2022); oil production also was up 11 percent. Capital spending, excluding acquisitions, was $988 million in Q1 – in range with guidance.
Devon’s Q1 production in Delaware Basin increased by 5 percent above 2022 to 415,000 boed (51 percent oil). Oil production was up to 211,000 b/d from 209,000 in 2022Q1. Devon operated 16 rigs with four completion crews resulting in 42 gross wells placed online across 400,000 net acres. Capital activity included the Exotic Cat Raider development in Todd area of Lea County, N.M., a three-mile lateral project comprised of six wells drilled in upper Wolfcamp that exceeded pre-drill expectations with 30-day rates as high as 7,200 b/d oil.