CORRECT: Devon CEO: 2009 Production Seen Increasing By 7 Million BOE
August 05 2009 - 1:16PM
Dow Jones News
Larry Nichols, chief executive of Devon Energy Corp. (DVN) said
Wednesday the company would boost its production this year, despite
production curtailments in the second half of 2009.
During a call to discuss the company's second quarter earnings,
Nichols said that overall production would increase by 7 million
barrels of oil equivalent in 2009. At the same time, the company
plans to curtail production of 3 million barrels of oil equivalent.
Devon will defer some well completions, shut in some marginal wells
in the Rockies and slow its output in the Barnett Shale, where the
company produced about 1.2 billion cubic feet of natural gas per
day during the second quarter.
Despite a lower drilling activity, "our assets significantly
outperformed expectations," Nichols said.
Devon now expects to produce 243 million to 247 million barrels
of oil equivalent - a 3% increase over 2008 levels.
-By Jason Womack, Dow Jones Newswires; 713-547-9201;
jason.womack@dowjones.com