Devon Energy: Expansion & Resource Optimization in the Williston Basin Driving Our Optimism! 

Devon Energy’s third quarter 2024 results present a mixed picture, with key operational achievements alongside areas needing attention. On the positive side, Devon recorded strong production numbers, achieving an all-time quarterly high of 728,000 barrels of oil equivalent per day. This figure reflects a 12% year-over-year growth on a production-per-share basis, surpassing guidance for the current year and resulting in upward revisions to the company’s full-year production assumptions. Most notably, Devon’s performance in the Delaware Basin was a highlight, where well productivity continued to excel, contributing significantly to the company’s results. Moreover, the company’s all-in-one strategy, which involves maintaining diversified operations across its top U.S. resource plays, appears to be paying dividends. Operational efficiencies, especially in cutting completion times and improving well productivity, were underscored, attributing much of this success to innovations like simul-frac techniques.