戴文能源公司Devon Energy Corporation (DVN) 2015年年度报告「NYSE」.pdf

1、Commitment Runs DeepDevon Energy 2015 Letter to Shareholders and Form 10-Kassets in the U.S.the Barnett Shale and Eagle Ford.With the depth,diversity and quality of our premier portfolio,we are well positioned to create significant value for our shareholders.Responding with caution As we look to 201

2、6,given the low commodity-price environment and the uncertain duration of this downturn,our top priority is to protect the balance sheet by spending within our available cash flow.We also see no reason to accelerate production growth into weak commodity markets,so we have prudently reduced our capit

3、al activity by 75 percent from last year.To ensure the continued strength of our investment grade balance sheet,we also trimmed more than$1 billion from our cost structure and have a divestiture program under way with the intent to monetize$2 billion to$3 billion of assets.With our financial strengt

4、h and flexibility intact,we are ready to move quickly once the markets and economics turn favorable again for increased investment.A culture of success Regardless of the business environment,Devon has a long tradition of doing its work the right way.This commitment remains strong today and starts wi

5、th working safely.But creating a culture of safety is just the beginning for us when it comes to doing things the right way.Our efforts to care for the land,preserve wildlife,conserve water,reduce emissions and be a good neighbor continue to be a priority and our efforts have been widely recognized.

6、When I look to the coming years,I have every reason to be optimistic about Devons future.We have a great collection of assets,a strong commitment to superior execution and one of the more advantaged capital structures in the E&P space.As we continue to execute on our disciplined business plan,we are