Devon Energy

Devon
8:58 am
Thu November 21, 2013

Devon Acquisition Shows Shift To Oil

Credit Devon Energy

Devon Energy Corp. is buying oil-producing assets and other property in the Eagle Ford in Texas from GeoSouthern Energy for $6 billion.

Devon said Wednesday that the assets include current production of 53,000 barrels of oil equivalent per day and 82,000 net acres with at least 1,200 undrilled locations.

The acquisition includes acreage in DeWitt and Lavaca counties in Texas. The assets are expected to reach a peak production rate of about 140,000 BOE per day.

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Tax Credits
9:20 am
Thu July 11, 2013

Incentives For Oil, Gas Drilling Draining State Treasury

A horizontal drilling rig.
Credit Meredithw / Flickr Creative Commons

Oklahoma finance officials say major tax breaks handed out to the oil and gas industry during the economic downturn in 2010 cost the state $321 million last fiscal year.

Secretary of Finance Secretary Preston Doerflinger released figures Wednesday that show tax rebates and refunds for drilling totaled $173 million in the fiscal year that ended June 30, while state tax credits cost an additional $148 million.

The huge drain on state coffers has prompted Doerflinger and other state leaders to call for revisiting the tax credits, especially those for horizontal drilling.

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