Devon

Oklahoma City-based Devon Energy Corp. said Tuesday it spent about 9% less on upstream projects than it had projected during the third quarter, while Lower 48 production exceeded guidance.

Oil and natural gas pipeline constraints in the Permian Basin may be the headline story, but operators are playing “whack-a-mole” in the giant play, where once one issue is resolved, another immediately pops up, executives said Wednesday.

Devon Energy Corp. has clinched an agreement to sell its ownership in EnLink Midstream, which it controls, to an affiliate of Global Infrastructure Partners (GIP) for $3.125 billion.

Devon Energy Corp. on Tuesday confirmed it will reduce corporate-wide staff by about 9%, or about 300 people, as part of a commitment to streamline the business and improve returns.

Devon Energy Corp. is selling a piece of the Barnett Shale, the onshore play that brought it to the dance, for $553 million.

Oklahoma City-based Devon Energy Corp. is shifting to development mode in its core in the STACK (aka, the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties) and the Permian’s Delaware sub-basin in 2018 as the company continues to focus on returns over growth, management said Wednesday.

Driven by drilling and completion efficiency gains in the Permian’s Delaware sub-basin and in the Midcontinent during the first half of the year, Devon Energy Corp. is trimming its 2017 capital expenditure (capex) budget by $100 million, reflecting an emphasis on returns over growth.

Devon Energy Corp. has agreed to sell noncore assets in the Eagle Ford Shale in Lavaca County, TX, to Penn Virginia Corp. for $205 million, the companies said Monday.

Devon Energy Corp. has completed a record-setting well in the over-pressured oil window of Oklahoma’s STACK (aka the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties), management said Tuesday.