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Devon Energy Corporation Valuation Report, Q2 2010 - Strategic and Operational Analysis
GlobalData, June 2010, Pages: 117
Devon Energy Corporation Valuation Report, June 2010 - Strategic and Operational Analysis
Summary
Devon Energy Corporation is an independent energy company primarily dealing with Exploration and Production activities related to natural gas, crude oil and natural gas liquids (NGLs) in onshore areas of the US and Canada. The company continuously strives to enhance its shareholders’ value through these operations. It invests in oil and gas properties with high margins, balances its oil and gas reserve mix and maintains financial flexibility. In November 2009, Devon announced plans to dispose its entire interests in international and Gulf of Mexico assets. It intends to close the sales of these assets by the end of 2010. The company’s international assets are mainly located in Azerbaijan, Brazil and China. It plans to reduce its debt and speed up its North American activities with the proceeds of this sale. The major drivers of Devon’s production in the coming years include its Jackfish project in Canada and the Barnett, Woodford and Haynesville shale plays in the US. It expects additional production from its newer Jackfish projects, the Horn River Basin project and the Cody project area in south central Montana in the US in the near future.
Scope
- Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis.
- Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies.
- SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
- Production and Development profile: This section highlights the companies’ forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets.
- Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies’ recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period.
- Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies’ by using different valuation techniques.
- Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy
- The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
1
1.1 List of Tables
1.2 List of Figures
2 Devon Energy Corporation, Company Overview
3 Devon Energy Corporation, Watchlist for 2010
4 Devon Energy Corporation, Investment Summary
4.1 Barnett Shale to Remain the Dominant Area in Devon’s E&P Operations; Inventory to Last More Than a Decade
4.2 Jackfish Oil Presenting a Long Life Producing Profile for Devon
4.3 Exposure to Other Shale Development; Devon Utilizing Its Barnett Expertise
4.3.1 Arkoma-Woodford Shale
4.3.2 Cana-Woodford Shale
4.3.3 Haynesville Shale
4.3.4 Horn River Basin
4.4 Divestiture of Assets to Concentrate on Core Operated Areas
4.5 Comfortable Liquidity Position is Set to Improve Further
5 Devon Energy Corporation, SWOT Analysis
5.1 Strengths
5.1.1 Unconventional Drilling Expertise
5.1.2 Positive Prospects Regarding the Company’s Financial Flexibility
5.2 Weakness
5.2.1 Deteriorating Profit Margins and Other Ratios
5.3 Opportunities
5.3.1 Shale Play to Deliver Immense Prospects in Coming Years
5.3.2 Divestiture of International Assets Will Provide Substantial Opportunity to Improve Onshore North America Operations
5.4 Threat
5.4.1 Royalty Rate Decisions are an Indirect Hindrance to Devon’s Unconventional Oil Projects
6 Devon Energy Corporation, Goals and Strategies
6.1 Attention on Extracting Huge Future Returns from Invested Assets
6.2 Devon Intends to Compete in its Core Area of Operations
6.3 Maintain Financial Flexibility in Future Capital Decisions
7 Devon Energy Corporation, Production Overview
7.1 Production Profile
7.2 Barnett Shale Continues to be the Largest Production Contributor
7.3 Carthage Area – Activity Depends Upon Pricing and Drilling
7.4 Lloydminster
7.5 Permian Basin in Texas
7.6 Other Assets
8 Devon Energy Corporation, Development Overview
8.1 Development Profile
8.2 Jackfish Development Project; Significant Upside Yet To Come
8.3 Haynesville Shale - A Repeatable Play; De-risking Continues
8.4 Wolfberry Oil – Devon’s Presence in the Permian Basin could make it a Low Risk Development
9 Devon Energy Corporation, Exploration and M&A Highlights
9.1 Horn River Basin still in De-risking Stage; It Could Add Small Volumes in 2010
9.2 Strong Display of Strength in Organic Reserve Additions
9.3 M&A Activity
10 Devon Energy Corporation, Marketing and Midstream Updates
11 Devon Energy Corporation, Outlook
12 Devon Energy Corporation, Forecast Production & Financial Statements
12.1 Income Statement (2007 – 2014E)
12.2 Balance Sheet (2007 – 2014E)
12.3 Cash Flow Statement (2007 – 2014E)
12.4 Financial Ratios (2007 – 2014E)
13 Devon Energy Corporation, Valuation
13.1 Net Asset Value
14 Devon Energy Corporation, Peer Comparision
14.1 Share Price Performance
14.2 Operational and Financial Performance
15 Devon Energy Corporation, Key Risks
15.1 Volatile Commodity Price
15.2 Reserve Replacement
15.3 Competition with Peers
16 Devon Energy Corporation, Detailed Financial & Operational Metrics
16.1 Devon Energy Corporation, Quarterly Results of Oil & Gas Operations Per BOE Produced
16.1.1 Results of Oil & Gas Operations Per BOE Produced, Q4, 2008–Q4, 2009
16.1.2 Results of Oil & Gas Operations Per BOE Growth Rates, Q4, 2008–Q4, 2009
16.2 Devon Energy Corporation, Quarterly E&P Costs Trends
16.2.1 Upstream Capital Expenditure, Q4, 2008–Q4, 2009
16.3 Devon Energy Corporation, Quarterly Production Trends
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2008–Q4, 2009
16.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2008–Q4, 2009
16.3.3 Total Crude Oil and Natural Gas Production Per Share, Q4, 2008–Q4, 2009
16.4 Devon Energy Corporation, Crude Oil Production
16.4.1 Total Crude Oil Production Trend, Q4, 2008–Q4, 2009
16.4.2 Crude Oil Production, By Country/Region, Q4, 2008–Q4, 2009
16.5 Devon Energy Corporation, Natural Gas Production
16.5.1 Total Natural Gas Production Trend, Q4, 2008–Q4, 2009
16.5.2 Natural Gas Production, By Country/Region, Q4, 2008–Q4, 2009
16.6 Devon Energy Corporation, Production and Reserve Trends
16.6.1 Total Crude Oil and Natural Gas Production and Reserve Trends, 2004–09
16.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2004–2009
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004–2009
16.7 Devon Energy Corporation, Crude Oil/Liquids Production and Reserve
16.7.1 Crude Oil/Liquids Production and Reserve Trends, 2004–2009
16.7.2 Crude Oil Production and Reserves By Country/Region, 2004–2009
16.7.3 Crude Oil/Liquids Reserve Changes, 2004–2009
16.8 Devon Energy Corporation, Natural Gas Production and Reserves
16.8.1 Natural Gas Production and Reserve Trends, 2004–09
16.8.2 Natural Gas Production and Reserves, By Country/Region, 2004–2009
16.8.3 Natural Gas Reserve Changes, 2004–2009
16.9 Devon Energy Corporation, Total Crude Oil and Natural Gas Reserves Life Index
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004–2009
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004–2009
16.10 Devon Energy Corporation, E&P Cost Trends
16.10.1 Upstream Capital Expenditure, 2004–2009
16.10.2 Acquisition Costs By Country/Region, 2004–2009
16.10.3 Exploration and Development Costs, By Country/Region, 2004–2009
16.11 Devon Energy Corporation, Oil and Gas Cost Per Boe, $/boe
16.11.1 Oil and Gas Cost Per Boe, $/boe, 2004–2009
16.11.2 Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2004–2009
16.12 Devon Energy Corporation, Reserve Replacement Ratio
16.12.1 Oil and Gas Production Replacement Ratio, 2004–2009
16.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004–2009
16.13 Devon Energy Corporation, Results of Oil & Gas Operations, Trends
16.13.1 Oil and Gas Revenue and Expenses, 2004–2009
16.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004–2009
16.14 Devon Energy Corporation, Oil and Gas Revenue and Expenses, Per Boe
16.14.1 Oil and Gas Revenue and Expenses, By Boe, 2004–2009
16.14.2 Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2004–2009
16.15 Devon Energy Corporation, Oil and Gas Performance Metrics
16.16 Devon Energy Corporation, Land Holdings and Well Data
16.16.1 Gross and Net Developed and Undeveloped Acreage, 2004–2009
16.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2004–2009
16.17 Devon Energy Corporation, Well Statistics
16.17.1 Producible Oil and Gas Well, 2004–2009
16.17.2 Producible Oil and Gas Well, By Country/Region, 2004–2009
16.17.3 Exploration and Development Wells Drilled, 2004–2009
16.17.4 Exploration and Development Wells Drilled, By Country/Region, 2004–2009
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004–2009
16.17.6 Developed Reserves per Well, By Country/Region, 2004–2009
17 Appendix
17.1 Methodology
17.1.1 Coverage
17.1.2 Secondary Research
17.1.3 Primary Research
17.2 Data Sources
17.2.1 Company Source
17.2.2 SEC/Other Regulatory Filings
17.2.3 Agency Reports
17.2.4 Other Sources
17.3 Methodology for Company Valuation
17.4 Expert Panel Validation
17.5 Units of Measure
17.6 About Us
17.7 Disclosure
17.8 Disclaimer
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