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Another blow-out quarter for Devon's Jackfish SAGD facility

Another blow-out quarter for Devon's Jackfish SAGD facility

Heavy oil production out of Devon Energy's Jackfish SAGD operation averaged 125,100 bbl/day in the first quarter of this year, about 20% higher than the plant's official nameplate capacity and 23% higher than Q1 of last year.

COURTESY DEVON ENERGY

COURTESY DEVON ENERGY

Among the key highlights:

  • Jackfish 1 produced 35,300 bbl/day, up 20% y/y due to the ramp of a new well pad.
  • Jackfish 2 averaged 43,800 bbl/day, 36% higher than Q1/2016 due to the ramp up of two new well pads.
  • Jackfish 3 averaged 46,000 bbl/day, now operating 31% above its nameplate capacity of 35,000 bbl/day.

Jackfish 3 will undergo a 21-day maintenance shutdown in June, cutting average production by 15,000 bbl/day in the second quarter. As a result, Q2 guidance was reduced to 120,000 to 125,000 bbl/day.

The company’s 2017 capital program will be focused on adding new well pads, which should increase output next year. Excluding hedging programs, bitumen realization prices averaged US$26.30 per barrel.

Cash flow from Devon's Canadian operations is expected to increase 60% this year versus 2016. Jackfish now accounts for almost 50% of Devon's total oil production.


SOURCES:
DEVON ENERGY • Q1 2017 OPERATIONS REPORT • MAY 2017
DEVON ENERGY • DEVON ENERGY REPORTS FIRSTt-QUARTER RESULTS • MAY 2017
BC election weighs heavily on Alberta's NDP

BC election weighs heavily on Alberta's NDP

2016 turned out to be worse than 2015 for Albertans

2016 turned out to be worse than 2015 for Albertans

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