Devon Energy (DVN) made comments on its operations in the Barnett Shale during the second quarter earnings conference call. The company averaged production of 1.1 billion cubic feet of natural gas equivalent per day during the second quarter of 2010, just short of its record production of 1.2 billion cubic feet of natural gas equivalent per day. Devon Energy estimates that its production will surpass the previous record during the third quarter of 2010.
“Moving to the Barnett Shale field in North Texas, we are currently running 17 Devon-operated rigs. But as I mentioned, we'll be moving one of these rigs to the Granite Wash later this month. But we plan to run the remaining 16 rigs in the Barnett for the rest of 2010. We continue to be very selective with our Barnett drilling, focusing our activity in the liquids-rich areas.”
“Our net production in the Barnett exceeded 1.1 Bcf equivalent per day, including 39,000 barrels per day of NGLs and condensate. Although hidden by the rounding, the second quarter daily rate was up 3% from the first quarter. We continue to expect our Barnett production to reach our previous record production of 1.2 Bcf equivalent per day during the third quarter.”
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