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

Report Summary

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.

Scope

• Investment Thesis: This section highlights Devon Energy Corporation's 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.

1 Table of Content 2
1.1 List of Tables 7
1.2 List of Figures 9

2 Devon Energy Corporation, Company Overview 14

3 Devon Energy Corporation, Watchlist for 2010 17

4 Devon Energy Corporation, Investment Summary 18
4.1 Barnett Shale to Remain the Dominant Area in Devon’s E&P Operations; Inventory to Last More Than a Decade 18
4.2 Jackfish Oil Presenting a Long Life Producing Profile for Devon 20
4.3 Exposure to Other Shale Development; Devon Utilizing Its Barnett Expertise 21
4.3.1 Arkoma-Woodford Shale 22
4.3.2 Cana-Woodford Shale 23
4.3.3 Haynesville Shale 23
4.3.4 Horn River Basin 24
4.4 Divestiture of Assets to Concentrate on Core Operated Areas 25
4.5 Comfortable Liquidity Position is Set to Improve Further 27

5 Devon Energy Corporation, SWOT Analysis 30
5.1 Strengths 30
5.1.1 Unconventional Drilling Expertise 30
5.1.2 Positive Prospects Regarding the Company’s Financial Flexibility 30
5.2 Weakness 31
5.2.1 Deteriorating Profit Margins and Other Ratios 31
5.3 Opportunities 31
5.3.1 Shale Play to Deliver Immense Prospects in Coming Years 31
5.3.2 Divestiture of International Assets Will Provide Substantial Opportunity to Improve Onshore North America Operations 31
5.4 Threat 32
5.4.1 Royalty Rate Decisions are an Indirect Hindrance to Devon’s Unconventional Oil Projects 32

6 Devon Energy Corporation, Goals and Strategies 33
6.1 Attention on Extracting Huge Future Returns from Invested Assets 33
6.2 Devon Intends to Compete in its Core Area of Operations 34
6.3 Maintain Financial Flexibility in Future Capital Decisions 35

7 Devon Energy Corporation, Production Overview 36
7.1 Production Profile 36
7.2 Barnett Shale Continues to be the Largest Production Contributor 37
7.3 Carthage Area – Activity Depends Upon Pricing and Drilling 38
7.4 Lloydminster 38
7.5 Permian Basin in Texas 38
7.6 Other Assets 38

8 Devon Energy Corporation, Development Overview 40
8.1 Development Profile 40
8.2 Jackfish Development Project; Significant Upside Yet To Come 41
8.3 Haynesville Shale - A Repeatable Play; De-risking Continues 42
8.4 Wolfberry Oil – Devon’s Presence in the Permian Basin could make it a Low Risk Development 42

9 Devon Energy Corporation, Exploration and M&A Highlights 44
9.1 Horn River Basin still in De-risking Stage; It Could Add Small Volumes in 2010 44
9.2 Strong Display of Strength in Organic Reserve Additions 45
9.3 M&A Activity 46

10 Devon Energy Corporation, Marketing and Midstream Updates 49

11 Devon Energy Corporation, Outlook 50

12 Devon Energy Corporation, Forecast Production & Financial Statements 51
12.1 Income Statement (2007 – 2014E) 53
12.2 Balance Sheet (2007 – 2014E) 54
12.3 Cash Flow Statement (2007 – 2014E) 55
12.4 Financial Ratios (2007 – 2014E) 56

13 Devon Energy Corporation, Valuation 59
13.1 Net Asset Value 59

14 Devon Energy Corporation, Peer Comparision 62
14.1 Share Price Performance 62
14.2 Operational and Financial Performance 63

15 Devon Energy Corporation, Key Risks 68
15.1 Volatile Commodity Price 68
15.2 Reserve Replacement 68
15.3 Competition with Peers 68

16 Devon Energy Corporation, Detailed Financial & Operational Metrics 69
16.1 Devon Energy Corporation, Quarterly Results of Oil & Gas Operations Per BOE Produced 69
16.1.1 Results of Oil & Gas Operations Per BOE Produced, Q4, 2008–Q4, 2009 69
16.1.2 Results of Oil & Gas Operations Per BOE Growth Rates, Q4, 2008–Q4, 2009 70
16.2 Devon Energy Corporation, Quarterly E&P Costs Trends 71
16.2.1 Upstream Capital Expenditure, Q4, 2008–Q4, 2009 71
16.3 Devon Energy Corporation, Quarterly Production Trends 72
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008–Q4, 2009 72
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2008–Q4, 2009 73
16.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008–Q4, 2009 74
16.4 Devon Energy Corporation, Crude Oil Production 75
16.4.1 Total Crude Oil Production Trend, Q4, 2008–Q4, 2009 75
16.4.2 Crude Oil Production, By Country/Region, Q4, 2008–Q4, 2009 76
16.5 Devon Energy Corporation, Natural Gas Production 77
16.5.1 Total Natural Gas Production Trend, Q4, 2008–Q4, 2009 77
16.5.2 Natural Gas Production, By Country/Region, Q4, 2008–Q4, 2009 78
16.6 Devon Energy Corporation, Production and Reserve Trends 79
16.6.1 Total Crude Oil and Natural Gas Production and Reserve Trends, 2004–09 79
16.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2004–2009 80
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004–2009 82
16.7 Devon Energy Corporation, Crude Oil/Liquids Production and Reserve 83
16.7.1 Crude Oil/Liquids Production and Reserve Trends, 2004–2009 83
16.7.2 Crude Oil Production and Reserves By Country/Region, 2004–2009 84
16.7.3 Crude Oil/Liquids Reserve Changes, 2004–2009 86
16.8 Devon Energy Corporation, Natural Gas Production and Reserves 87
16.8.1 Natural Gas Production and Reserve Trends, 2004–09 87
16.8.2 Natural Gas Production and Reserves, By Country/Region, 2004–2009 88
16.8.3 Natural Gas Reserve Changes, 2004–2009 90
16.9 Devon Energy Corporation, Total Crude Oil and Natural Gas Reserves Life Index 91
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004–2009 91
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004–2009 92
16.10 Devon Energy Corporation, E&P Cost Trends 94
16.10.1 Upstream Capital Expenditure, 2004–2009 94
16.10.2 Acquisition Costs By Country/Region, 2004–2009 95
16.10.3 Exploration and Development Costs, By Country/Region, 2004–2009 97
16.11 Devon Energy Corporation, Oil and Gas Cost Per Boe, $/boe 99
16.11.1 Oil and Gas Cost Per Boe, $/boe, 2004–2009 99
16.11.2 Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2004–2009 101
16.12 Devon Energy Corporation, Reserve Replacement Ratio 104
16.12.1 Oil and Gas Production Replacement Ratio, 2004–2009 104
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004–2009 106
16.13 Devon Energy Corporation, Results of Oil & Gas Operations, Trends 110
16.13.1 Oil and Gas Revenue and Expenses, 2004–2009 110
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004–2009 111
16.14 Devon Energy Corporation, Oil and Gas Revenue and Expenses, Per Boe 116
16.14.1 Oil and Gas Revenue and Expenses, By Boe, 2004–2009 116
16.14.2 Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2004–2009 117
16.15 Devon Energy Corporation, Oil and Gas Performance Metrics 121
16.16 Devon Energy Corporation, Land Holdings and Well Data 122
16.16.1 Gross and Net Developed and Undeveloped Acreage, 2004–2009 122
16.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2004–2009 123
16.17 Devon Energy Corporation, Well Statistics 126
16.17.1 Producible Oil and Gas Well, 2004–2009 126
16.17.2 Producible Oil and Gas Well, By Country/Region, 2004–2009 127
16.17.3 Exploration and Development Wells Drilled, 2004–2009 132
16.17.4 Exploration and Development Wells Drilled, By Country/Region, 2004–2009 133
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004–2009 134
16.17.6 Developed Reserves per Well, By Country/Region, 2004–2009 135

17 Appendix 137
17.1 Methodology 137
17.1.1 Coverage 137
17.1.2 Secondary Research 138
17.1.3 Primary Research 138
17.1.4 Forecasts 139
17.2 Key Economic Assumptions 140
17.3 Data Sources 141
17.3.1 Company Sources 141
17.3.2 SEC/Other Regulatory Filings 141
17.3.3 Agency Reports 141
17.3.4 Other Sources 141
17.4 Expert Panel Validation 141
17.5 Definitions 142
17.6 Unit Of Measure 142
17.7 About GlobalData 143
17.8 Disclosure 143
17.9 Disclaimer 143

1.1 List of Tables

Table 1: Devon Energy Corporation, Key Events, 2009–2010 15
Table 2: Devon Energy Corporation, Upstream Production Growth Profile (MMboe), 2010E – 2014E 39
Table 3: Devon Energy, Key Transactions As A Buyer, 2006–2010 47
Table 4: Devon Energy, Key Transactions As a Seller, 2007–2010 48
Table 5: Devon Energy Corporation, Estimated Production, 2007–2014E 51
Table 6: Price Forecast, 2010E – 2014E 51
Table 7: Devon Energy Corporation, Income Statement ($m), 2007–2014E 53
Table 8: Devon Energy Corporation, Balance Sheet ($m), 2007–2014E 54
Table 9: Devon Energy Corporation, Cash Flow Statement ($m), 2007–2014E 55
Table 10: Devon Energy Corporation, Profitability & Growth Parameters, 2007–2014E 56
Table 11: Devon Energy Corporation, Cash Flow & Liquidity Parameters, 2007–2014E 57
Table 12: Devon Energy Corporation, Capital Structure & Efficiency Parameters, 2007–2014E 58
Table 13: Price Forecast, 2010E – 2014E 59
Table 14: Devon Energy Corporation, Net Asset Valuation, 2010 60
Table 15: Devon Energy Corporation, Prospective Acreage & Non Proven Reserves, 2009 60
Table 16: Devon Energy Corporation, Sensitivity Analysis of Fair Value ($/share), 2010 60
Table 17: Devon Energy Corporation, NPV Per Unit Crude Oil & NGL Production, 2010 61
Table 18: Devon Energy Corporation, NPV Per Unit Natural Gas Production, 2010 61
Table 19: Devon Energy Corporation, NPV Per Unit Total Production, 2010 61
Table 20: Devon Energy Corporation and its Peers, Operational and Financial Parameters, 2009 63
Table 21: Devon Energy Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008–Q4, 2009 69
Table 22: Devon Energy Corporation, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q4, 2008–Q4, 2009 70
Table 23: Devon Energy Corporation, Upstream Capital Expenditure, Q4, 2008–Q4, 2009 71
Table 24: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2008–Q4, 2009 72
Table 25: Devon Energy Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q4, 2008–Q4, 2009 73
Table 26: Devon Energy Corporation, Total Crude Oil and Natural Gas Production Per Share, Q4, 2008–Q4, 2009 74
Table 27: Devon Energy Corporation, Total Crude Oil Production, MMbbl, Q4, 2008–Q4, 2009 75
Table 28: Devon Energy Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008–Q4, 2009 76
Table 29: Devon Energy Corporation, Total Natural Gas Production, Bcf, Q4, 2008–Q4, 2009 77
Table 30: Devon Energy Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008–Q4, 2009 78
Table 31: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004–2009 79
Table 32: Devon Energy Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004–2009 81
Table 33: Devon Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004–09 82
Table 34: Devon Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2004–2009 83
Table 35: Devon Energy Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004–2009 85
Table 36: Devon Energy Corporation, Crude Oil Reserve Changes, MMbbl, 2004–2009 86
Table 37: Devon Energy Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2004–2009 87
Table 38: Devon Energy Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2004–2009 89
Table 39: Devon Energy Corporation, Natural Gas Reserve Changes, Bcf, 2004–2009 90
Table 40: Devon Energy Corporation, Oil and Gas Reserves Life Index, Years, 2004–2009 91
Table 41: Devon Energy Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2004–2009 93
Table 42: Devon Energy Corporation, Upstream Capital Expenditure, $m, 2004–2009 94
Table 43: Devon Energy Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004–2009 96
Table 44: Devon Energy Corporation, Exploration and Development Costs, By Country/Region, $m, 2004–2009 98
Table 45: Devon Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Cost Per Boe, $/boe, 2004–2009 100
Table 46: Devon Energy Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2004–2009 103
Table 47: Devon Energy Corporation, Oil and Gas Production Replacement Ratio, %, 2004–2009 105
Table 48: Devon Energy Corporation, 3–Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004–2009 109
Table 49: Devon Energy Corporation, Revenue and Expenses, $m, 2004–2009 110
Table 50: Devon Energy Corporation, Revenue and Expenses, By Country/Region, $m, 2004–2009 115
Table 51: Devon Energy Corporation, Oil and Gas Revenue and Expenses, $/Boe, 2004–2009 116
Table 52: Devon Energy Corporation, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2004–2009 120
Table 53: Devon Energy Corporation, Oil and Gas Performance Metrics, 2004–2009 121
Table 54: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004–2009 122
Table 55: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2004–2009 125
Table 56: Devon Energy Corporation, Producible Oil and Gas Wells, 2004–2009 126
Table 57: Devon Energy Corporation, Producible Oil and Gas Wells, By Country/Region, 2004–2009 131
Table 58: Devon Energy Corporation, Exploratory and Developed Wells, 2004–2009 132
Table 59: Devon Energy Corporation, Exploratory and Developed Wells, By Country/Region, 2004–2009 133
Table 60: Devon Energy Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004–2009 134
Table 61: Devon Energy Corporation, Developed Reserves per Well, By Country/Region, Mboe per Well, 2004–2009 136

1.2 List of Figures

Figure 1: Devon Energy Corporation, Key Properties in the US and Canada, 2010 14
Figure 2: Devon Energy Corporation, Share Performance, May 2009–April 2010 15
Figure 3: Devon Energy Corporation, Performance Overview, 2009 16
Figure 4: Devon Energy Corporation, Barnett Shale Overview, 2010 18
Figure 5: Devon Energy Corporation, Barnett Shale, Estimated Production–Share of total production, 2007–2015E 19
Figure 6: Devon Energy Corporation, Jackfish Project Overview, 2010 20
Figure 7: Devon Energy Corporation, Shale Production–Woodford, Haynesville & Horn River as % share of Total Production, 2008–2015E 21
Figure 8: Devon Energy Corporation, Arkoma–Woodford Shale Overview, 2009 22
Figure 9: Devon Energy Corporation, Haynesville Shale Overview, 2009 24
Figure 10: Devon Energy Corporation, Reserves & Production against E&P Capital, 2009 25
Figure 11: North America Onshore against Divesting Assets Performance, 2006–2009 26
Figure 12: Devon Energy Corporation, Sources of funds and Capex Comparison, 2006–2009 27
Figure 13: Devon Energy Corporation, Usage of funds and Operating Cash flows comparison, 2006–2009 28
Figure 14: Devon Energy Corporation, Debt Maturity Schedule as of 2009 29
Figure 15: Devon Energy Corporation, Expected E&P Spending on High Growth Assets, 2010 33
Figure 16: Devon Energy Corporation, Estimated Production from Shale & Oil Sand Projects, 2010E–2015E 34
Figure 17: Devon Energy Corporation, Total Production From Upstream Assets, 2006–2015E 36
Figure 18: Devon Energy Corporation, Total Oil & Gas Production By Region, 2006–2009 37
Figure 19: Devon Energy Corporation, Estimated Production By Region, 2010E–2015E 40
Figure 20: Jackfish Project, Estimated Production By Phase, 2009– 2015E 41
Figure 21: Devon Energy Corporation, Haynesville Shale, Estimated Production, 2009–2015E 42
Figure 22: Devon Energy Corporation, Estimated Production by Type, 2010E–2015E 43
Figure 23: Devon Energy Corporation, Exploration Cost and Reserve Addition Through Drillbit, 2006–2009 45
Figure 24: Devon Energy Corporation, Acquisition Cost and Reserve Addition Through Acquisition, 2006–2009 46
Figure 25: Devon Energy Corporation, Marketing & Midstream Revenue as % of Total Revenue, 2005–2009 49
Figure 26: Devon Energy Corporation and its Peers, Share Price Performance, March 2009–2010 62
Figure 27: Devon Energy Corporation and its Peers, F&D cost and Reserve Replacement Ratio, 2009 64
Figure 28: Devon Energy Corporation and its Peers, Operational and Financial Parameters in $/boe, 2009 64
Figure 29: Devon Energy Corporation and its Peers, Total Reserves and Production, MMboe, 2009 65
Figure 30: Devon Energy Corporation and its Peers, Valuation Ratios, 2009 66
Figure 31: Devon Energy Corporation and its Peers, EV/ EBITDA, 2009 67
Figure 32: Devon Energy Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q4, 2008–Q4, 2009 69
Figure 33: Devon Energy Corporation, Upstream Capital Expenditure, $m, Q4, 2008–Q4, 2009 71
Figure 34: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2008–Q4, 2009 72
Figure 35: Devon Energy Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q4, 2008–Q4, 2009 73
Figure 36: Devon Energy Corporation, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q4, 2008–Q4, 2009 74
Figure 37: Devon Energy Corporation, Total Crude Oil Production, MMbbl, Q4, 2008–Q4, 2009 75
Figure 38: Devon Energy Corporation, Crude Oil Production, By Country/Region, MMbbl, Q4, 2008–Q4, 2009 76
Figure 39: Devon Energy Corporation, Total Natural Gas Production, Bcf, Q4, 2008–Q4, 2009 77
Figure 40: Devon Energy Corporation, Natural Gas Production, By Country/Region, Bcf, Q4, 2008–Q4, 2009 78
Figure 41: Devon Energy Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004–2009 79
Figure 42: Devon Energy Corporation, Total Oil & Gas Production (Reserves Reconciliation), By Country/Region, MMBOE, 2004–2009 80
Figure 43: Devon Energy Corporation, Total Proved Oil & Gas Reserves, By Country/Region, MMBOE, 2004–2009 80
Figure 44: Devon Energy Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 82
Figure 45: Devon Energy Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2004–2009 83
Figure 46: Devon Energy Corporation, Oil Production (Reserves Reconciliation), By Country/Region, MMbbl, 2004–2009 84
Figure 47: Devon Energy Corporation, Total Proved Oil Reserves, By Country/Region, MMbbl, 2004–2009 84
Figure 48: Devon Energy Corporation, Crude Oil Reserve Changes, MMbbl, 2009 86
Figure 49: Devon Energy Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2004–2009 87
Figure 50: Devon Energy Corporation, Gas Production (Reserves Reconciliation), By Country/Region, Bcf, 2004–2009 88
Figure 51: Devon Energy Corporation, Total Proved Gas Reserves, By Country/Region, Bcf, 2004–2009 88
Figure 52: Devon Energy Corporation, Natural Gas Reserve Changes, Bcf, 2009 90
Figure 53: Devon Energy Corporation, Oil and Gas Reserves Life Index, Years, 2004–2009 91
Figure 54: Devon Energy Corporation, Gas Reserve Life Index, By Country/Region, Years, 2004–2009 92
Figure 55: Devon Energy Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2004–2009 92
Figure 56: Devon Energy Corporation, Oil Reserve Life Index, By Country/Region, Years, 2004–2009 93
Figure 57: Devon Energy Corporation, Upstream Capital Expenditure, $m, 2004–2009 94
Figure 58: Devon Energy Corporation, Proved Acquisition Costs, By Country/Region, $m, 2004–2009 95
Figure 59: Devon Energy Corporation, Unproved Acquisition Costs, By Country/Region, $m, 2004–2009 95
Figure 60: Devon Energy Corporation, Development Costs, By Country/Region, $m, 2004–2009 97
Figure 61: Devon Energy Corporation, Exploration Costs, By Country/Region, $m, 2004–2009 97
Figure 62: Devon Energy Corporation, 3–Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Cost Per Boe, $/boe, 2004–2009 99
Figure 63: Devon Energy Corporation, 3–Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/BOE, 2004–2009 101
Figure 64: Devon Energy Corporation, 3–Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/BOE, 2004–2009 101
Figure 65: Devon Energy Corporation, 3–Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/BOE, 2004–2009 102
Figure 66: Devon Energy Corporation, 3–Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/BOE, 2004–2009 102
Figure 67: Devon Energy Corporation, 3–Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004–2009 104
Figure 68: Devon Energy Corporation, 3–Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2004–2009 106
Figure 69: Devon Energy Corporation, 3–Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2004–2009 106
Figure 70: Devon Energy Corporation, 3–Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2004–2009 107
Figure 71: Devon Energy Corporation, 3–Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2004–2009 107
Figure 72: Devon Energy Corporation, 3–Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2004–2009 108
Figure 73: Devon Energy Corporation, 3–Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2004–2009 108
Figure 74: Devon Energy Corporation, Revenue and Expenses, $m, 2004–2009 110
Figure 75: Devon Energy Corporation, Depreciation, Depletion & Amortization, By Country/Region, $m, 2004–2009 111
Figure 76: Devon Energy Corporation, Income Tax/(Benefit), By Country/Region, $m, 2004–2009 111
Figure 77: Devon Energy Corporation, Net Income/ Loss, By Country/Region, $m, 2004–2009 112
Figure 78: Devon Energy Corporation, Oil & Gas Revenue, By Country/Region, $m, 2004–2009 112
Figure 79: Devon Energy Corporation, Pre–tax Profit, By Country/Region, $m, 2004–2009 113
Figure 80: Devon Energy Corporation, Production Expenses, By Country/Region, $m, 2004–2009 113
Figure 81: Devon Energy Corporation, Total Expenses, By Country/Region, $m, 2004–2009 114
Figure 82: Devon Energy Corporation, Oil and Gas Revenue and Expenses, $/Boe, 2004–2009 116
Figure 83: Devon Energy Corporation, Income Tax/(Benefit) per boe, By Country/Region, $/BOE, 2004–2009 117
Figure 84: Devon Energy Corporation, Lifting Cost per boe, By Country/Region, $/BOE, 2004–2009 117
Figure 85: Devon Energy Corporation, Annual Net Income per boe, By Country/Region, $/BOE, 2004–2009 118
Figure 86: Devon Energy Corporation, Oil & Gas Revenue per boe, By Country/Region, $/BOE, 2004–2009 118
Figure 87: Devon Energy Corporation, Total DD&A per boe, By Country/Region, $/BOE, 2004–2009 119
Figure 88: Devon Energy Corporation, Total Revenue per boe, By Country/Region, $/BOE, 2004–2009 119
Figure 89: Devon Energy Corporation, Oil and Gas Performance Metrics, 2004–2009 121
Figure 90: Devon Energy Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004–2009 122
Figure 91: Devon Energy Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2004–2009 123
Figure 92: Devon Energy Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2004–2009 123
Figure 93: Devon Energy Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2004–2009 124
Figure 94: Devon Energy Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2004–2009 124
Figure 95: Devon Energy Corporation, Producible Oil and Gas Wells, 2004–2009 126
Figure 96: Devon Energy Corporation, Gross Producible Gas Wells, By Country/Region, Number, 2004–2009 127
Figure 97: Devon Energy Corporation, Gross Producible Oil & Gas Wells, By Country/Region, Number, 2004–2009 127
Figure 98: Devon Energy Corporation, Gross Producible Oil Wells, By Country/Region, Number, 2004–2009 128
Figure 99: Devon Energy Corporation, Net Oil & Gas Wells as percentage of Gross Oil & Gas Wells, By Country/Region, %, 2004–2009 128
Figure 100: Devon Energy Corporation, Net Producible Gas Wells, By Country/Region, Number, 2004–2009 129
Figure 101: Devon Energy Corporation, Net Producible Oil & Gas Wells, By Country/Region, Number, 2004–2009 129
Figure 102: Devon Energy Corporation, Net Producible Oil Wells, By Country/Region, Number, 2004–2009 130
Figure 103: Devon Energy Corporation, Exploratory and Developed Wells, 2004–2009 132
Figure 104: Devon Energy Corporation, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 2004–2009 135
Figure 105: Devon Energy Corporation, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2004–2009 135
Figure 106: Devon Energy Corporation, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 2004–2009 136
Figure 107: Methodology, 2010 137