Devon Energy Provides Hurricane Harvey Production Update
September 15 2017 - 9:20AM
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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version on businesswire.com: http://www.businesswire.com/news/home/20170915005128/en/
Devon Energy CorporationInvestor ContactsScott Coody,
405-552-4735Chris Carr, 405-228-2496Media ContactJohn
Porretto, 405-228-7506
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