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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Gas
Sales
2008 vs. 2007 Gas sales increased $1.7 billion as a
result of a 29% increase in our realized price without hedges.
This increase was largely due to increases in the regional index
prices upon which our gas sales are based.
A 77 Bcf increase in production during 2008 caused gas
sales to increase by $462 million. Our drilling and
development program in the Barnett Shale field in north Texas
contributed 83 Bcf to the gas production increase. This
increase and the effect of new drilling and development in our
other North American properties were partially offset by natural
production declines and the deferral of seven Bcf of production
in 2008 due to hurricanes.
2007 vs. 2006 A 55 Bcf increase in production caused
gas sales to increase by $327 million. Our drilling and
development program in the Barnett Shale field in north Texas
contributed 53 Bcf to the gas production increase. The June
2006 Chief Holdings LLC (“Chief”) acquisition also
contributed 12 Bcf of increased production. During 2007, we
also began first production from the Merganser field in the
deepwater Gulf of Mexico, which resulted in seven Bcf of
increased production. These increases and the effects of new
drilling and development in our other North American properties
were partially offset by natural production declines primarily
in Canada.
A 1% decline in our average realized price without hedges caused
gas sales to decrease $52 million in 2007.
Table of Contents
Gas
Sales
2008 vs. 2007 Gas sales increased $1.7 billion as a
result of a 29% increase in our realized price without hedges.
This increase was largely due to increases in the regional index
prices upon which our gas sales are based.
A 77 Bcf increase in production during 2008 caused gas
sales to increase by $462 million. Our drilling and
development program in the Barnett Shale field in north Texas
contributed 83 Bcf to the gas production increase. This
increase and the effect of new drilling and development in our
other North American properties were partially offset by natural
production declines and the deferral of seven Bcf of production
in 2008 due to hurricanes.
2007 vs. 2006 A 55 Bcf increase in production caused
gas sales to increase by $327 million. Our drilling and
development program in the Barnett Shale field in north Texas
contributed 53 Bcf to the gas production increase. The June
2006 Chief Holdings LLC (“Chief”) acquisition also
contributed 12 Bcf of increased production. During 2007, we
also began first production from the Merganser field in the
deepwater Gulf of Mexico, which resulted in seven Bcf of
increased production. These increases and the effects of new
drilling and development in our other North American properties
were partially offset by natural production declines primarily
in Canada.
A 1% decline in our average realized price without hedges caused
gas sales to decrease $52 million in 2007.
Table of Contents
Gas Sales 2008 vs. 2007 Gas sales increased $1.7 billion as a result of a 29% increase in our realized price without hedges. This increase was largely due to increases in the regional index prices upon which our gas sales are based. A 77 Bcf increase in production during 2008 caused gas sales to increase by $462 million. Our drilling and development program in the Barnett Shale field in north Texas contributed 83 Bcf to the gas production increase. This increase and the effect of new drilling and development in our other North American properties were partially offset by natural production declines and the deferral of seven Bcf of production in 2008 due to hurricanes. 2007 vs. 2006 A 55 Bcf increase in production caused gas sales to increase by $327 million. Our drilling and development program in the Barnett Shale field in north Texas contributed 53 Bcf to the gas production increase. The June 2006 Chief Holdings LLC (“Chief”) acquisition also contributed 12 Bcf of increased production. During 2007, we also began first production from the Merganser field in the deepwater Gulf of Mexico, which resulted in seven Bcf of increased production. These increases and the effects of new drilling and development in our other North American properties were partially offset by natural production declines primarily in Canada. A 1% decline in our average realized price without hedges caused gas sales to decrease $52 million in 2007.
Table of ContentsGas Sales 2008 vs. 2007 Gas sales increased $1.7 billion as a result of a 29% increase in our realized price without hedges. This increase was largely due to increases in the regional index prices upon which our gas sales are based. A 77 Bcf increase in production during 2008 caused gas sales to increase by $462 million. Our drilling and development program in the Barnett Shale field in north Texas contributed 83 Bcf to the gas production increase. This increase and the effect of new drilling and development in our other North American properties were partially offset by natural production declines and the deferral of seven Bcf of production in 2008 due to hurricanes. 2007 vs. 2006 A 55 Bcf increase in production caused gas sales to increase by $327 million. Our drilling and development program in the Barnett Shale field in north Texas contributed 53 Bcf to the gas production increase. The June 2006 Chief Holdings LLC (“Chief”) acquisition also contributed 12 Bcf of increased production. During 2007, we also began first production from the Merganser field in the deepwater Gulf of Mexico, which resulted in seven Bcf of increased production. These increases and the effects of new drilling and development in our other North American properties were partially offset by natural production declines primarily in Canada. A 1% decline in our average realized price without hedges caused gas sales to decrease $52 million in 2007.
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