Devon reported that the company's total daily net production during the fourth quarter averaged 532,000 barrels of oil equivalent, exceeding the intermediate targets of 3,000 barrels per day and that oil accounted for 47% of the total volume.
Devon's estimated proved reserves at December 31 were 1.9 billion barrels, proven developed reserves representing 77% of this total and increases primarily from assets that the Company intends to retain.
Hager said Tuesday that Devon had successfully transferred its ongoing exploration and production work into the United States in 2018 into full-field development efforts that resulted in substantial growth in high-yield light oil production.
He also stated that Devon's decision to separate from his Canadian and Barnett assets played a role in Devon's decision, pointing out that they could not compete for capital expenditures, unlike Devon's production zones. high value oil.
"They have been great, historically, and they are exploited by great people," he said. "But if we do not invest in these companies, they may have an interest in being outsourced to third parties who will invest in those companies and create additional value.
"It's all about concentration. In our case, we are fortunate to have assets, not only in some of the best coastal basins in the US, but also some of the best in some of these basins. This gave us the operating scale we have now reached and that we believe we can continue to grow for a long time. "
Devon also announced financial results for the last quarter of 2018 and for the year on Tuesday.
The company reported net income of approximately $ 1.15 billion in the last quarter of 2018, compared to $ 183 million for the same period last year, with revenues of $ 3.7 billion and $ 2.38 billion. , respectively.