American Oil and Gas Reporter - September 2024 - 51

SpecialReport: Rockies Playmakers
Devon Energy Corp. is one of the
Rockies' top players, and earlier this
summer it solidified that position by announcing
a $5 billion acquisition of
Grayson Mill Energy LLC, which is anticipated
to add 307,000 net acres in
North Dakota, including 500 undrilled
Bakken and Three Forks locations and
300 high-quality hydraulic refracturing
candidates, according to Chief Operating
Officer Clay Gaspar.
The acquisition is expected to boost
Devon's companywide crude production
to 375,000 barrels a day and total production
to 765,000 barrels of oil equivalent
a day across a portfolio that includes
positions in the Delaware, Eagle Ford
and Anadarko basins. After closing on
the Grayson Mill deal, Devon will rank
among the five largest U.S. oil producers,
Chief Executive Officer Rick Muncrief
points out.
" These assets are an excellent addition
to our portfolio, fitting perfectly within
our broader strategic framework to accumulate
resource and grow oil-weighted
production in the best parts of the top
U.S. shale plays, " he says.
The acquisition also will benefit
Devon through stronger margins thanks
to Grayson Mill's midstream infrastructure
ownership, which includes 950 miles
of gathering systems and an extensive
Devon Energy solidified its position as one of the Rockies' top producers and leaseholders
this summer with a $5 billion acquisition of Grayson Mill Energy, adding 307,000 net
acres in North Dakota with 500 undrilled Bakken and Three Forks locations along with
300 hydraulic refracturing candidates.
network of disposal wells and crude
storage terminals. With enhanced scale
in the basin, Devon expects to realize
up to $50 million in average annual cash
flow savings from operating efficiencies
and marketing synergies, Muncrief told
investors in an earnings call.
The company expects to run a consistent
three-rig drilling program in the
Williston in 2025 and plans to maintain
production on the Grayson Mill assets at
about 100,000 boe/d with a combination
of two- and three-mile laterals, supplemented
by tactical refracs to enhance
base production, Gaspar details.
Meanwhile across the state line to the
west, Devon is helping lead the industry's
charge into high-upside tight formations
in the Powder River, focusing on fully
assessing the potential of the Niobrara
formation in Wyoming, Gaspar reports.
A focus on subsurface technical applications
has resulted in higher well productivities
over the past 18 months, he says.
Next steps include efforts to refine development
spacing across an expansive fairway
and continue to reduce well costs as work
shifts to more developmental drilling.
" We have identified material improvements
that are shaping up to be needle
movers for this important future development
for Devon, " Gaspar comments.
Powder River Program
Anschutz Exploration Corp. was one
of the first operators to begin testing unconventional
resource development concepts
targeting the various Powder River
Basin formations. Anschutz has matured
its strategy to the point where it now is
aggressively leveraging full-scale development
of the Niobrara, Parkman and
Sussex, and is in the early stages of a
Mowry program on an industry-leading
450,000 net acres in the basin, says Chief
Executive Officer Joseph DeDominic.
" We have the timeframe and resources
Anschutz Exploration is aggressively leveraging a full-scale development program in the
Powder River Basin targeting the Niobrara, Parkman and Sussex formations, and also is
in the early stages of a Mowry program on an industry-leading 450,000 net acres in basin.
to work projects and make them successful
and profitable, and that is what
we have been doing in the PRB since
2015, " he says.
SEPTEMBER 2024 51

American Oil and Gas Reporter - September 2024

Table of Contents for the Digital Edition of American Oil and Gas Reporter - September 2024

Contents
American Oil and Gas Reporter - September 2024 - Intro
American Oil and Gas Reporter - September 2024 - Cover1
American Oil and Gas Reporter - September 2024 - Cover2
American Oil and Gas Reporter - September 2024 - Contents
American Oil and Gas Reporter - September 2024 - 4
American Oil and Gas Reporter - September 2024 - 5
American Oil and Gas Reporter - September 2024 - 6
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American Oil and Gas Reporter - September 2024 - Cover3
American Oil and Gas Reporter - September 2024 - Cover4
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