<SEC-DOCUMENT>0001193125-20-296729.txt : 20201218
<SEC-HEADER>0001193125-20-296729.hdr.sgml : 20201218
<ACCEPTANCE-DATETIME>20201118123951
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-296729
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEVON ENERGY CORP/DE
		CENTRAL INDEX KEY:			0001090012
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				731567067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 W. SHERIDAN AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102
		BUSINESS PHONE:		4055528183

	MAIL ADDRESS:	
		STREET 1:		333 W. SHERIDAN AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVON DELAWARE CORP
		DATE OF NAME CHANGE:	19990707
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<TD VALIGN="top">Devon Energy Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">405 552 8183 phone</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">333 West Sheridan Avenue</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">jeremy.humphers@dvn.com</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Oklahoma City, OK 73102</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;18, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Via EDGAR </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Attention: Mr.&nbsp;John Hodgin,
Petroleum Engineer </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><I>Mr.&nbsp;Craig Arakawa, Branch Chief </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp;
Transportation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington D.C. 20549-4631 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Devon Energy Corporation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;19, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-32318</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Division of Corporation Finance, Office of Energy&nbsp;&amp; Transportation: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter responds to the comment letter dated November&nbsp;16, 2020, from the Division of Corporation Finance (the &#147;Staff&#148;), regarding Devon
Energy Corporation&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019, filed February&nbsp;19, 2020 (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-32318).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Devon&#146;s responses to the Staff&#146;s comments are set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2019 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business and Properties </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proved Reserves,
page 8 </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SEC Comment </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>To the extent that you disclose material additions to your proved reserves, expand your disclosure to
provide a general discussion of the technologies used to establish the appropriate level of certainty for your reserves estimates. Refer to Item 1202 (a)(6) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT></I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the Staff&#146;s comment
regarding the requirement for material additions to be complemented by a general discussion of the technologies used to establish reasonable certainty in our reserves estimates. The </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">following discussion applies to our proved reserves additions for the year ended December&nbsp;31, 2019. We commit to include a similar discussion in our
future filings as required by Item 1202(a)(6) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We establish our proved reserves
estimates using standard geological and engineering technologies and computational methods, which are generally accepted by the petroleum industry. We primarily prepare our proved reserves additions by analogy using type curves that are based on
decline curve analysis of wells in analogous reservoirs. We further establish reasonable certainty of our proved reserves estimates by using one or more of the following methods: geological and geophysical information to establish reservoir
continuity between penetrations, rate-transient analysis, analytical and numerical simulations, or other proprietary technical and statistical methods. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note <FONT STYLE="white-space:nowrap">21-Supplemental</FONT> Information on Oil and Gas Operations (Unaudited) </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proved Reserves, page 96 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SEC Comment </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>The explanation for the changes that occurred in total proved reserves indicates that a portion of the
change attributed to extensions and discoveries for fiscal 2018 and 2017 was the result of infill drilling. Refer to subparagraphs (a)&nbsp;and (d) of FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">932-235-50-5</FONT></FONT></FONT> and tell us your rationale for classifying reserves resulting from drilling an infill well as an extension. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Using subparagraph (d)(1) of FASB ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">932-235-50-5</FONT></FONT></FONT> as a guide, we view the process of infill drilling in our shale formations as an increase in the proved area of the field.
The success of an infill drilling program in these ultra-tight formations results from drilling wells in areas where there is no effective drainage of the reservoir. Consequently, we interpret this as an increase in the proved area of the field.
Furthermore, the inclusion of such changes as revisions (other than price) could easily mask negative revisions resulting from well performance with infill drilling revisions which are always positive. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SEC Comment </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>The change in the total net quantities of proved reserves attributed to extensions and discoveries appears
to be significantly greater than the corresponding change in the net quantities of proved undeveloped reserves for each of the last three fiscal years presented, e.g. a difference of 71 MMBoe or 44% between the 160 MMBoe change attributed to total
proved reserves and the 89 MMBoe change attributed to proved undeveloped reserves for the period ending December&nbsp;31, 2019. Expand the discussion of the significant changes that occurred in your total proved reserves attributed to extensions and
discoveries to explain the reason(s) for these differences. Refer to FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">932-235-50-5.</FONT></FONT></FONT> </I></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As indicated in our response to comment #2
above, our extensions and discoveries represent additions to our proved reserves from locations outside our areas classified as proved at the previous <FONT STYLE="white-space:nowrap">year-end.</FONT> We commit to include the following explanation
and reasons for the differences between extensions and discoveries for our total proved reserves and extensions and discoveries for our proved undeveloped reserves. As indicated in our existing disclosures, we will continue to provide the
composition of our proved and proved undeveloped extensions and discoveries by asset. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Each year, Devon&#146;s proved reserves extensions
and discoveries consist of adding proved undeveloped reserves to locations classified as undeveloped at <FONT STYLE="white-space:nowrap">year-end</FONT> and adding proved developed reserves from successful development wells drilled on locations
outside the areas classified as proved at the previous <FONT STYLE="white-space:nowrap">year-end.</FONT> Therefore, it is not uncommon for Devon&#146;s total proved extensions and discoveries to differ from the extensions and discoveries for
Devon&#146;s proved undeveloped reserves. Furthermore, because annual additions are classified according to reserve determinations made at the previous <FONT STYLE="white-space:nowrap">year-end</FONT> and because Devon operates a multi-basin
portfolio with assets at varying stages of maturity, extensions and discoveries for proved developed and proved undeveloped reserves can differ significantly in any particular year. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proved Undeveloped Reserves, page 97 </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SEC Comment </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Expand the discussion of the changes that occurred in your proved undeveloped reserves to include an
explanation of the material change due to revisions other than price. Your explanation should address the overall change for the line item by separately identifying and quantifying the net amount attributable to each factor that contributed to the
change, including offsetting factors, so that the change in net proved undeveloped reserves between periods is fully reconciled.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I>In particular, disclosure relating to revisions in previous estimates for reasons other than price should identify such individual
underlying factors as changes caused by well performance, improved recovery, or changes resulting from the removal of proved undeveloped locations due to changes in previously adopted development plan. Refer to the disclosure requirements in item
1203(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion applies to our proved undeveloped reserves revisions for the year ended December&nbsp;31, 2019. We commit to include a similar
discussion in our future filings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Proved undeveloped reserves revisions other than price were primarily due to changes in previously
adopted development plans in the Stack region of the Anadarko Basin <FONT STYLE="white-space:nowrap">(-9</FONT> MMBoe) and in the Delaware Basin <FONT STYLE="white-space:nowrap">(-6</FONT> MMBOE). An additional
<FONT STYLE="white-space:nowrap">-5</FONT> MMBoe of changes were due to reduced recovery estimates as a result of continued evaluation of analogous offset well performance primarily in the Stack region of the Anadarko Basin. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the above
responses to the Staff&#146;s comments, Devon acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Devon is responsible for the adequacy and accuracy of the disclosure in the filing; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking
any action with respect to the filing; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Devon may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>/s/ Jeremy D. Humphers </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeremy D. Humphers </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Senior Vice President and Chief Accounting Officer </I></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
