Devon Energy Q4 capital expected to range from $870M-$930M

Devon’s Q4 capital is expected to range from $870M-$930M. With this level of investment, the company expects to bring online around 100 gross operated wells during the quarter. Q4 production is expected to range from 640,000 to 660,000 Boe per day, with oil production approximating 315,000 barrels per day. This decrease in production from Q3 is driven by declines in the Williston Basin and timing of completions in the Delaware Basin. In 2024, the company plans to sustain oil production at around 315,000 barrels per day, with total volumes approximating 650,000 Boe per day. Capital requirements are expected to decline approximately 10% from 2023 levels to a range of $3.3B-$3.6B. This program is estimated to be funded at pricing levels below $40 per barrel.