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DVN » Topics » Future Exploration and Drilling Results are Uncertain and Involve Substantial Costs

These excerpts taken from the DVN 10-K filed Feb 27, 2009.
Future Exploration and Drilling Results are Uncertain and Involve Substantial Costs
 
Substantial costs are often required to locate and acquire properties and drill exploratory wells. Such activities are subject to numerous risks, including the risk that we will not encounter commercially productive oil or gas reservoirs. The costs of drilling and completing wells are often uncertain. In addition, oil and gas properties can become damaged or drilling operations may be curtailed, delayed or canceled as a result of a variety of factors including, but not limited to:
 
  •  unexpected drilling conditions;
 
  •  pressure or irregularities in reservoir formations;
 
  •  equipment failures or accidents;
 
  •  fires, explosions, blowouts and surface cratering;
 
  •  marine risks such as capsizing, collisions and hurricanes;
 
  •  other adverse weather conditions;
 
  •  lack of access to pipelines or other transportation methods;
 
  •  environmental hazards or liabilities; and
 
  •  shortages or delays in the availability of services or delivery of equipment.
 
A significant occurrence of one of these factors could result in a partial or total loss of our investment in a particular property. In addition, drilling activities may not be successful in establishing proved reserves. Such a failure could have an adverse effect on our future results of operations and financial condition. While both exploratory and developmental drilling activities involve these risks, exploratory drilling involves greater risks of dry holes or failure to find commercial quantities of hydrocarbons. We are currently performing exploratory drilling activities in certain international countries. We have been granted drilling concessions in these countries that require commitments on our behalf to incur capital expenditures. Even if future drilling activities are unsuccessful in establishing proved reserves, we will likely be required to fulfill our commitments to make such capital expenditures.
 
Future Exploration and Drilling Results are Uncertain and Involve Substantial Costs
 
Substantial costs are often required to locate and acquire properties and drill exploratory wells. Such activities are subject to numerous risks, including the risk that we will not encounter commercially productive oil or gas reservoirs. The costs of drilling and completing wells are often uncertain. In addition, oil and gas properties can become damaged or drilling operations may be curtailed, delayed or canceled as a result of a variety of factors including, but not limited to:
 
  •  unexpected drilling conditions;
 
  •  pressure or irregularities in reservoir formations;
 
  •  equipment failures or accidents;
 
  •  fires, explosions, blowouts and surface cratering;
 
  •  marine risks such as capsizing, collisions and hurricanes;
 
  •  other adverse weather conditions;
 
  •  lack of access to pipelines or other transportation methods;
 
  •  environmental hazards or liabilities; and
 
  •  shortages or delays in the availability of services or delivery of equipment.
 
A significant occurrence of one of these factors could result in a partial or total loss of our investment in a particular property. In addition, drilling activities may not be successful in establishing proved reserves. Such a failure could have an adverse effect on our future results of operations and financial condition. While both exploratory and developmental drilling activities involve these risks, exploratory drilling involves greater risks of dry holes or failure to find commercial quantities of hydrocarbons. We are currently performing exploratory drilling activities in certain international countries. We have been granted drilling concessions in these countries that require commitments on our behalf to incur capital expenditures. Even if future drilling activities are unsuccessful in establishing proved reserves, we will likely be required to fulfill our commitments to make such capital expenditures.
 
Future
Exploration and Drilling Results are Uncertain and Involve
Substantial Costs


 





Substantial costs are often required to locate and acquire
properties and drill exploratory wells. Such activities are
subject to numerous risks, including the risk that we will not
encounter commercially productive oil or gas reservoirs. The
costs of drilling and completing wells are often uncertain. In
addition, oil and gas properties can become damaged or drilling
operations may be curtailed, delayed or canceled as a result of
a variety of factors including, but not limited to:


 


















































































































  • 
unexpected drilling conditions;
 
  • 
pressure or irregularities in reservoir formations;
 
  • 
equipment failures or accidents;
 
  • 
fires, explosions, blowouts and surface cratering;
 
  • 
marine risks such as capsizing, collisions and hurricanes;
 
  • 
other adverse weather conditions;
 
  • 
lack of access to pipelines or other transportation methods;
 
  • 
environmental hazards or liabilities; and
 
  • 
shortages or delays in the availability of services or delivery
of equipment.


 





A significant occurrence of one of these factors could result in
a partial or total loss of our investment in a particular
property. In addition, drilling activities may not be successful
in establishing proved reserves. Such a failure could have an
adverse effect on our future results of operations and financial
condition. While both exploratory and developmental drilling
activities involve these risks, exploratory drilling involves
greater risks of dry holes or failure to find commercial
quantities of hydrocarbons. We are currently performing
exploratory drilling activities in certain international
countries. We have been granted drilling concessions in these
countries that require commitments on our behalf to incur
capital expenditures. Even if future drilling activities are
unsuccessful in establishing proved reserves, we will likely be
required to fulfill our commitments to make such capital
expenditures.


 






Future
Exploration and Drilling Results are Uncertain and Involve
Substantial Costs


 





Substantial costs are often required to locate and acquire
properties and drill exploratory wells. Such activities are
subject to numerous risks, including the risk that we will not
encounter commercially productive oil or gas reservoirs. The
costs of drilling and completing wells are often uncertain. In
addition, oil and gas properties can become damaged or drilling
operations may be curtailed, delayed or canceled as a result of
a variety of factors including, but not limited to:


 


















































































































  • 
unexpected drilling conditions;
 
  • 
pressure or irregularities in reservoir formations;
 
  • 
equipment failures or accidents;
 
  • 
fires, explosions, blowouts and surface cratering;
 
  • 
marine risks such as capsizing, collisions and hurricanes;
 
  • 
other adverse weather conditions;
 
  • 
lack of access to pipelines or other transportation methods;
 
  • 
environmental hazards or liabilities; and
 
  • 
shortages or delays in the availability of services or delivery
of equipment.


 





A significant occurrence of one of these factors could result in
a partial or total loss of our investment in a particular
property. In addition, drilling activities may not be successful
in establishing proved reserves. Such a failure could have an
adverse effect on our future results of operations and financial
condition. While both exploratory and developmental drilling
activities involve these risks, exploratory drilling involves
greater risks of dry holes or failure to find commercial
quantities of hydrocarbons. We are currently performing
exploratory drilling activities in certain international
countries. We have been granted drilling concessions in these
countries that require commitments on our behalf to incur
capital expenditures. Even if future drilling activities are
unsuccessful in establishing proved reserves, we will likely be
required to fulfill our commitments to make such capital
expenditures.


 






These excerpts taken from the DVN 10-K filed Jun 9, 2008.
Future Exploration and Drilling Results are Uncertain and Involve Substantial Costs
 
Substantial costs are often required to locate and acquire properties and drill exploratory wells. Such activities are subject to numerous risks, including the risk that we will not encounter commercially productive oil or gas reservoirs. The costs of drilling and completing wells are often uncertain. In addition, oil and gas properties can become damaged or drilling operations may be curtailed, delayed or canceled as a result of a variety of factors including, but not limited to:
 
  •  unexpected drilling conditions;
 
  •  pressure or irregularities in reservoir formations;
 
  •  equipment failures or accidents;
 
  •  fires, explosions, blowouts and surface cratering;
 
  •  marine risks such as capsizing, collisions and hurricanes;
 
  •  other adverse weather conditions;
 
  •  lack of access to pipelines or other methods of transportation;
 
  •  environmental hazards or liabilities; and
 
  •  shortages or delays in the delivery of equipment.
 
A significant occurrence of one of these factors could result in a partial or total loss of our investment in a particular property. In addition, drilling activities may not be successful in establishing proved reserves. Such a failure could have an adverse effect on our future results of operations and financial condition. While both exploratory and developmental drilling activities involve these risks, exploratory drilling involves greater risks of dry holes or failure to find commercial quantities of hydrocarbons. We are currently performing exploratory drilling activities in certain international countries. We have been granted drilling concessions in these countries that require commitments on our behalf to incur capital expenditures. Even if future drilling activities are unsuccessful in establishing proved reserves, we will likely be required to fulfill our commitments to make such capital expenditures.
 
Future
Exploration and Drilling Results are Uncertain and Involve
Substantial Costs


 



Substantial costs are often required to locate and acquire
properties and drill exploratory wells. Such activities are
subject to numerous risks, including the risk that we will not
encounter commercially productive oil or gas reservoirs. The
costs of drilling and completing wells are often uncertain. In
addition, oil and gas properties can become damaged or drilling
operations may be curtailed, delayed or canceled as a result of
a variety of factors including, but not limited to:


 
































































































  • 
unexpected drilling conditions;
 
  • 
pressure or irregularities in reservoir formations;
 
  • 
equipment failures or accidents;
 
  • 
fires, explosions, blowouts and surface cratering;
 
  • 
marine risks such as capsizing, collisions and hurricanes;
 
  • 
other adverse weather conditions;
 
  • 
lack of access to pipelines or other methods of transportation;
 
  • 
environmental hazards or liabilities; and
 
  • 
shortages or delays in the delivery of equipment.


 



A significant occurrence of one of these factors could result in
a partial or total loss of our investment in a particular
property. In addition, drilling activities may not be successful
in establishing proved reserves. Such a failure could have an
adverse effect on our future results of operations and financial
condition. While both exploratory and developmental drilling
activities involve these risks, exploratory drilling involves
greater risks of dry holes or failure to find commercial
quantities of hydrocarbons. We are currently performing
exploratory drilling activities in certain international
countries. We have been granted drilling concessions in these
countries that require commitments on our behalf to incur
capital expenditures. Even if future drilling activities are
unsuccessful in establishing proved reserves, we will likely be
required to fulfill our commitments to make such capital
expenditures.


 




These excerpts taken from the DVN 10-K filed Feb 28, 2008.
Future Exploration and Drilling Results are Uncertain and Involve Substantial Costs
 
Substantial costs are often required to locate and acquire properties and drill exploratory wells. Such activities are subject to numerous risks, including the risk that we will not encounter commercially productive oil or gas reservoirs. The costs of drilling and completing wells are often uncertain. In addition, oil and gas properties can become damaged or drilling operations may be curtailed, delayed or canceled as a result of a variety of factors including, but not limited to:
 
  •  unexpected drilling conditions;
 
  •  pressure or irregularities in reservoir formations;
 
  •  equipment failures or accidents;
 
  •  fires, explosions, blowouts and surface cratering;
 
  •  marine risks such as capsizing, collisions and hurricanes;
 
  •  other adverse weather conditions;
 
  •  lack of access to pipelines or other methods of transportation;
 
  •  environmental hazards or liabilities; and
 
  •  shortages or delays in the delivery of equipment.
 
A significant occurrence of one of these factors could result in a partial or total loss of our investment in a particular property. In addition, drilling activities may not be successful in establishing proved reserves. Such a failure could have an adverse effect on our future results of operations and financial condition. While both exploratory and developmental drilling activities involve these risks, exploratory drilling involves greater risks of dry holes or failure to find commercial quantities of hydrocarbons. We are currently performing exploratory drilling activities in certain international countries. We have been granted drilling concessions in these countries that require commitments on our behalf to incur capital expenditures. Even if future drilling activities are unsuccessful in establishing proved reserves, we will likely be required to fulfill our commitments to make such capital expenditures.
 
Future
Exploration and Drilling Results are Uncertain and Involve
Substantial Costs


 



Substantial costs are often required to locate and acquire
properties and drill exploratory wells. Such activities are
subject to numerous risks, including the risk that we will not
encounter commercially productive oil or gas reservoirs. The
costs of drilling and completing wells are often uncertain. In
addition, oil and gas properties can become damaged or drilling
operations may be curtailed, delayed or canceled as a result of
a variety of factors including, but not limited to:


 
































































































  • 
unexpected drilling conditions;
 
  • 
pressure or irregularities in reservoir formations;
 
  • 
equipment failures or accidents;
 
  • 
fires, explosions, blowouts and surface cratering;
 
  • 
marine risks such as capsizing, collisions and hurricanes;
 
  • 
other adverse weather conditions;
 
  • 
lack of access to pipelines or other methods of transportation;
 
  • 
environmental hazards or liabilities; and
 
  • 
shortages or delays in the delivery of equipment.


 



A significant occurrence of one of these factors could result in
a partial or total loss of our investment in a particular
property. In addition, drilling activities may not be successful
in establishing proved reserves. Such a failure could have an
adverse effect on our future results of operations and financial
condition. While both exploratory and developmental drilling
activities involve these risks, exploratory drilling involves
greater risks of dry holes or failure to find commercial
quantities of hydrocarbons. We are currently performing
exploratory drilling activities in certain international
countries. We have been granted drilling concessions in these
countries that require commitments on our behalf to incur
capital expenditures. Even if future drilling activities are
unsuccessful in establishing proved reserves, we will likely be
required to fulfill our commitments to make such capital
expenditures.


 




This excerpt taken from the DVN 10-K filed Feb 28, 2007.
Future Exploration and Drilling Results are Uncertain and Involve Substantial Costs
 
Substantial costs are often required to locate and acquire properties and drill exploratory wells. Such activities are subject to numerous risks, including the risk that we will not encounter commercially productive oil or gas reservoirs. The costs of drilling and completing wells are often uncertain. In addition, oil and gas properties can become damaged or drilling operations may be curtailed, delayed or canceled as a result of a variety of factors including, but not limited to:
 
  •  unexpected drilling conditions;
 
  •  pressure or irregularities in reservoir formations;
 
  •  equipment failures or accidents;
 
  •  fires, explosions, blowouts and surface cratering;
 
  •  marine risks such as capsizing, collisions and hurricanes;
 
  •  other adverse weather conditions;
 
  •  lack of access to pipelines or other methods of transportation;
 
  •  environmental hazards or liabilities; and
 
  •  shortages or delays in the delivery of equipment.
 
A significant occurrence of one of these factors could result in a partial or total loss of our investment in a particular property. In addition, drilling activities may not be successful in establishing proved reserves. Such a failure could have an adverse effect on our future results of operations and financial condition. While both exploratory and developmental drilling activities involve these risks, exploratory drilling involves greater risks of dry holes or failure to find commercial quantities of hydrocarbons. We are currently performing exploratory drilling activities in certain international countries. We have been granted drilling concessions in these countries that require commitments on our behalf to incur capital expenditures. Even if future drilling activities are unsuccessful in establishing proved reserves, we will likely be required to fulfill our commitments to make such capital expenditures.


12

Table of Contents

 

EXCERPTS ON THIS PAGE:

10-K (4 sections)
Feb 27, 2009
10-K (2 sections)
Jun 9, 2008
10-K (2 sections)
Feb 28, 2008
10-K
Feb 28, 2007

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