Oklahoma City-based Devon Energy said recently its Delaware Basin assets accounted for 67 percent of total company production in third quarter. Devon reached 488,000 boed in 3Q in Delaware Basin for an increase of six percent from 2Q. A key contributor was a 21-well project targeting six landing zones in Bone Spring and Wolfcamp brought online in Q2 and Q3. Devon improved drilling efficiency 14 percent compared to the previous year and now achieves 1,034 feet drilled per day.
Rick Muncrief, president and CEO, said Nov. 5, “The Delaware Basin continues to be a great contributor to our success. The exceptional well productivity and cycle time improvement we continue to see in this basin contributed to production volumes surpassing our guidance while keeping capital expenditures below forecasted levels.”
Oil production in 3Q of 335,000 b/d exceeded guidance by 4 percent. Total company production averaged 728,000 boed in 3Q. Production forecast for 4Q was raised to 811,000 to 830,000 boed (oil 380,000 to 390,000 b/d).
Production forecast for 2025 (preliminary) is 800,000 boed (oil 380,000 b/d) with capital expenditures of $4 billion to $4.2 billion.