...Rating Derivation Versus Peers Peer Comparison Devon is a relatively large independent exploration and production company (E&P) with a considerable higher-quality U.S. onshore footprint within the growth-oriented, high-return Delaware and STACK; FCF- positive Eagle Ford; declining, gas-focused Barnett; and promising Rockies. The company also operates the Jackfish SAG-D Canadian oil sands project, which possess a considerable reserve life and stable production profile. Devon's full-year production guidance is 536560 thousand barrels of oil equivalent per day (mboepd) in 2018, which is at the upper end of `BBB' rated peers Anadarko Petroleum Corp. (BBB/Stable; 658685 mboepd), Concho Resources Inc. (BBB/Stable; guidance is above 300 mboepd pro forma for the RSP Permian transaction), Continental Resources Inc. (BBB/Stable; 285300 mboepd), Marathon Oil Corporation (BBB/Stable; 390410 mboepd), Noble Energy Inc. (BBB/Positive; 350360 mboepd), and Pioneer Natural Resources Co. (BBB/Stable; Permian...
