Devon Energy Corporation Valuation Report, June 2010 - Strategic and Operational Analysis


#28739

117pages

GlobalData

$ 3500

In Stock


Devon Energy Corporation is an independent energy company primarily dealing with Exploration and Production activities related to natural gas, crude oil and natural gas liquids (NGLs) in onshore areas of the US and Canada. The company continuously strives to enhance its shareholders value through these operations. It invests in oil and gas properties with high margins, balances its oil and gas reserve mix and maintains financial flexibility. In November 2009, Devon announced plans to dispose its entire interests in international and Gulf of Mexico assets. It intends to close the sales of these assets by the end of 2010. The companys international assets are mainly located in Azerbaijan, Brazil and China. It plans to reduce its debt and speed up its North American activities with the proceeds of this sale. The major drivers of Devons production in the coming years include its Jackfish project in Canada and the Barnett, Woodford and Haynesville shale plays in the US. It expects additional production from its newer Jackfish projects, the Horn River Basin project and the Cody project area in south central Montana in the US in the near future.

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities. 

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 7

2 Devon Energy Corporation, Company Overview 10

3 Devon Energy Corporation, Watchlist for 2010 13

4 Devon Energy Corporation, Investment Summary 14
4.1 Barnett Shale to Remain the Dominant Area in Devons E&P Operations; Inventory to Last More Than a Decade 14
4.2 Jackfish Oil Presenting a Long Life Producing Profile for Devon 16
4.3 Exposure to Other Shale Development; Devon Utilizing Its Barnett Expertise 17
4.3.1 Arkoma-Woodford Shale 17
4.3.2 Cana-Woodford Shale 18
4.3.3 Haynesville Shale 18
4.3.4 Horn River Basin 19
4.4 Divestiture of Assets to Concentrate on Core Operated Areas 20
4.5 Comfortable Liquidity Position is Set to Improve Further 21

5 Devon Energy Corporation, SWOT Analysis 24
5.1 Strengths 24
5.1.1 Unconventional Drilling Expertise 24
5.1.2 Positive Prospects Regarding the Companys Financial Flexibility 24
5.2 Weakness 24
5.2.1 Deteriorating Profit Margins and Other Ratios 24
5.3 Opportunities 25
5.3.1 Shale Play to Deliver Immense Prospects in Coming Years 25
5.3.2 Divestiture of International Assets Will Provide Substantial Opportunity to Improve Onshore North America Operations 25
5.4 Threat 25
5.4.1 Royalty Rate Decisions are an Indirect Hindrance to Devons Unconventional Oil Projects 25

6 Devon Energy Corporation, Goals and Strategies 26
6.1 Attention on Extracting Huge Future Returns from Invested Assets 26
6.2 Devon Intends to Compete in its Core Area of Operations 27
6.3 Maintain Financial Flexibility in Future Capital Decisions 27

7 Devon Energy Corporation, Production Overview 28
7.1 Production Profile 28
7.2 Barnett Shale Continues to be the Largest Production Contributor 28
7.3 Carthage Area Activity Depends Upon Pricing and Drilling 29
7.4 Lloydminster 29
7.5 Permian Basin in Texas 29
7.6 Other Assets 29

8 Devon Energy Corporation, Development Overview 31
8.1 Development Profile 31
8.2 Jackfish Development Project; Significant Upside Yet To Come 32
8.3 Haynesville Shale - A Repeatable Play; De-risking Continues 33
8.4 Wolfberry Oil Devons Presence in the Permian Basin could make it a Low Risk Development 34

9 Devon Energy Corporation, Exploration and M&A Highlights 35
9.1 Horn River Basin still in De-risking Stage; It Could Add Small Volumes in 2010 35
9.2 Strong Display of Strength in Organic Reserve Additions 35
9.3 M&A Activity 37

10 Devon Energy Corporation, Marketing and Midstream Updates 40

11 Devon Energy Corporation, Outlook 41

12 Devon Energy Corporation, Forecast Production & Financial Statements 42
12.1 Income Statement (2007 2014E) 44
12.2 Balance Sheet (2007 2014E) 45
12.3 Cash Flow Statement (2007 2014E) 46
12.4 Financial Ratios (2007 2014E) 46
13 Devon Energy Corporation, Valuation 49
13.1 Net Asset Value 49

14 Devon Energy Corporation, Peer Comparision 52
14.1 Share Price Performance 52
14.2 Operational and Financial Performance 53

15 Devon Energy Corporation, Key Risks 57
15.1 Volatile Commodity Price 57
15.2 Reserve Replacement 57
15.3 Competition with Peers 57

16 Devon Energy Corporation, Detailed Financial & Operational Metrics 58
16.1 Devon Energy Corporation, Quarterly Results of Oil & Gas Operations Per BOE Produced 58
16.1.1 Results of Oil & Gas Operations Per BOE Produced, Q4, 2008Q4, 2009 58
16.1.2 Results of Oil & Gas Operations Per BOE Growth Rates, Q4, 2008Q4, 2009 58
16.2 Devon Energy Corporation, Quarterly E&P Costs Trends 59
16.2.1 Upstream Capital Expenditure, Q4, 2008Q4, 2009 59
16.3 Devon Energy Corporation, Quarterly Production Trends 60
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008Q4, 2009 60
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 61
16.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 62
16.4 Devon Energy Corporation, Crude Oil Production 63
16.4.1 Total Crude Oil Production Trend, Q4, 2008Q4, 2009 63
16.4.2 Crude Oil Production, By Country/Region, Q4, 2008Q4, 2009 64
16.5 Devon Energy Corporation, Natural Gas Production 65
16.5.1 Total Natural Gas Production Trend, Q4, 2008Q4, 2009 65
16.5.2 Natural Gas Production, By Country/Region, Q4, 2008Q4, 2009 66
16.6 Devon Energy Corporation, Production and Reserve Trends 67
16.6.1 Total Crude Oil and Natural Gas Production and Reserve Trends, 200409 67
16.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 20042009 68
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 20042009 69
16.7 Devon Energy Corporation, Crude Oil/Liquids Production and Reserve 70
16.7.1 Crude Oil/Liquids Production and Reserve Trends, 20042009 70
16.7.2 Crude Oil Production and Reserves By Country/Region, 20042009 71
16.7.3 Crude Oil/Liquids Reserve Changes, 20042009 72
16.8 Devon Energy Corporation, Natural Gas Production and Reserves 73
16.8.1 Natural Gas Production and Reserve Trends, 200409 73
16.8.2 Natural Gas Production and Reserves, By Country/Region, 20042009 74
16.8.3 Natural Gas Reserve Changes, 20042009 75
16.9 Devon Energy Corporation, Total Crude Oil and Natural Gas Reserves Life Index 76
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 20042009 76
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 20042009 77
16.10 Devon Energy Corporation, E&P Cost Trends 79
16.10.1 Upstream Capital Expenditure, 20042009 79
16.10.2 Acquisition Costs By Country/Region, 20042009 80
16.10.3 Exploration and Development Costs, By Country/Region, 20042009 81
16.11 Devon Energy Corporation, Oil and Gas Cost Per Boe, $/boe 83
16.11.1 Oil and Gas Cost Per Boe, $/boe, 20042009 83
16.11.2 Oil and Gas Cost Per Boe, $/boe, By Country/Region, 20042009 84
16.12 Devon Energy Corporation, Reserve Replacement Ratio 87
16.12.1 Oil and Gas Production Replacement Ratio, 20042009 87
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 20042009 88
16.13 Devon Energy Corporation, Results of Oil & Gas Operations, Trends 92
16.13.1 Oil and Gas Revenue and Expenses, 20042009 92
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 20042009 93
16.14 Devon Energy Corporation, Oil and Gas Revenue and Expenses, Per Boe 97
16.14.1 Oil and Gas Revenue and Expenses, By Boe, 20042009 97
16.14.2 Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 20042009 98
16.15 Devon Energy Corporation, Oil and Gas Performance Metrics 101
16.16 Devon Energy Corporation, Land Holdings and Well Data 102
16.16.1 Gross and Net Developed and Undeveloped Acreage, 20042009 102
16.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 20042009 103
16.17 Devon Energy Corporation, Well Statistics 106
16.17.1 Producible Oil and Gas Well, 20042009 106
16.17.2 Producible Oil and Gas Well, By Country/Region, 20042009 107
16.17.3 Exploration and Development Wells Drilled, 20042009 111
16.17.4 Exploration and Development Wells Drilled, By Country/Region, 20042009 112
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 113
16.17.6 Developed Reserves per Well, By Country/Region, 20042009 114

17 Appendix 116
17.1 Methodology 116
17.1.1 Coverage 116
17.1.2 Secondary Research 116
17.1.3 Primary Research 117
17.2 Data Sources 117
17.2.1 Company Source 117
17.2.2 SEC/Other Regulatory Filings 117
17.2.3 Agency Reports 117
17.2.4 Other Sources 117
17.3 Methodology for Company Valuation 117
17.4 Expert Panel Validation 118
17.5 Units of Measure 118
17.6 About GlobalData 118
17.7 Disclosure 119
17.8 Disclaimer 119

Table 1: Devon Energy Corporation, Key Events, 20092010 11
Table 2: Devon Energy Corporation, Upstream Production Growth Profile (MMboe), 2010E 2014E 30
Table 3: Devon Energy, Key Transactions As A Buyer, 20062010 37
Table 4: Devon Energy, Key Transactions As a Seller, 20072010 38
Table 5: Devon Energy Corporation, Estimated Production, 20072014E 42
Table 6: GlobalData, Price Forecast, 2010E 2014E 42
Table 7: Devon Energy Corporation, Income Statement ($m), 20072014E 44
Table 8: Devon Energy Corporation, Balance Sheet ($m), 20072014E 45
Table 9: Devon Energy Corporation, Cash Flow Statement ($m), 20072014E 46
Table 10: Devon Energy Corporation, Profitability & Growth Parameters, 20072014E 47
Table 11: Devon Energy Corporation, Cash Flow & Liquidity Parameters, 20072014E 48
Table 12: Devon Energy Corporation, Capital Structure & Efficiency Parameters, 20072014E 48
Table 13: GlobalData Price Forecast, 2010E 2014E 49
Table 14: Devon Energy Corporation, Net Asset Valuation, 2010 50
Table 15: Devon Energy Corporation, Prospective Acreage & Non Proven Reserves, 2009 50
Table 16: Devon Energy Corporation, Sensitivity Analysis of Fair Value ($/share), 2010 50
Table 17: Devon Energy Corporation, NPV Per Unit Crude Oil & NGL Production, 2010 51
Table 18: Devon Energy Corporation, NPV Per Unit Natural Gas Production, 2010 51
Table 19: Devon Energy Corporation, NPV Per Unit Total Production, 2010 51
Table 20: Devon Energy Corporation and its Peers, Operational and Financial Parameters, 2009 53
Table 21: Devon Energy Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 58
Table 22: Devon Energy Corporation, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008Q4, 2009 58
Table 23: Devon Energy Corporation, Upstream Capital Expenditure, Q4, 2008Q4, 2009 59
Table 24: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2008Q4, 2009 60
Table 25: Devon Energy Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q4, 2008Q4, 2009 61
Table 26: Devon Energy Corporation, Total Crude Oil and Natural Gas Production Per Share, Q4, 2008Q4, 2009 62
Table 27: Devon Energy Corporation, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Table 28: Devon Energy Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Table 29: Devon Energy Corporation, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 65
Table 30: Devon Energy Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008Q4, 2009 66
Table 31: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 67
Table 32: Devon Energy Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 20042009 68
Table 33: Devon Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 200409 69
Table 34: Devon Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 70
Table 35: Devon Energy Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 20042009 72
Table 36: Devon Energy Corporation, Crude Oil Reserve Changes, MMbbl, 20042009 72
Table 37: Devon Energy Corporation, Natural Gas Production and Reserves Metrics, Bcf, 20042009 73
Table 38: Devon Energy Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 20042009 75
Table 39: Devon Energy Corporation, Natural Gas Reserve Changes, Bcf, 20042009 75
Table 40: Devon Energy Corporation, Oil and Gas Reserves Life Index, Years, 20042009 76
Table 41: Devon Energy Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 20042009 78
Table 42: Devon Energy Corporation, Upstream Capital Expenditure, $m, 20042009 79
Table 43: Devon Energy Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 20042009 81
Table 44: Devon Energy Corporation, Exploration and Development Costs, By Country/Region, $m, 20042009 82
Table 45: Devon Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Cost Per Boe, $/boe, 20042009 83
Table 46: Devon Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 20042009 86
Table 47: Devon Energy Corporation, Oil and Gas Production Replacement Ratio, %, 20042009 87
Table 48: Devon Energy Corporation, 3Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 20042009 91
Table 49: Devon Energy Corporation, Revenue and Expenses, $m, 20042009 92
Table 50: Devon Energy Corporation, Revenue and Expenses, By Country/Region, $m, 20042009 96
Table 51: Devon Energy Corporation, Oil and Gas Revenue and Expenses, $/Boe, 20042009 97
Table 52: Devon Energy Corporation, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 20042009 101
Table 53: Devon Energy Corporation, Oil and Gas Performance Metrics, 20042009 102
Table 54: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 103
Table 55: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 20042009 105
Table 56: Devon Energy Corporation, Producible Oil and Gas Wells, 20042009 106
Table 57: Devon Energy Corporation, Producible Oil and Gas Wells, By Country/Region, 20042009 110
Table 58: Devon Energy Corporation, Exploratory and Developed Wells, 20042009 111
Table 59: Devon Energy Corporation, Exploratory and Developed Wells, By Country/Region, 20042009 112
Table 60: Devon Energy Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 20042009 113
Table 61: Devon Energy Corporation, Developed Reserves per Well, By Country/Region, Mboe per Well, 20042009 115
Figure 1: Devon Energy Corporation, Key Properties in the US and Canada, 2010 10
Figure 2: Devon Energy Corporation, Share Performance, May 2009April 2010 11
Figure 3: Devon Energy Corporation, Performance Overview, 2009 12
Figure 4: Devon Energy Corporation, Barnett Shale Overview, 2010 14
Figure 5: Devon Energy Corporation, Barnett Shale, Estimated ProductionShare of total production, 20072015E 15
Figure 6: Devon Energy Corporation, Jackfish Project Overview, 2010 16
Figure 7: Devon Energy Corporation, Shale ProductionWoodford, Haynesville & Horn River as % share of Total Production, 20082015E 17
Figure 8: Devon Energy Corporation, ArkomaWoodford Shale Overview, 2009 18
Figure 9: Devon Energy Corporation, Haynesville Shale Overview, 2009 19
Figure 10: Devon Energy Corporation, Reserves & Production against E&P Capital, 2009 20
Figure 11: North America Onshore against Divesting Assets Performance, 20062009 21
Figure 12: Devon Energy Corporation, Sources of funds and Capex Comparison, 20062009 22
Figure 13: Devon Energy Corporation, Usage of funds and Operating Cash flows comparison, 20062009 22
Figure 14: Devon Energy Corporation, Debt Maturity Schedule as of 2009 23
Figure 15: Devon Energy Corporation, Expected E&P Spending on High Growth Assets, 2010 26
Figure 16: Devon Energy Corporation, Estimated Production from Shale & Oil Sand Projects, 2010E2015E 27
Figure 17: Devon Energy Corporation, Total Production From Upstream Assets, 20062015E 28
Figure 18: Devon Energy Corporation, Total Oil & Gas Production By Region, 20062009 29
Figure 19: Devon Energy Corporation, Estimated Production By Region, 2010E2015E 31
Figure 20: Jackfish Project, Estimated Production By Phase, 2009 2015E 32
Figure 21: Devon Energy Corporation, Haynesville Shale, Estimated Production, 20092015E 33
Figure 22: Devon Energy Corporation, Estimated Production by Type, 2010E2015E 34
Figure 23: Devon Energy Corporation, Exploration Cost and Reserve Addition Through Drillbit, 20062009 36
Figure 24: Devon Energy Corporation, Acquisition Cost and Reserve Addition Through Acquisition, 20062009 36
Figure 25: Devon Energy Corporation, Marketing & Midstream Revenue as % of Total Revenue, 20052009 40
Figure 26: Devon Energy Corporation and its Peers, Share Price Performance, March 20092010 52
Figure 27: Devon Energy Corporation and its Peers, F&D cost and Reserve Replacement Ratio, 2009 54
Figure 28: Devon Energy Corporation and its Peers, Operational and Financial Parameters in $/boe, 2009 54
Figure 29: Devon Energy Corporation and its Peers, Total Reserves and Production, MMboe, 2009 55
Figure 30: Devon Energy Corporation and its Peers, Valuation Ratios, 2009 55
Figure 31: Devon Energy Corporation and its Peers, EV/ EBITDA, 2009 56
Figure 32: Devon Energy Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008Q4, 2009 58
Figure 33: Devon Energy Corporation, Upstream Capital Expenditure, $m, Q4, 2008Q4, 2009 59
Figure 34: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008Q4, 2009 60
Figure 35: Devon Energy Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q4, 2008Q4, 2009 61
Figure 36: Devon Energy Corporation, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008Q4, 2009 62
Figure 37: Devon Energy Corporation, Total Crude Oil Production, MMbbl, Q4, 2008Q4, 2009 63
Figure 38: Devon Energy Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008Q4, 2009 64
Figure 39: Devon Energy Corporation, Total Natural Gas Production, Bcf, Q4, 2008Q4, 2009 65
Figure 40: Devon Energy Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008Q4, 2009 66
Figure 41: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 67
Figure 42: Devon Energy Corporation, Total Oil & Gas Production (Reserves Reconciliation), By Country/Region, MMBOE, 20042009 68
Figure 43: Devon Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 69
Figure 44: Devon Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 70
Figure 45: Devon Energy Corporation, Oil Production (Reserves Reconciliation), By Country/Region, MMbbl, 20042009 71
Figure 46: Devon Energy Corporation, Total Proved Oil Reserves, By Country/Region, MMbbl, 20042009 71
Figure 47: Devon Energy Corporation, Crude Oil Reserve Changes, MMbbl, 2009 72
Figure 48: Devon Energy Corporation, Natural Gas Production and Reserves Metrics, Bcf, 20042009 73
Figure 49: Devon Energy Corporation, Gas Production (Reserves Reconciliation), By Country/Region, Bcf, 20042009 74
Figure 50: Devon Energy Corporation, Total Proved Gas Reserves, By Country/Region, Bcf, 20042009 74
Figure 51: Devon Energy Corporation, Natural Gas Reserve Changes, Bcf, 2009 75
Figure 52: Devon Energy Corporation, Oil and Gas Reserves Life Index, Years, 20042009 76
Figure 53: Devon Energy Corporation, Gas Reserve Life Index, By Country/Region, Years, 20042009 77
Figure 54: Devon Energy Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 20042009 77
Figure 55: Devon Energy Corporation, Oil Reserve Life Index, By Country/Region, Years, 20042009 78
Figure 56: Devon Energy Corporation, Upstream Capital Expenditure, $m, 20042009 79
Figure 57: Devon Energy Corporation, Proved Acquisition Costs, By Country/Region, $m, 20042009 80
Figure 58: Devon Energy Corporation, Unproved Acquisition Costs, By Country/Region, $m, 20042009 80
Figure 59: Devon Energy Corporation, Development Costs, By Country/Region, $m, 20042009 81
Figure 60: Devon Energy Corporation, Exploration Costs, By Country/Region, $m, 20042009 82
Figure 61: Devon Energy Corporation, 3Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Cost Per Boe, $/boe, 20042009 83
Figure 62: Devon Energy Corporation, 3Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/BOE, 20042009 84
Figure 63: Devon Energy Corporation, 3Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/BOE, 20042009 84
Figure 64: Devon Energy Corporation, 3Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/BOE, 20042009 85
Figure 65: Devon Energy Corporation, 3Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/BOE, 20042009 85
Figure 66: Devon Energy Corporation, 3Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 20042009 87
Figure 67: Devon Energy Corporation, 3Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 20042009 88
Figure 68: Devon Energy Corporation, 3Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 20042009 88
Figure 69: Devon Energy Corporation, 3Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 20042009 89
Figure 70: Devon Energy Corporation, 3Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 20042009 89
Figure 71: Devon Energy Corporation, 3Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 20042009 90
Figure 72: Devon Energy Corporation, 3Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 20042009 90
Figure 73: Devon Energy Corporation, Revenue and Expenses, $m, 20042009 92
Figure 74: Devon Energy Corporation, Depreciation, Depletion & Amortization, By Country/Region, $m, 20042009 93
Figure 75: Devon Energy Corporation, Income Tax/(Benefit), By Country/Region, $m, 20042009 93
Figure 76: Devon Energy Corporation, Net Income/ Loss, By Country/Region, $m, 20042009 94
Figure 77: Devon Energy Corporation, Oil & Gas Revenue, By Country/Region, $m, 20042009 94
Figure 78: Devon Energy Corporation, Pretax Profit, By Country/Region, $m, 20042009 95
Figure 79: Devon Energy Corporation, Production Expenses, By Country/Region, $m, 20042009 95
Figure 80: Devon Energy Corporation, Total Expenses, By Country/Region, $m, 20042009 96
Figure 81: Devon Energy Corporation, Oil and Gas Revenue and Expenses, $/Boe, 20042009 97
Figure 82: Devon Energy Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/BOE, 20042009 98
Figure 83: Devon Energy Corporation, Lifting Cost per boe, By Country/Region, $/BOE, 20042009 98
Figure 84: Devon Energy Corporation, Annual Net Income per boe, By Country/Region, $/BOE, 20042009 99
Figure 85: Devon Energy Corporation, Oil & Gas Revenue per boe, By Country/Region, $/BOE, 20042009 99
Figure 86: Devon Energy Corporation, Total DD&A per boe, By Country/Region, $/BOE, 20042009 100
Figure 87: Devon Energy Corporation, Total Revenue per boe, By Country/Region, $/BOE, 20042009 100
Figure 88: Devon Energy Corporation, Oil and Gas Performance Metrics, 20042009 101
Figure 89: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 102
Figure 90: Devon Energy Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 20042009 103
Figure 91: Devon Energy Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 20042009 104
Figure 92: Devon Energy Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 20042009 104
Figure 93: Devon Energy Corporation, Total Net Developed Acreage, By Country/Region, Acres, 20042009 105
Figure 94: Devon Energy Corporation, Producible Oil and Gas Wells, 20042009 106
Figure 95: Devon Energy Corporation, Gross Producible Gas Wells, By Country/Region, Number, 20042009 107
Figure 96: Devon Energy Corporation, Gross Producible Oil & Gas Wells, By Country/Region, Number, 20042009 107
Figure 97: Devon Energy Corporation, Gross Producible Oil Wells, By Country/Region, Number, 20042009 108
Figure 98: Devon Energy Corporation, Net Oil & Gas Wells as percentage of Gross Oil & Gas Wells, By Country/Region, %, 20042009 108
Figure 99: Devon Energy Corporation, Net Producible Gas Wells, By Country/Region, Number, 20042009 109
Figure 100: Devon Energy Corporation, Net Producible Oil & Gas Wells, By Country/Region, Number, 20042009 109
Figure 101: Devon Energy Corporation, Net Producible Oil Wells, By Country/Region, Number, 20042009 110
Figure 102: Devon Energy Corporation, Exploratory and Developed Wells, 20042009 111
Figure 103: Devon Energy Corporation, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 20042009 114
Figure 104: Devon Energy Corporation, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 20042009 114
Figure 105: Devon Energy Corporation, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 20042009 115