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These excerpts taken from the DVN 10-K filed Jun 9, 2008. Oil
Revenues
2007 vs. 2006 Oil revenues increased $700 million
due to a 13 million barrel increase in production. The
increase in our 2007 oil production was primarily due to our
properties in Azerbaijan where we achieved payout of certain
carried interests in the last half of 2006. This led to a nine
million barrel increase in 2007 as compared to 2006. Production
also increased 3.5 million barrels due to increased
development activity in our
Table of Contents
Lloydminster area in Canada. Also, oil sales from our Polvo
field in Brazil began during the fourth quarter of 2007, which
resulted in 0.5 million barrels of increased production.
Oil revenues increased $359 million as a result of a 11%
increase in our realized price. The average NYMEX West Texas
Intermediate index price increased 9% during the same time
period, accounting for the majority of the increase.
2006 vs. 2005 Oil revenues decreased $155 million
due to a four million barrel decrease in production. Production
lost from properties divested in 2005 caused a decrease of four
million barrels, and production declines related to our
U.S. and Canadian properties caused a decrease of three
million barrels. These decreases were partially offset by a
three million barrel increase from reaching payout of certain
carried interests in Azerbaijan.
Oil revenues increased $795 million as a result of a 49%
increase in our realized price. The expiration of oil hedges at
the end of 2005 and a 17% increase in the average NYMEX West
Texas Intermediate index price caused the increase in our
realized oil price.
Oil Revenues 2007 vs. 2006 Oil revenues increased $700 million due to a 13 million barrel increase in production. The increase in our 2007 oil production was primarily due to our properties in Azerbaijan where we achieved payout of certain carried interests in the last half of 2006. This led to a nine million barrel increase in 2007 as compared to 2006. Production also increased 3.5 million barrels due to increased development activity in our
Table of ContentsLloydminster area in Canada. Also, oil sales from our Polvo field in Brazil began during the fourth quarter of 2007, which resulted in 0.5 million barrels of increased production. Oil revenues increased $359 million as a result of a 11% increase in our realized price. The average NYMEX West Texas Intermediate index price increased 9% during the same time period, accounting for the majority of the increase. 2006 vs. 2005 Oil revenues decreased $155 million due to a four million barrel decrease in production. Production lost from properties divested in 2005 caused a decrease of four million barrels, and production declines related to our U.S. and Canadian properties caused a decrease of three million barrels. These decreases were partially offset by a three million barrel increase from reaching payout of certain carried interests in Azerbaijan. Oil revenues increased $795 million as a result of a 49% increase in our realized price. The expiration of oil hedges at the end of 2005 and a 17% increase in the average NYMEX West Texas Intermediate index price caused the increase in our realized oil price. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Oil
Revenues
2007 vs. 2006 Oil revenues increased $700 million
due to a 13 million barrel increase in production. The
increase in our 2007 oil production was primarily due to our
properties in Azerbaijan where we achieved payout of certain
carried interests in the last half of 2006. This led to a nine
million barrel increase in 2007 as compared to 2006. Production
also increased 3.5 million barrels due to increased
development activity in our
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Lloydminster area in Canada. Also, oil sales from our Polvo
field in Brazil began during the fourth quarter of 2007, which
resulted in 0.5 million barrels of increased production.
Oil revenues increased $359 million as a result of a 11%
increase in our realized price. The average NYMEX West Texas
Intermediate index price increased 9% during the same time
period, accounting for the majority of the increase.
2006 vs. 2005 Oil revenues decreased $155 million
due to a four million barrel decrease in production. Production
lost from properties divested in 2005 caused a decrease of four
million barrels, and production declines related to our
U.S. and Canadian properties caused a decrease of three
million barrels. These decreases were partially offset by a
three million barrel increase from reaching payout of certain
carried interests in Azerbaijan.
Oil revenues increased $795 million as a result of a 49%
increase in our realized price. The expiration of oil hedges at
the end of 2005 and a 17% increase in the average NYMEX West
Texas Intermediate index price caused the increase in our
realized oil price.
Oil Revenues 2007 vs. 2006 Oil revenues increased $700 million due to a 13 million barrel increase in production. The increase in our 2007 oil production was primarily due to our properties in Azerbaijan where we achieved payout of certain carried interests in the last half of 2006. This led to a nine million barrel increase in 2007 as compared to 2006. Production also increased 3.5 million barrels due to increased development activity in our
Table of ContentsLloydminster area in Canada. Also, oil sales from our Polvo field in Brazil began during the fourth quarter of 2007, which resulted in 0.5 million barrels of increased production. Oil revenues increased $359 million as a result of a 11% increase in our realized price. The average NYMEX West Texas Intermediate index price increased 9% during the same time period, accounting for the majority of the increase. 2006 vs. 2005 Oil revenues decreased $155 million due to a four million barrel decrease in production. Production lost from properties divested in 2005 caused a decrease of four million barrels, and production declines related to our U.S. and Canadian properties caused a decrease of three million barrels. These decreases were partially offset by a three million barrel increase from reaching payout of certain carried interests in Azerbaijan. Oil revenues increased $795 million as a result of a 49% increase in our realized price. The expiration of oil hedges at the end of 2005 and a 17% increase in the average NYMEX West Texas Intermediate index price caused the increase in our realized oil price. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Oil
Revenues
2006 vs. 2005 Oil revenues decreased $270 million
due to a seven million barrel decrease in production. Production
lost from properties divested in 2005 accounted for four million
barrels of the decrease. A contractual reduction of our share of
production from one of our international properties in mid-2005
also lowered 2006 volumes. These decreases were partially offset
by a three million barrel increase in production resulting from
reaching payout of certain carried interests in Azerbaijan.
Oil revenues increased $1.1 billion as a result of a 53%
increase in our realized price. The expiration of oil hedges at
the end of 2005 and a 17% increase in the average NYMEX West
Texas Intermediate index price caused the increase in our
realized oil price.
2005 vs. 2004 Oil revenues decreased $347 million
due to a 12 million barrel decrease in production.
Production lost from the 2005 property divestitures accounted
for seven million barrels of the decrease. We also suspended
certain domestic production in 2005 and 2004 due to the effects
of Hurricanes Katrina, Rita, Dennis and Ivan. The volumes
suspended in 2005 were one million barrels more than in 2004.
The remainder of the decrease is due to certain international
properties in which our ownership interest decreased after we
recovered our costs under the applicable production sharing
contracts.
Higher realized prices caused oil revenues to increase
$607 million in 2005. Our 2005 oil prices rose primarily
due to a 37% increase in the average NYMEX West Texas
Intermediate index price.
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