Devon Energy's Senior Vice President H. Allen Turner Talks to The Wall Street Transcript.Business Editors, Energy Writers NEW YORK--(BUSINESS WIRE)--March 15, 2001 The Wall Street Transcript has published an in-depth interview with H. Allen Turner, Senior Vice President of Devon Energy Devon Energy Corporation (NYSE: DVN), headquartered in downtown Oklahoma City, Oklahoma, USA, is one of the world’s leading independent oil and gas exploration and production companies. (AMEX AMEX See: American Stock Exchange :DVN DVN Digital Video Network (Internet2) DVN Digital Value Network DVN Diploma in Veterinary Nursing DVN Device Number ), in which he talks at length about the company's future. The entire 3,300-word interview is available free online at http://www.twst.com/ceos.htm. Turner gives an overview of the company. "Devon is an independent oil and gas producer with total enterprise value of around $9 billion. About 75% of the company's operations are conducted in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and 25% internationally. The company is about 55%-45% in terms of reserves, that is -- oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally are about 45% of the company. Gas reserves are about 55%." Turner explains, "One of the big advantages of a large-scale company is simply the number and quality of geoscientists and engineers we can attract. We simply put more technical horsepower on many projects than some of our competitors." Looking forward, Turner states, "We are a top-10 producer in the Permian Basin. We're a top-10 producer in the Rockies. Each place you see Devon's operations, the shallow water Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east as an example, we generally are a top-10 producer. On the economies of scale question, that always gets us big advantages." This interview is part of an 88-page CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Annual Energy Conference Issue available at http://www.twst.com/info/info299.htm or by calling 212/952-7433. The Wall Street Transcript is a premier weekly investment publication serving serious long-term investors for over 38 years. The Wall Street Transcript has launched a new free service where investors can ask Devon Energy (or any public company) a question at http://www.qawire.com. Serious investors may now receive free email alerts containing links to TWST articles whenever TWST publishes an interview on the companies they follow by using the new Alerts.com service available at http://www.twst.com/alerts.html. The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For subscription information call 800/246-7673. |
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