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Company Description

Contact Info

333 West Sheridan Avenue

Oklahoma City, OK 73102

United States

Phone: 405-235-3611

Fax:

Devon Energy Corporation, an independent energy company, engages primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). The company’s operations are concentrated in various North American onshore areas in the United States (U.S.) and Canada. It also produces approximately 1.6 billion cubic feet of natural gas a day and approximately 136 thousand barrels (MBbls) of NGLs per day. The company’s subsidiary includes EnLink Midstream Partners, LP (EnLink). Oil and Gas Properties Delaware Basin: The Delaware Basin has been a legacy asset for the company and offers exploration and development opportunities from various geologic reservoirs and play types, including the Bone Spring, Delaware, Wolfcamp and Leonard formations. The company plans to invest in the Delaware Basin, primarily focused on the second Bone Spring opportunity in the basin of southeast New Mexico. STACK: In early January 2016, the company increased its acreage in the Woodford Shale and Meramec plays by acquiring 80,000 net acres in the STACK. The STACK development is located primarily in Oklahoma’s Canadian, Kingfisher and Blaine counties. Eagle Ford: The company acquired its position in the Eagle Ford in early 2014 from GeoSouthern and have approximately 66,000 net acres located in the DeWitt and Lavaca counties in south Texas. Rockies Oil: The company’s operations are focused on emerging oil opportunities in the Powder River Basin and the Wind River Basin. In the Powder River, the company is targeting various Cretaceous oil objectives, including the Turner, Parkman and Frontier formations. In December 2015, the company acquired 253,000 net acres in the ‘core’ of the oil fairway in the Powder River. Heavy Oil: The company’s operations in Canada are focused on its heavy oil assets in Alberta, Canada. Its significant Canadian operation is its Jackfish complex, a thermal heavy oil operation in the non-conventional oil sands of east central Alberta. The company’s Pike oil sands acreage is situated directly to the southeast of its Jackfish acreage in east central Alberta and has similar reservoir characteristics to Jackfish. The Pike leasehold is undeveloped and has no proved reserves or production as of December 31, 2015. The company has a 50% interest in the Access Pipeline transportation system in Canada. This pipeline system allows the company to blend its heavy oil production with condensate or other blend-stock and transport the combined product to the Edmonton area for sale. The Access Pipeline system has the capacity to transport approximately 170 MBbls of bitumen blend per day, net to its 50% interest. In addition to Jackfish and Pike, the company holds acreage and owns producing assets in the Bonnyville region, located to the south and east of Jackfish in eastern Alberta. Barnett Shale: This is the company’s largest property in terms of production and proved reserves. Its leases are located primarily in Denton, Johnson, Parker, Tarrant and Wise counties in north Texas. Other: Other assets are located primarily in the Midland Basin, east Texas, Granite Wash and Mississippian-Lime areas. EnLink Properties EnLink’s assets are comprised of systems and other assets located in four primary regions, including: Texas: The Texas assets consist of transmission pipelines with a capacity of approximately 1.3 Bcf/d, processing facilities with a total processing capacity of approximately 1.4 Bcf/d and gathering systems with total capacity of approximately 2.9 Bcf/d. Oklahoma: The Oklahoma assets consist of processing facilities with a total processing capacity of approximately 550 MMcf/d and gathering systems with total capacity of approximately 605 MMcf/d. Louisiana: The Louisiana assets consist of transmission pipelines with a capacity of approximately 3.5 Bcf/d, processing facilities with a total processing capacity of approximately 1.7 Bcf/d, gathering systems with total capacity of approximately 510 MMcf/d, 660 miles of liquids transport lines, and 4 fractionation assets with total fractionation capacity of 198 MBbls/d. Crude and Condensate: The Crude and Condensate assets consist of approximately 350 miles of crude oil and condensate pipelines with total capacity of approximately 101 MBbls/d, 900 MBbls of above ground storage, and 8 condensate stabilization and natural gas compression stations with combined capacities of approximately 36 MBbls/d of condensate stabilization and 780 MMcf/d of natural gas compression. Marketing and Midstream Activities Midstream Operations: EnLink’s operations primarily focus on providing midstream energy services, which consist of gathering, transmission, processing, fractionation and marketing, to producers of natural gas, NGLs, crude oil and condensate, including the company. EnLink connects the wells of natural gas producers in its market areas to its gathering systems, processes natural gas for the removal of NGLs, fractionates NGLs into purity products and markets those products for a fee, transports natural gas, and provides natural gas to various markets. Furthermore, EnLink purchases natural gas from natural gas producers and other supply sources, and sells that natural gas to utilities, industrial consumers, other marketers and pipelines. Strategy The key elements of the company’s strategy includes exploring for undiscovered oil and natural gas reserves; purchasing and developing oil and natural gas properties; and enhancing the value of production through marketing and midstream activities. Government Regulations Certain of the company’s U.S. natural gas and oil leases are granted by the federal government and administered by the Bureau of Land Management of the Department of the Interior. History Devon Energy Corporation, a Delaware corporation, was founded in 1971.

 

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