Oklahoma City-based Devon Energy said last month in its 3Q operations announcement that production in Delaware Basin averaged 409,000 boed (52 percent oil) in 2021Q3 – an increase of 39 percent from 2020Q3. The growth was driven by 52 new wells that started production on Devon’s 400,000 net acres in New Mexico and Texas. Devon said cost of completed wells for this Wolfcamp activity was “extremely low at $554 per lateral foot.” New well activity was highlighted by results in Boundary Raider and Thistle Cobra areas in Lea County. Clay Gaspar, COO, said, “This activity helped us prove the economics of the Wolfcamp inventory in the area.”
In 2022 Devon plans to maintain production of 570,000 to 600,000 boed with upstream capital investment of $1.9 billion to $2.2 billion.