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Permalink Reply by 0i7okn54zwbdo on October 21, 2013 at 7:45am

No, they're as dead as a Greek poet.  But they've been talking about spinning off their midstream into an MLP for over two years now.  Stock is way up today.

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Permalink Reply by James on October 21, 2013 at 7:46am

i wish i would have bought some xtex and xtxi yesterday. wow!

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Permalink Reply by 0i7okn54zwbdo on October 21, 2013 at 7:57am

Yeah, moments like that always make me kick myself.

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Permalink Reply by James Vanderink on October 21, 2013 at 8:30am

No doubt! Marcus, with Crosstex gathering line running through the heart of Devon's leasehold in Ohio could that make you reconsider that Devon is dead as a Greek poet? I mean, why would they put it in the presentation is it wasn't significant? Could the new company be the buyer ? Just thinking outside the box here.

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Permalink Reply by 0i7okn54zwbdo on October 22, 2013 at 7:25am

The Utica was the hot play when DVN put their acreage up for sale and they got no bites.  That tells you that confidence in their leasehold is not there.  But their midstream appears to be well placed.

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Permalink Reply by James Vanderink on October 22, 2013 at 2:55pm

I would think their Guernsey and Eastern Coshocton holdings would be worth quite a bit with EQT trucking the oil out like gangbusters. Here's the new Devon/Crosstex gathering line. Marcus, when you said their Mid-Stream was well placed, did you mean in Ohio or Oklahoma/Texas?

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Permalink Reply by 0i7okn54zwbdo on October 22, 2013 at 4:18pm

The problem is they tried to sell a ton of poor acreage along with the scant spots of good within the package.  And I meant their total midstream operations though their Ohio line hits Washington County, which could be great for them.

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Permalink Reply by James Vanderink on October 23, 2013 at 1:48am

I agree that some of their acreage seems to be in the Immature window, but they still own about half of Spencer Twsp in Guernsey. Anadarko looks owns another large chunk in Spencer and they look to be back in business. My belief is their acreage is growing in value as companies(EQT) are starting to crack the code for Utica Oil in the Western portion. Look for some type of JV between these 3 companies. Guernsey is HOT right now and Muskingum is next.

Permalink Reply by James Vanderink on October 24, 2013 at 10:23am

R2D2, EQT results for those wells don't look too good. Announced today:


Utica Well Results

The Company completed three Utica wells in the oil window in the third quarter 2013 — with 30-day initial production rates of 286, 268, and 241 bbls/d of oil, respectively. If processing were available, the wells would have produced 41, 58, and 42 bbls/d of NGLs, plus, approximately 755, 1,082, and 771 MMcf/d of natural gas, respectively. Regional pricing was realized for the natural gas; while the realized oil price was approximately $101 per bbl. The Company is on track to spud eight Utica wells in 2013.

Permalink Reply by gary SWF on October 25, 2013 at 11:44am

This should answer any questions about the believability of the Oil window.....If they thought the product (oil) was not there why would they be building this pipeline?

Permalink Reply by James Vanderink on October 21, 2013 at 7:48am

http://www.devonenergy.com/SiteCollectionDocuments/Devon%20and%20Cr...

Crosstex gathering line runs through Coshocton and Holmes counties.
See pg 13.

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Permalink Reply by WLW on October 25, 2013 at 12:54pm

The line shown above on the map is already in place. I would look for them to upgrade to a larger line in the future. Crosstex purchased the line around the early part of 2012 from Ohio Oil Gathering.

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