8-KOther Events

DEVON ENERGY CORP/DE 8-K Report (Dec 21, 2001)

Filed December 21, 2001For Securities:DVN

Summary

Devon Energy Corporation (DVN) filed a Form 8-K on December 21, 2001, reporting on additional hedging transactions for its first quarter 2002 natural gas production. This filing provides investors with an update on the company's strategies to mitigate commodity price risk for a key period. The report indicates that the company has actively managed its exposure to natural gas price volatility, aiming to provide greater certainty around its revenue streams. The filing also includes a summary of the aggregate effects of all oil and gas hedges in place for the full year 2002. This offers a broader perspective on Devon Energy's risk management approach across its production portfolio for the upcoming year. Investors should review the referenced press release (Exhibit 99) for detailed information on the specific terms and impact of these hedging activities.

Key Highlights

  • 1Devon Energy entered into new hedging transactions for Q1 2002 natural gas production.
  • 2The company summarized its overall 2002 oil and gas hedging position.
  • 3This filing addresses commodity price risk management for key future periods.
  • 4The press release dated December 20, 2001, contains the details of these hedges.
  • 5The press release is incorporated by reference as Exhibit 99.
  • 6The filing was made on December 21, 2001, with the earliest event reported on December 20, 2001.
  • 7The report is filed under Item 5 (Other Events) and Item 7 (Exhibits) of Form 8-K.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors about Devon Energy Corporation's updated commodity hedging strategies. Specifically, it announces additional hedging transactions for first quarter 2002 natural gas production and provides a summary of all 2002 oil and gas hedges in place.

Detailed information about the hedging transactions announced in this filing can be found in the press release dated December 20, 2001, which is filed as Exhibit 99 to this Form 8-K and incorporated by reference.

The filing specifically mentions additional hedges covering the first quarter of 2002 for natural gas production. It also provides a summary of all oil and gas hedges in place for the full year 2002.

This filing directly relates to Devon Energy's risk management by demonstrating its active approach to mitigating potential negative impacts from fluctuations in oil and natural gas prices. By entering into hedging transactions, the company aims to create more predictable revenue streams and reduce financial uncertainty.