About Devon Energy
Devon Energy is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company’s operations are concentrated in various North American onshore areas that extend from the Canadian arctic to the Gulf Coast in the United States. Devon holds roughly 13 million net acres, of which roughly two-thirds are undeveloped. This deep inventory of opportunities in premier North American growth plays will provide stable production and a platform for future growth.
In 1989, Devon became one of the first companies to produce economically viable quantities of natural gas from coalbeds. Drilling into northwest New Mexico’s Fruitland coal formations, the company’s innovation and persistence helped unlock the secrets to producing coalbed natural gas, which has become a major energy resource in North America. Devon’s coalbed operations in the San Juan Basin are expected to ultimately produce more than 1.3 trillion cubic feet of natural gas. Successes in the San Juan Basin have led to other coalbed reservoirs in Wyoming and to exploration projects in Montana, Oklahoma and western Canada.
The company asserted its pioneering spirit again in developing the huge Barnett Shale natural gas field in 2002 when it acquired Mitchell Energy. After charting new ground in New Mexico and Wyoming, technical challenges the Barnett offered in North Texas were a natural fit for Devon. Devon continued its path of innovation by improving fracturing techniques, using horizontal drilling as well as advanced seismic imaging technology and enhanced recovery methods. Since 2002, the company’s production has doubled to 1.3 billion cubic feet of natural gas equivalent per day, more than any other company operating in what is the largest gas field in Texas.
Thanks largely to its determination in the Barnett Shale, Devon today is the second-largest gas producer in Texas. The Barnett Shale proved so successful that today producers are developing other shale formations throughout North America.
Project Experience Includes:
Devon has drilled more than 5,000 wells into the Barnett Shale since 2002, yet still has thousands of remaining drilling locations. Use of fracturing technology has helped Devon increase its Barnett production from 200 million cubic feet of natural gas equivalent per day in 2002 to about 1.4 billion today. Devon accounts for more than 20 percent of the field’s overall daily production.
The majority of Devon’s wells are located in Denton County, Johnson County, Parker County, Tarrant County and Wise County, where the company uses innovations such as horizontal drilling and advanced seismic technology to ensure each well reaches its full production potential. Devon is optimistic about its future production growth in the Barnett Shale as we continue to expand our ability to recover natural gas contained under a lease position exceeding 600,000 net acres.