戴文能源公司Devon Energy Corporation (DVN) 2012年年度报告「NYSE」.pdf

1、Devon Energy 2012 Letter to Shareholders and Form 10-KLetter to ShareholdersDear Fellow Shareholders:2012 was a year of progress for Devon as we continued to transition toward a higher oil weighting in our oil and gas property portfolio.It was also a year of challenges.Regional supply and demand imb

2、alances in North America led to weak product pricing for the majority of our production.In spite of these cyclical pricing headwinds,we stayed focused on the pursuit of our top strategic objective of optimizing long-term growth in cash flow per share adjusted for debt.To consistently grow cash flow,

3、we need a portfolio of assets balanced between oil and natural gas that provides the flexibility to invest in high-return projects in any commodity price environment.Over the last few years,our capital spending has focused almost exclusively on expanding and developing our oil and liquids-rich asset

4、s to achieve a more balanced portfolio.Our year-over-year growth in oil production and reserves from existing development projects,combined with our early success in several emerging oil plays,provides clear evidence of our progress.And with the strength of our balance sheet,we have been able to com

5、fortably fund this transition.Undoubtedly,our disciplined approach to allocating capital and managing the business has laid the groundwork for success in the future.John RichelsPresident and Chief Executive OfficerTrimDrilling operations continue day and night on this rig in the Permian Basin.In 201

6、2,Devon drilled more than 240 wells and grew oil production 31 percent in the Permian.Oil Conversion on TrackRecord oil production from our Permian Basin and Jackfish development areas drove total oil production up 20 percent over 2011.This marks the sixth consecutive year of North American onshore