OKLAHOMA CITY, Sept. 17 /PRNewswire-FirstCall/ -- Devon Energy
Corporation (NYSE: DVN) announced today that it has restored a portion of
its offshore oil and natural gas production in the Gulf of Mexico following
Hurricanes Gustav and Ike. The company produces approximately 50,000
equivalent barrels of oil (Boe) per day from wells located in the Gulf of
Mexico. Devon's U.S. offshore production is about 60 percent natural gas
and represents roughly seven percent of the company's worldwide oil and
natural gas production. Devon had suspended all of its production in the
Gulf of Mexico as a precautionary measure prior to Hurricane Gustav.
"We are still in the process of evaluating the full extent of the
impact of the recent hurricanes, but we are pleased to report that all of
our employees are safe," said John Richels, Devon's president. "We safely
evacuated our offshore facilities and are now getting everyone back to work
as quickly as we can. I once again applaud the professionalism of our Gulf
Coast and Houston teams as they prepared for and responded to the storms."
Currently, about 10,000 Boe per day of Devon's U.S. offshore production
has been restored. The company expects to bring additional volumes back on
line upon completion of damage assessments and any necessary repairs to
Devon-operated and third-party facilities and transportation systems.
The hurricanes appear to have caused varying degrees of damage to
several of the company's producing platforms in the central Gulf of Mexico.
Hurricane Ike toppled two platforms in the Eugene Island area. The
company's net production from the two toppled platforms was approximately
1,200 Boe per day prior to the storms.
Additionally, Hurricane Ike forced certain pipelines, third-party gas
processing facilities and natural gas liquids fractionators in the Gulf
Coast region to suspend operations. As a result, approximately 50,000 Boe
per day of Devon's U.S. onshore production has also been curtailed. Repairs
are now under way and electrical power is being restored. Therefore, the
curtailed onshore volumes are expected to be brought back on line
commencing over the next few days.
Devon Energy Corporation is an Oklahoma City-based independent energy
company engaged in oil and gas exploration and production. Devon is the
largest U.S.-based independent oil and gas producer and is included in the
S&P 500 Index. For additional information, visit
http://www.devonenergy.com.
This press release includes "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements are those
concerning the strategic plans, expectations and objectives for future
operations. All statements, other than statements of historical facts,
included in this press release that address activities, events or
developments that the company expects, believes or anticipates will or may
occur in the future are forward-looking statements. These statements are
based on certain assumptions made by the company based on its experience
and perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the
company.
SOURCE Devon Energy Corporation
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Related links:
http://www.devonenergy.com
http://www.prnewswire.com/comp/118040.html /
CONTACT:
Investor Contact, Zack Hager,
+1-405-552-4526, or Media, Alesha Leemaster, +1-405-228-8413,
both of Devon Energy Corporation
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