Devon Energy Corp.’s North American onshore oil production jumped year/year 20% in 2012 as it continued to makeover its natural gas-weighted portfolio to higher margin liquids and oil targets, but more still needs to be done to squeeze the value of its portfolio, CEO John Richels said Wednesday. Oil appears to be the answer, and dry natural gas development still is off the table.
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ExxonMobil Corp.’s profits climbed 6% year/year in 4Q2012, with annual earnings jumping 9%, despite a steep fall-off in global natural gas and oil production, the supermajor reported on Friday. Until natural gas prices are revived, the producer will direct most of North American unconventional spending on liquids and oil, the investor relations chief said Friday.
SM Energy Co. grew proved reserves by 27% last year to 984.5 Bcfe at year-end compared to 772.2 Bcfe at the end of 2009, the company said Tuesday.
Apache Corp. reported a 5% decline in quarterly profit Thursday, but the Houston-based independent showed gains on natural gas price realizations and an healthy increase in U.S. and Canadian gas production.