Devon Ramps Up Oil-Directed Drilling Activity; Two-Year Outlook Calls for Double-Digit Oil Growth
Devon Energy’s fourth-quarter and full-year 2016 results were characterized by a ramp-up in drilling activity across its oil-rich properties and a bullish forecast for the company’s U.S. light oil growth through 2018. Devon also reported proved reserves of 2.1 billion boe, down 6% year over year in part due to aggressive asset sales during 2016. At this time, our fair value estimate of $35 and no-moat rating remain unchanged.Devon’s fourth quarter production came in at 537 boe/d, down 2% sequen...
Devon Energy is an 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 onshore areas in United States. The company's areas of operation include Delaware Basin, Eagle Ford, Powder River Basin and the STACK development, located primarily in Oklahoma's Canadian, Kingfisher and Blaine counties.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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