Devon Energy Says Due To The Addition Of A 4th Delaware Completion Crew In January, The Company's Capital Program In 2024 Is Expected To Be Weighted Towards The First Half Of The Year. As A Result Of This Activity Timing, Q2 Production Is Expected To Increase To A Range Of 670K-690K BOE Per Day And Capital Spending Is Estimated To ~$950M For The Quarter
Portfolio Pulse from Benzinga Newsdesk
Devon Energy announced the addition of a 4th Delaware completion crew in January, leading to a capital program in 2024 that will be weighted towards the first half of the year. This adjustment is expected to increase Q2 production to 670K-690K BOE per day and raise capital spending to approximately $950M for the quarter.
May 01, 2024 | 8:26 pm
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Devon Energy's strategic addition of a 4th Delaware completion crew is set to significantly increase Q2 production and capital spending in 2024.
The addition of a new completion crew by Devon Energy is a strategic move to boost production significantly in the second quarter of 2024. This increase in production capacity and the associated rise in capital expenditure are likely to be viewed positively by investors, as it indicates growth and an aggressive approach to capitalizing on market opportunities. The specific mention of increased production and capital spending figures provides a clear indication of the company's growth trajectory, potentially leading to a positive impact on the stock price in the short term.
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