Devon Energy

Crosstex Energy | Devon Energy | Energy Companies | Energy Services | EnLink Midstream | Industrywide Issues | Pipelines | Processing Plants

Crosstex Energy Gets a Name Change, Merger with Devon Proceeds
January 15, 2014January 15, 2014

In October, Devon Energy (a major shale driller in several plays with midstream assets) and Crosstex Energy (a sizable midstream company) announced they will merge their midstream operations into a new company (see Devon Energy & Crosstex Energy Form New Midstream Company in JV). Both companies have major operations in the Marcellus/Utica. At the time of the announcement the new company was unnamed. No longer. Yesterday Devon and Crosstex announced that Crosstex would change its name to the name of the newly combined venture (which is majority owned by Devon). The new name is EnLink Midstream. Barry Davis, CEO of Crosstex will become (or remain) CEO of EnLink.

May we net-net this? Essentially Devon has purchased Crosstex and turned it into a semi-autonomous subsidiary, keeping the Crosstex management team in place. Here’s the statement issued yesterday with details of the legal structure for the new company, which on paper will be two companies for investment purposes–an LLC and an LP (master limited partnership)…
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Crosstex Energy | Devon Energy | Energy Companies | Energy Services | Industrywide Issues | M&A | Pipelines | Processing Plants

Devon Energy & Crosstex Energy Form New Midstream Company in JV
October 21, 2013October 21, 2013

Devon Energy (driller with midstream assets) and Crosstex Energy (midstream company) announced today they are merging their midstream operations into a new company. The new midstream company, which will have assets in both the Marcellus and Utica Shale (as well as other shale basins) will be majority owned by Devon. In fact, the biggest customer for the new joint venture will be…Devon itself. The announcement says Devon will dedicate drilling from 800,000 of its leased acres to the new (and as yet unnamed) midstream company.

The boards of directors for both Devon and Crosstex have already voted to OK the merger. Here’s the extensive announcement issued today, which contains details of the somewhat complicated corporate structure of the new company:
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Chesapeake Energy | Devon Energy | Energy Companies | Gulfport Energy | Ohio | Statewide OH | Utica Shale

Gulfport Does Best Job of Locating Utica Shale’s Oil Window
May 30, 2013May 30, 2013

The old real estate bromide “location, location, location” is never more relevant than in the oil patch. An article on The Motley Fool website makes the following observation about the prospects for oil production in the Ohio Utica Shale for Devon Energy, Chesapeake Energy and Gulfport Energy:
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Air Quality | Devon Energy | Energy Companies | Industrywide Issues

Devon Energy Accuses EPA of “Seriously Flawed Misuse” of Data
March 13, 2013March 13, 2013

Devon Energy sent a letter March 5 to the federal Environmental Protection Agency to inform them that Devon is pulling out of the EPA’s Natural Gas STAR Program—a program aimed at reducing methane emissions. Devon says in the letter that EPA is guilty of “seriously flawed misuse” of the data provided to it by drillers to justify costly regulations and to “taint policy research.” The Devon letter minces no words…

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Devon Energy | Energy Companies | Ohio | Statewide OH | Utica Shale

First Driller to Abandon the Utica Shale & Other Tidbits
March 11, 2013March 11, 2013

Intrepid Utica Shale reporter Bob Downing from the Akron Beacon Journal attended the Ohio Oil and Gas Association (OOGA) annual winter meeting in Columbus last week. Bob filed the following list of “leftover items”—interesting tidbits—from that meeting, including the identity of the first company that will abandon the Utica:

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Devon Energy | Energy Companies | Utica Shale

Devon Energy Puts 240K Acres of Utica Shale Leases Up for Sale
February 1, 2013February 1, 2013

On Wednesday Devon Energy Corp. confirmed it’s selling off all of its holdings in both the Ohio Utica and Louisiana Tuscaloosa Marine Shale. Between the two shale plays, the company is hoping to raise about $3 billion. Devon’s Utica Shale holdings include 244,000 gross acres (195,000 net) in eastern Ohio in the liquids-rich portion of the play. Devon has hired Scotiabank’s Scotia Waterous (USA) Inc. M&A division to handle the sale. A map of Devon’s eastern Ohio Utica property is embedded below.

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Devon Energy | Energy Companies | Knox County | Ohio | Utica Shale

Devon Energy Plugs Third Utica Well, Changes Strategy
January 18, 2013January 18, 2013

Devon Energy, recently named by FORTUNE Magazine as one of the “100 Best Companies to Work For” in the U.S., has just plugged a third Utica Shale well in Ohio and is signaling a major change in strategy. They no longer plan to drill for natural gas in the Utica and will instead concentrate 100% of their time (and money) on drilling for oil.

A few weeks ago MDN told you about two Ohio Utica wells plugged and “abandoned” by Devon, one in Medina County and the other in Ashland County where they found disappointing results (see Flip Side: Some OH Utica Shale Wells Get Plugged/Abandoned). The third Utica well to be plugged and abandoned by Devon is located, ironically, in Utica, Ohio (Knox County):

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Chesapeake Energy | Devon Energy | Energy Companies | Hilcorp Energy

Top 3 Best Energy Companies to Work for in the U.S.
January 17, 2013January 17, 2013

Want to work for a great company in the energy industry? Hilcorp, Chesapeake Energy and Devon Energy (all three drillers in either the Marcellus or Utica Shale plays) should be on your short list of prospective employers, at least according to FORTUNE Magazine and their just-released annual list of ‘100 Best Companies to Work For’…

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Antero Resources | Ashland County | Carroll County | Chesapeake Energy | Devon Energy | HG Energy | Medina County | Monroe County | Noble County | Ohio | Portage County | Stark County | Utica Shale

Flip Side: Some OH Utica Shale Wells Get Plugged/Abandoned
January 2, 2013January 2, 2013

When it comes to drilling in the Ohio Utica Shale, a lot of attention has been focused on the ramp up in activity—the growing number of drilling rigs, huge land lease deals, and eye-popping initial production results for some of the wells drilled. But there is another side to the story.

Every now and again, a well does not produce. Could be the driller did not properly find the shale layer (extremely rare). Could be they did find it but for whatever reason the layer doesn’t produce in that area. More likely there were problems during the drilling that caused the work to be stopped—like a broken-off drill bit. In Ohio, there have been nine Utica Shale wells that have been plugged and abandoned (so far). Here’s where they are located and who did the drilling:

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Anadarko | Devon Energy | Energy Companies | Ohio | Statewide OH | Utica Shale

Ohio’s Less Than Stellar Results from Oil Drilling
October 5, 2012October 5, 2012

The story line for development of the Marcellus and Utica Shale going back to the beginning of this year was, “Drillers are leaving the dry gas areas and going after wet gas,” meaning natural gas liquids. Why? Because the price for liquids is more favorable. That meant drilling activity was lessening in places like northeast Pennsylvania and (supposedly) moving to southwest PA, northern WV and eastern OH. To some degree that has happened.

However, the price for natural gas liquids has fallen due an abundance created by Marcellus and Utica Shale drilling. So the more recent story has been a move toward drilling for crude oil, especially in Ohio. But drilling for crude in Ohio isn’t working out so well—at least for some drillers.

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Devon Energy | Energy Companies | Industrywide Issues | Ohio | Roads | Wayne County (OH)

Devon Signs Road Repair Agreement with Wayne County, OH
August 31, 2012August 31, 2012

Devon Energy has signed an iron-clad agreement with Wayne County, Ohio to repair any damage caused by heavy trucks to roadways and bridges in the county from their drilling activities. A meeting on Tuesday night in Fredericksburg, OH was standing-room only as officials and local residents assembled to hear about the agreement.

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Anadarko | Chesapeake Energy | Chevron | CONSOL Energy | Devon Energy | Energy Companies | EnerVest | EV Energy Partners | Hess | Ohio | Statewide OH | Utica Shale

List of Biggest Drillers in Ohio, by Leased Acreage
August 17, 2012August 17, 2012

Akron Beacon Journal reporter Bob Downing reports some interesting facts about the Utica Shale from a recent conference. Well worth your time to review.

Among the interesting facts, MDN found these most interesting:

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Ashland County | Devon Energy | Energy Companies | Medina County | Ohio | Utica Shale

Devon Reports Disappointing Results in 2 NW OH Utica Wells
August 8, 2012August 8, 2012

Devon Energy reports “not encouraging” results from two wells in Ohio’s Utica Shale, one in Ashland County, the other in neighboring Medina County—both in the northwestern corner of the Utica Shale in Ohio. Although Devon is not saying whether or not they will drill more wells in that area, they have indicated they will drill more wells to the east.

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Devon Energy | Energy Companies | Ohio | Wayne County (OH)

Devon Energy Receives First Utica Permit for Wayne County, OH
July 2, 2012July 2, 2012

Devon Energy has just received the first permit to drill a Utica Shale well in Wayne County, Ohio. No timeline is set for when the drilling will begin, but Devon hopes the well will yield not only methane but oil too.

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Air Quality | Devon Energy | Energy Companies | Industrywide Issues | Regulation

EPA Air Pollution Rules Targeted at Senate Hearing Today
June 19, 2012June 18, 2012

Today, Devon Energy Corp.’s environmental manager Darren Smith will testify before the Senate Environment and Public Works Committee in Washington, D.C. about the Environmental Protection Agency’s badly overestimated data on the amount of so-called fugitive emissions that escape from a natural gas well when it’s drilled (a copy of his full testimony is embedded below).

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Devon Energy | Energy Companies | Sinopec | Utica Shale

China Makes $2.2B Investment in U.S. Shale, Including Utica
January 4, 2012January 4, 2012

The Chinese government, through state-controlled Sinopec, yesterday signed a deal with Devon Energy to buy into five prospective new exploration areas in the U.S. One of those areas is the Ohio Utica Shale, where Devon has increased it’s position to 235,000 net acres. With a $2.2 billion cash infusion coming from Sinopec, Devon will have the money to develop all five plays, including the Utica.

From the Devon press release:

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