戴文能源公司Devon Energy Corporation (DVN) 2011年年度报告「NYSE」.pdf

1、Devon Energy 2011 Letter to Shareholders and Form 10-KLetter to ShareholdersDear Fellow Shareholders:John RichelsPresident and Chief Executive Offi cerDrilling operations are directed from the doghouse control-room on this Devon operated rig in the Cana Woodford Shale.In 2011,Devon drilled more than

2、 200 wells in the oil and liquids-rich Cana fi eld.at the forefront of almost all business activity throughout the world.In light of that,the exploration and production industry faced a number of challenges.Most notable was the wide diff erential between oil and North American natural gas prices.Alt

3、hough oil prices remained robust,averaging almost$95 per barrel during the year,natural gas prices decreased to an average of about$4 per thousand cubic feet in 2011.Oil prices were supported by strong demand from developing countries and concerns over global supply interruptions.North American natu

4、ral gas prices,on the other hand,suff ered from an oversupplied market.Rising activity levels for oil-directed drilling led to increased service and supply costs,further eroding industry operating margins for natural gas.Devons outstanding 2011 performance was delivered in spite of these industry ch

5、allenges.Successful Execution of Devons StrategyDevons performance refl ects our disciplined approach to managing the business.We remain steadfast in our commitment to drive value for our shareholders by maximizing cash fl ow on a per-share basis,adjusted for debt.We execute this strategy by:Outstan

6、ding Results in a Challenged EnvironmentIn 2011,Devon achieved outstanding results driven by the solid execution of our operational plans and the very successful completion of our strategic repositioning.Net earnings climbed to an all-time record of$4.7 billion.Cash fl ow totaled$6.5 billion and,whe