Devon Energy Posts Competing Information for Q3 Earnings

In sitting down to review Devon’s most recent earnings announcements I found a new (at least to me), curious, development. Devon has chosen to publish two competing reports - the “Operations Report” and the “Investor Presentation.”

Devon Energy’s Operations Report

Slide 22 suggests that Devon’s top highlight is the Centaur Density Development project, which came online at 2,600 barrels of oil equivalent per day per well (5-well density). It also suggests that the project is dramatically outperforming the 10k Type Curve after being online for about 60 days.

The operations report goes on to map out six Future Developments, and highlights the following density results in addition to the Centaur:

  • Pickaroon (4 wells / dsu) at an average IP30 of 1,700 boed/well

  • Harold (5 wells / dsu) at an average IP30 of 1,400 boed/well

  • Fleenor 2HX (single well) with an average IP30 of 2,300 boed

2019-11 DVN Operations Report (slide 22).jpg

Devon Energy’s Investor Presentation

However, Devon’s IR slides show something entirely different for their STACK results.

  • The Centaur, the highlight of the Operations Report, is completely missing

  • None of the other density results are present and have been substituted for:

    • Baker density (4 wells / dsu) at an average IP30 of 2,400 boed/well

    • Everett (4 wells / dsu) at an average IP30 of 3,000 boed/well

    • Kraken (7 wells / dsu) at an average IP30 of 2,000 boed/well

    • Morning Thunder (4 wells / dsu) at an average IP30 of 1,900 boed/well

    • ML (5 wells / dsu) at an average IP30 of 1,400 boed/well

  • Finally, and most curious, all the Future Development shown on the other slide is entirely different

    • 10 planned Future Developments in the Investor Presentation vs.

    • 6 planned Future Developments in the Operations Report

2019-11 DVN IR Presentation (slide 18).jpg

While Hefner Energy is the proud owner of more than 60 net royalty acres in the Centaur development unit, we are confused by these competing slides released at the same time. What’s up with this Devon?

Hefner to Participate at the first Annual Oklahoma Investors Conference on Nov 7th

Hefner to Participate at the first Annual Oklahoma Investors Conference on Nov 7th

The first Oklahoma Annual Investors Conference will be held Thursday, November 7 at the Colcord Hotel in Oklahoma City. The conference will connect the financial ecosystem by welcoming institutional investors, fund managers and prominent public figures from across the world to participate in a full day of panel discussions, keynote presentations and networking opportunities. “Financial services conferences are important for the development of the economy. They allow key-players in our industry to spend time together in the same room, which lays the groundwork for immense growth across multiple sectors,” says VIKASA Capital CEO and Founder, Roshan Pujari. “VIKASA is excited to support this endeavor and act as a catalyst for growth in our state and across the region.”