Devon Energy reports a decent first quarter at Jackfish
Devon Energy says production at its Jackfish in-situ operations were at the high end of guidance in the first quarter of this year.
The SAGD facility produced 116,700 bbl/day in Q1, split between its three phases of operation. The company warned second quarter production will be dented by a maintenance turnaround, taking about 15,000 bbl/day of production offline.
Devon produced about 128,000 bbl/day of heavy oil in 2017, including its Lloydminster conventional property. The company says total Canadian heavy oil production is expected to average about 125,000 to 130,000 bbl/day this year.
About half of the company's heavy oil production is hedged at a US$15 discount to West Texas crude (WTI). Jackfish is located about 150 km south of Fort McMurray, near Christina Lake.