The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Two questions, please. The first one, I think, just for Jeff. Jeff, this year that you hedge about 20% of the volume, a lot of those is
legacy hedge, I think, from WPX. Going forward with your balance sheet and with your cash flow model and operating model, is the
20% a reasonable level going forward that we should assume you guys are going to hedge? Or that's a fundamental change maybe
after this negative hedges that you guys are no longer going to do hedges?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: So you still be hedging, but not abandoning the hedges because one....
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: All right. The second question is trying to go back into the Powder River Basin. Clay, it seems that you guys merged and that, that is
a new asset to you and maybe some of your team. So over the past say 15 months or 18 months, what have you learned? And are
we -- are you guys going to take the [process] just met other people like Continental and maybe EOG going to, say, spend the money
and then you just watch? Or that you're going to take a more active role over the next -- may not be this year, but over the next, say,
2 or 3 years, what's the approach that you guys are going to take here?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Can you -- just curious that in Eagle Ford that you guys formed a joint venture and turned out to be extremely successful, and you
have someone that to -- helped you and maybe accelerate the development. In Powder River basin, does it make sense for you guys
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FEBRUARY 16, 2022 / 4:00PM, DVN.N - Q4 2021 Devon Energy Corp Earnings Call
that trying to do something like that? Or that this is something that is such an early stage, you think you do really don't know what
you have, and you want to keep 100% until you know before you decide what to do?
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