What's the Deal With Devon Energy?

Recently, I wrote an article for ClineShaleSite.com titled Devon Bails but the Cline Shale Heat Up (APA, DVN, LPI, PXD).  The article was meant to be a summary of the last four months of news from the area, and I thought the title aptly summarize it, but I got a question from a reader asking whether or not I thought Devon had "truly bailed" or if they were merely scaling down to study completion techniques before ramping up again.  So with this post I want to clarify what I meant by "bailed", and  point out the evidence and economics I base my opinion on.  In short, I'd say Devon looks ambivalent on the Cline Shale, more interested in waiting for other operators to explore and delineate that investing the capital it takes to do that for itself.  Here is some discussion of the things I consider in making my assessment of Devon's presence in the Cline.

Highlights From The Last 4 Months

If you are looking for news on the Cline shale, there is a lot more available on the internet now than there was at the beginning of the year.  Things are obviously heating up.  I thought I'd put together a chronological list of the news, press releases, and company investor presentations that caught my eye over the last 4 months.  I included links to all of my sources.  If you see anything wrong, let me know.