Devon Proves It’s a (Shale) Rock Star
While the Reese Energy Consulting team ramps up for an extensive auditing project for a large oil and gas producer, we’re also excited to see the gusher of Q1 earnings reports from Oklahoma energy leaders. On the heels of a complete transformation to a pure-play shale operator, Devon Energy posted a stellar performance in the first three months of the year by virtually every measure. The company’s light-oil production in the Delaware and Powder River basins and the STACK and Eagle Ford increased 24% over Q1 2018 to 138,000 BPD—exceeding the high end of guidance by 8,000 BPD. Net production from the Delaware alone has continued to increase 76% year over year. The company currently holds more than 1.3 million net acres in the Delaware and 600,000 net acres in the heart of the STACK. Further, in the cost-cutting climate of most independents, Devon is demonstrating star-quality capital discipline while boosting production and landing it among the ranks of best oil stocks to buy.