Devon Energy CEO on New Technology and Fracking

The transcript discusses the use of advanced technology in oil production, focusing on improving well productivity and efficiency. It highlights the shift to a continuous improvement model in hydraulic fracturing, which allows for real-time data-driven adjustments. The discussion also covers budget considerations, emphasizing that technology investments lead to significant cost reductions and increased production rates. The transcript concludes with advancements in geosteering, enabling precise drilling and enhanced well performance.

What has been the company's focus since 2010 to differentiate itself in the market?

• Increasing workforce size

• Improving data management and pursuing advanced technology

• Reducing operational costs

• Expanding into new markets

How does the company improve its completion technology?

• By using more traditional methods

• By implementing a continuous improvement model

• By hiring more engineers

• By reducing the amount of sand used

What is the impact of the continuous improvement model on resource usage?

• It requires more resources

• It reduces resource wastage

• It has no impact on resource usage

• It increases resource wastage

What is the company's stance on the cost of advanced technology?

• It is a major financial burden

• It is minimal and drives efficiencies

• It has no impact on costs

• It significantly increases operational costs

What percentage increase in production has the company achieved compared to 2012?

• 500%

• 200%

• 300%

• 450%

What technological advancement has allowed the company to drill more precisely?

• Improved geosteering capabilities

• Increased workforce

• Traditional drilling methods

• Higher oil prices

How has the company adapted to the current oil price environment?

• By reducing production

• By using technology to outperform competitors

• By increasing prices

• By cutting down on technology use