Devon Energy, the largest producer in the Barnett Shale, said Wednesday its production in the field averaged the equivalent of 1.4 billion cubic feet a day in 2013, even with 2012 and up slightly from 1.3 Bcf in 2011. Those figures include dry gas, natural gas liquids and crude oil, and producers have generally steered their efforts toward the liquids because of higher prices. Devon said that last year it increased its liquids production in the Barnett by 17 percent, to an average 57,000 barrels a day, as it drilled 31 new wells in the fourth quarter and 172 wells for the year. Oil production was up 32 percent in the U.S. during the quarter, led by higher production in West Texas' Permian Basin.
Devon reported those figures as part of its fourth-quarter earnings release, which showed a net profit of $207 million, or 51 cents a share, on revenues of $2.6 billion, compared to a net loss a year earlier of $357 million on revenues of $1.9 billion. After adjustments for hedging and other unusual items, Devon said it earned $447 million, or $1.10 a share. That compared to Wall Street's consensus estimate of $1.08, and the company's shares were up 3 percent in early trading. For all of 2013, Devon said it lost $20 million on revenues of $8.5 billion. The Oklahoma City-based producer, which has a large Barnett operation based in Bridgeport in Wise County, also said it repatriated $4.3 billion in foreign cash during the year.
-- Jim Fuquay