OKLAHOMA CITY--(BUSINESS WIRE)--
Devon Energy Corp. (NYSE: DVN) today reported that it has restored
production to pre-storm levels across its U.S. operations following
Hurricane Harvey.
As a precautionary measure for Hurricane Harvey, the company temporarily
suspended operations and shut-in production across its entire Eagle Ford
position in south Texas. Devon produces approximately 60,000
oil-equivalent barrels (Boe) per day in the Eagle Ford, and post-storm
inspections indicated that Devon’s producing assets and facilities
sustained minimal damage. The company has now resumed production from
all producing pads in the Eagle Ford.
Additionally, temporary storm-related limitations in downstream
petrochemical capacity across the Gulf Coast region curtailed production
in select areas of Devon’s U.S. operations. Many critical third-party
petrochemical facilities across the Gulf Coast region have now restarted
and are in the process of ramping up to pre-storm capacity.
In aggregate, Devon estimates the total impact of Hurricane Harvey to
reduce its net liquids production in the Eagle Ford and select areas of
the U.S. by 15,000 barrels per day in the third quarter of 2017
(approximately two-thirds oil). The company expects this one-time
production impact to be confined to the third quarter and it represents
one-half of 1 percent of Devon’s total expected volumes for the
full-year 2017.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. These risks include, but are not limited to:
the continuing effects of Hurricane Harvey, including downstream
capacity, and any delays in restoring affected production; and the other
risks identified in the company’s Annual Report on Form 10-K and its
other filings with the Securities and Exchange Commission. Investors are
cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the date
hereof, and the company does not undertake any obligation to update the
forward-looking statements as a result of new information, future events
or otherwise.
About Devon Energy
Devon Energy is a leading independent energy company engaged in finding
and producing oil and natural gas. Based in Oklahoma City and included
in the S&P 500, Devon operates in several of the most prolific oil and
natural gas plays in the U.S. and Canada with an emphasis on a balanced
portfolio. The company is the second-largest oil producer among North
American onshore independents. For more information, please visit www.devonenergy.com.
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Source: Devon Energy Corporation