Devon Energy Corp Q4 2020 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Two question, please. I think the first one is for Jeff and Rick and the second one is probably for Clay. Historically, that -- the E&P sector, the balance sheet is weak and they spend too much money. So everyone is evolving with a lot of hedging. As Devon today, with a much stronger balance sheet, much larger scale and a very low breakeven requirement, do we really need to have the hedging program? I mean, long term, this doesn't really create value since no one can predict the future. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 17, 2021 / 3:00PM, DVN.N - Q4 2020 Devon Energy Corp Earnings Call And yet if you want re-rating from the long-only accounts, could it be possible that by not having the hedging, it will simplify and make it easier for the long-only account to understand and analyzing the company and make it more easy for them to invest? So that's the first question. The second question relates to the Powder River Basin, that for this year, you are looking at appraisal and derisking. So Clay, can you maybe share with us that. What is the time line and what type of program we could see for the Powder River Basin and in the Niobrara over the next, say, 3 to 4 years?