Houston-based Devon Energy said last week better-than-expected well performance, primarily in Delaware Basin, led to production in the second quarter at the top end of guidance. Devon said Q2 output averaged 1,359,000 boed, including 503,000 b/d of oil. Clay Gaspar, president and CEO, said capital expenditures in Q2 were about 2 percent below forecast. He added Aug. 4, “Since merger close, we have moved with speed and intention” and “strengthened an already premier Delaware Basin position.”
In Q2 Devon averaged 34 operated drilling rigs and 10 completion crews, resulting in 120 net operated wells being placed online with average lateral length of 10,800 feet. Capital expenses were $1.269 billion. During Q2 Devon closed its merger with Coterra Energy and acquired 16,300 net acres in Delaware Basin in a federal lease sale for $2.6 billion to add about 400 top-tier locations.
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