Newspaper article THE JOURNAL RECORD

Devon Energy Reports Its 12th Consecutive Production Record

Newspaper article THE JOURNAL RECORD

Devon Energy Reports Its 12th Consecutive Production Record

Article excerpt

OKLAHOMA CITY (JR) -- Devon Energy on Thursday reported today its 12th consecutive record for annual oil and gas production.

Oil and natural gas production rose to 52.5 million barrels of oil equivalent in 1999, up 46 percent from production of 36 million barrels of oil equivalent.

Devon also reported that its estimated proved oil and gas reserves at Dec. 31 totaled 670 million barrels of oil equivalent -- a new all-time record for year-end oil and gas reserves. "Based on year-end reserves, Devon is 80 times the size we were when we went public in 1988," said J. Larry Nichols, president and CEO of the Oklahoma City-based company. "The PennzEnergy merger not only helped Devon achieve record reserves and production in 1999, the merger almost assures we will set yet another production record in 2000."

Total proved reserves at Dec. 31 of 669.8 million barrels of oil equivalent represented a 124 percent rise from year-end 1998 reserves of 299.4 million barrels of oil equivalent. At its new reserve volumes, Devon said it ranks among the top ten of U.S.- based, independent oil and gas producers. With 1999 net reserve additions of 423 million barrels of oil equivalent and production of 52.5 million barrels of oil equivalent, Devon's reserve replacement for 1999 exceeded 800 percent. Proved property acquisitions, primarily the August 1999 merger with Houston-based PennzEnergy, contributed 405.2 million barrels of oil equivalent of new reserves. Drilling contributed an additional 26.2 million barrels of oil equivalent to year-end 1999 reserves while upward revisions of prior estimates added 5 million barrels of oil equivalent.

Devon's 1999 reserve additions were partially offset by sales of marginal and non-strategic properties during the year. The company sold oil and gas properties during 1999 with 13.4 million barrels of oil equivalent of associated reserves. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.