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Article: Devon Energy Lays Out Long-Term Strategy.
- Article from:
- The Oil Daily
- Article date:
- September 29, 2004
CopyrightCOPYRIGHT 2004 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Devon Energy said Tuesday it expects its production to be flat in 2005 but should accelerate in subsequent years, resulting in an average compound annual growth rate of 5% through 2009.
Volumes will pick up only gradually in 2006 and 2007 with most of the projected increase coming in the final two years of the five-year forecast as several key development projects kick in.
Devon said production growth is not of paramount importance, saying it plans to improve its performance on several fronts, including returns and finding and development costs.
"We are not prepared to compromise our investment return criteria to chase production. We think it's ...