At Devon Energy, operational excellence goes beyond technical know-how, compliance, disciplined capital spending and supply chain proficiency. Delivering strong operational results means keeping our workforce and communities safe, protecting the environment and sustaining our social license to operate across our portfolio of premier assets.
Devon finds and produces oil, natural gas and natural gas liquids in the most prolific basins in the U.S. Since our founding 50 years ago, Devon has pioneered operational practices, been proactive in applying technology and resilient in adapting to evolving market conditions, regulations and increasing stakeholder expectations. Our work helping to supply reliable, affordable energy enables Devon to create jobs, strengthen our communities, and contribute to local, state, federal and global economies. We do this while actively mitigating our impacts to address stakeholder concerns about climate change and other issues.
Diversified footprint across the U.S.
In 2021, our merger of equals with WPX Energy expanded and diversified our footprint of premier acreage positions with a deep, high-quality inventory of drilling locations. Our focused development plan centers on drilling activity in our core areas of the Delaware Basin of southeast New Mexico and west Texas, the Eagle Ford Shale in south Texas, the Powder River Basin in Wyoming, the Williston Basin in North Dakota and the Anadarko Basin in western Oklahoma.
Environmental, health and safety (EHS) performance
Devon’s operating teams are accountable for delivering strong operational results while protecting people and the environment, and complying with all applicable laws, regulations and company policies. Through continuous improvement in operations and EHS performance, we’re able to improve efficiencies, lower costs and reduce our environmental impacts. We reinforce the importance of EHS results by tying a portion of our annual compensation to achieving corporate EHS targets.
Our EHS Council sets our strategy and priorities for improving EHS performance, and regularly communicates plans and progress with our operating teams. EHS professionals in our field operations support our teams with timely guidance and effective policies, protocols and practices. To safeguard our workforce, Devon’s operating teams work proactively to strengthen our safety culture, share lessons learned, identify trends, and track leading and lagging indicators.
We evaluate and apply the latest technologies, tools and best practices to improve our environmental performance. Mitigating greenhouse gas (GHG) and methane emissions and meeting our short- and long-term methane intensity reduction targets is a top priority. We’ve made progress by reducing flared volumes from our operations and steadily increasing the number of voluntary leak detection and repair (LDAR) surveys performed on equipment. We’ve reduced our need for fresh water in our operations by increasing our recycling capacity and the volume of recycled water we use. We also seek to limit the use of fresh water as much as possible.
Technology and innovation
As a long-time industry innovator, we develop, deploy and investigate advanced technologies to improve EHS performance and optimize production. These include methods to detect equipment methane leaks, assess flare performance, identify beneficial uses of produced water outside of our industry and identify small fluid spills.
We invest in a dedicated technology team and embed technology professionals in our business units to align solutions to business needs. For example, our data science analytics team developed custom artificial intelligence models that evaluate multiple camera images of wellsites every hour to determine if the flaring equipment is functioning properly. If issues are detected, we can alert or dispatch an operator to take action. We have patents pending for the unique camera technology. Devon also holds multiple patents related to drilling and completions operations, including the breakthrough in fracture diagnostics called sealed wellbore pressure monitoring.
Operational excellence requires controlling costs, which we’ve accomplished with operating margin improvements, general and administrative cost savings, and drilling and completions efficiencies. In addition, our enhanced operating scale has improved supply chain efficiencies.
Safeguarding people and the environment is important to our daily operations, the long-term value of our company and our social license to operate. We challenge ourselves every day to deliver outstanding environmental, health, safety, operational and financial performance.