Devon All In on Permian Delaware, with Most Capital, Rigs Set for New Mexico, Texas
The Permian Basin will be the go-to target for Devon Energy Corp. this year, with 80% of this year’s capital budget and nearly all of the rigs directed to the massive formation.
The Oklahoma City-based independent issued its legacy fourth quarter and full-year results last week. Results from WPX Energy Inc., which completed its merger with Devon in early January, were reported separately.
“With the merger of equals between Devon and WPX Energy now finalized, we have an exciting story to share with you about the prospects of our new company,” CEO Rick Muncrief, formerly the chief of WPX, said. “We have definitely timed this merger well, catching the very bottom of the cycle and positioning ourselves to capture the full upside presented by the recent strengthening of macro fundamentals.