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
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
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?