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Devon Energy Corporation Message Board

  • lareno51 lareno51 Jan 7, 2002 1:51 PM Flag


    Can anyone shed light on comparison of burlington vs. Devon in terms of assets or reserves equivalent. I know br has more asset percentage in nat gas but it would be interesting how they compare in total assts

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    • Welcome back from holidays, everyone. The question of who is bigger, Devon or Burlington is not necessarily a determinant of value, but to answer your question:

      Devon's market capitalization yesterday = 5.1B
      Devon's asset base, post Mitchell = 13.5B

      Burlington's market capitalization yesterday = 8.5B
      Burlingtons' asset base, post acquisition*= 13.0B

      (*Burlington acquired a company in Canada late 2001)

      Since I might be off by 0.5B or so, I'd call it a tie.

      3 Year Gas Prices:
      2002: $2.55
      2003: $3.06
      2004: $3.23

      3 Year Oil Prices:
      2002: $20.70
      2003: $20.87
      2004: $20.81

      Gas is down significantly for 2002 but has not changed much in 2003 and 2004. Some research reveals near term low prices with exploding highside prices dove-tailing with economic demand recovery. 2001 reflects similarly to a scenario that appeared in 1994, with emerging powerhouses reaping gains in 1995 to 1997. These gains outweighed previous pitfalls and were generated most by gas-weighted companies.

      I hope this helps.

      • 1 Reply to PolePete
      • It's good to see someone putting some numbers up on this board the way you did with the comparison in size of DVN and BR. Do you ever calculate enterprize value to revenue or to oil and gas reserves when comparing companies in this industry? If you have time and inclination, I would like to see the results of such calculations for these companies or similar ones such as APC or APA. Thanks

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