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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Oil
Sales
2008 vs. 2007 Oil sales increased $1.2 billion as a
result of a 35% increase in our realized price without hedges.
The average NYMEX West Texas Intermediate index price increased
38% during the same time period, accounting for the majority of
the increase.
Oil sales decreased $104 million due to a two million
barrel decrease in production. Our International production
decreased approximately six million barrels due to reaching
certain cost recovery thresholds of our carried interest in
Azerbaijan. We also deferred 0.5 million barrels of oil
production due to hurricanes. These
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Table of Contents
decreases were partially offset by additional production
resulting from increased development activity at our Jackfish
and Lloydminster areas in Canada and at our Polvo development in
Brazil.
2007 vs. 2006 Oil sales 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 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 sales increased $359 million as a result of an 11%
increase in our realized price without hedges. The average NYMEX
West Texas Intermediate index price increased 9% during the same
time period, accounting for the majority of the increase.
Oil
Sales
2008 vs. 2007 Oil sales increased $1.2 billion as a
result of a 35% increase in our realized price without hedges.
The average NYMEX West Texas Intermediate index price increased
38% during the same time period, accounting for the majority of
the increase.
Oil sales decreased $104 million due to a two million
barrel decrease in production. Our International production
decreased approximately six million barrels due to reaching
certain cost recovery thresholds of our carried interest in
Azerbaijan. We also deferred 0.5 million barrels of oil
production due to hurricanes. These
37
Table of Contents
decreases were partially offset by additional production
resulting from increased development activity at our Jackfish
and Lloydminster areas in Canada and at our Polvo development in
Brazil.
2007 vs. 2006 Oil sales 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 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 sales increased $359 million as a result of an 11%
increase in our realized price without hedges. The average NYMEX
West Texas Intermediate index price increased 9% during the same
time period, accounting for the majority of the increase.
Oil Sales 2008 vs. 2007 Oil sales increased $1.2 billion as a result of a 35% increase in our realized price without hedges. The average NYMEX West Texas Intermediate index price increased 38% during the same time period, accounting for the majority of the increase. Oil sales decreased $104 million due to a two million barrel decrease in production. Our International production decreased approximately six million barrels due to reaching certain cost recovery thresholds of our carried interest in Azerbaijan. We also deferred 0.5 million barrels of oil production due to hurricanes. These
Table of Contentsdecreases were partially offset by additional production resulting from increased development activity at our Jackfish and Lloydminster areas in Canada and at our Polvo development in Brazil. 2007 vs. 2006 Oil sales 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 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 sales increased $359 million as a result of an 11% increase in our realized price without hedges. The average NYMEX West Texas Intermediate index price increased 9% during the same time period, accounting for the majority of the increase. Oil Sales 2008 vs. 2007 Oil sales increased $1.2 billion as a result of a 35% increase in our realized price without hedges. The average NYMEX West Texas Intermediate index price increased 38% during the same time period, accounting for the majority of the increase. Oil sales decreased $104 million due to a two million barrel decrease in production. Our International production decreased approximately six million barrels due to reaching certain cost recovery thresholds of our carried interest in Azerbaijan. We also deferred 0.5 million barrels of oil production due to hurricanes. These
Table of Contentsdecreases were partially offset by additional production resulting from increased development activity at our Jackfish and Lloydminster areas in Canada and at our Polvo development in Brazil. 2007 vs. 2006 Oil sales 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 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 sales increased $359 million as a result of an 11% increase in our realized price without hedges. The average NYMEX West Texas Intermediate index price increased 9% during the same time period, accounting for the majority of the increase. | EXCERPTS ON THIS PAGE:
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