戴文能源公司Devon Energy Corporation (DVN) 2013年年度报告「NYSE」.pdf

1、Devon Energy 2013 Letter to Shareholders and Form 10-KCommitment Runs DeepWhile our portfolio is undergoing change,our approach to the business remains the same.We continue to pursue our strategic objective of achieving top-quartile shareholder returns by maximizing growth in cash flow per share,adj

2、usted for debt.This philosophy balances our capital allocation between drilling projects,debt reduction and returning cash to our shareholders through dividends or stock buybacks.Over time,the relative attractiveness of these options will vary,but our disciplined pursuit of optimizing our allocation

3、 of capital remains steadfast.Being a premier company goes beyond great execution,a deep portfolio and an investment-grade balance sheet.To be successful over the long run,we must be committed to safe operations,environmental stewardship and respect for our neighbors.Devons efforts in these areas we

4、re recognized with numerous awards this past year,including the prestigious Phoenix Award,a national environmental honor.Devon was also named to Fortunes“100 Best Companies to Work For”list for the seventh consecutive year.This recognition reflects the strength of our culture and the dedication of o

5、ur team of employees.The strategic moves we made in 2013 have undoubtedly strengthened our competitive position.As we look to 2014,we expect to build on this momentum with an emphasis on superior execution of our capital program.Our activity will focus on our highest rate-of-return oil development o

6、pportunities which are expected to drive a 35 percent year-over-year increase in companywide oil production from our improved property base.This will be led by a 75 percent year-over-year increase in U.S.oil production,driven by strong growth in the Permian Basin and Eagle Ford.And,we expect to deli