Devon Energy (DVN) updated investors on its oil and gas development activities in the Barnett Shale play in Texas, where the company has 489,000 net acres under lease.
Devon Energy reported that production during the first quarter of 2011 averaged 1.2 billion cubic feet of natural gas equivalents per day, with 43,000 barrels per day of liquids production. The company said that total Barnett Shale production increased 11% over the same quarter in 2010.
Devon Energy has 4,600 producing wells in the play and plans to drill 325 Barnett Shale wells in 2011.