Devon Energy restores production to pre-storm levels following Harvey
Devon Energy reported that it has restored production to pre-storm levels across its U.S. operations following Hurricane Harvey. As a precautionary measure for Hurricane Harvey, the company temporarily suspended operations and shut-in production across its entire Eagle Ford position in south Texas. Devon produces approximately 60,000 oil-equivalent barrels per day in the Eagle Ford, and post-storm inspections indicated that Devon's producing assets and facilities sustained minimal damage. The company has now resumed production from all producing pads in the Eagle Ford. Additionally, temporary storm-related limitations in downstream petrochemical capacity across the Gulf Coast region curtailed production in select areas of Devon's U.S. operations. Many critical third-party petrochemical facilities across the Gulf Coast region have now restarted and are in the process of ramping up to pre-storm capacity. In aggregate, Devon estimates the total impact of Hurricane Harvey to reduce its net liquids production in the Eagle Ford and select areas of the U.S. by 15,000 barrels per day in Q3. The company expects this one-time production impact to be confined to Q3 and it represents one-half of 1% of Devon's total expected volumes for FY17.