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Devon tops Oklahoma City oil producers

Devon Energy Corp. produced more oil than any publicly traded oil company in Oklahoma City last year, according to a review of recent earnings reports.
by Jay F. Marks Published: March 9, 2014
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Energy companies report enough figures in their quarterly earnings statements to keep an entire firm of accountants busy for weeks.

Investors and analysts typically compare each company’s numbers to past results to gauge their progress and growth projects.

Those numbers also can be used to weigh their performance against their peers. The Oklahoman compiled such figures from recent filings by Oklahoma City’s five largest publicly traded oil and natural gas producers.

Revenue figures varied since Oklahoma City companies received a range of prices for their commodities.

Gulfport Energy Corp. secured the best average price for its oil ($104.50 a barrel) while getting close to Devon Energy Corp.’s Canadian price of $46.17 a barrel for natural gas liquids. The average price for West Texas Intermediate oil priced at Cushing was $98.02 a barrel in 2013.

Continental Resources Inc. got the most out of its natural gas, since its output was sold without liquids being separated out since it does not own any processing facilities. It earned $5.25 per thousand cubic feet of gas in 2013, well above last year’s Henry Hub average of $3.65.

Devon edged out Chesapeake Energy Corp. as the city’s top producer, unearthing 252.9 million barrels of oil equivalent in 2013.

Devon officials highlighted the company’s oil production growth, which results in expanded profit margins and cash flow, during last month’s earning call.

Devon intends to focus the bulk of this year’s capital budget on oil-rich areas, including its new position in south Texas’ Eagle Ford Shale, to continue boosting its oil production, which was 61.4 million barrels in 2013.

Officials said the Eagle Ford deal is expected to help Devon increase its oil output by 35 percent this year.

Chesapeake has turned its attention to liquids plays as well, while trying to rein in its spending.

Chesapeake produced 244.4 million barrels of oil equivalent in 2013, but it continues to be heavy in natural gas. Gas accounted for 75 percent of the company’s production last year.

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by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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