Devon is applying advanced analytics, artificial intelligence, machine learning and other leading-edge technologies to drive decision-making and deliver results.
An environment where technology and innovation thrive
Innovation has been a Devon hallmark since the company’s founding in 1971. Our track record for innovation includes being the first company to generate economic success drilling horizontal wells with hydraulic fracturing in shale, and the first to use recycled water. Today, we’re among the first exploration and production companies to move to cloud computing. We believe the ability to use technology with increasing efficiency across the company is material to our sustainability.
Many of the traits we look for in our employees – passion for improving the business, energetic perseverance and eagerness to challenge the status quo – create an
environment where technology and innovation thrive. We encourage and celebrate a willingness to take risks, advance novel ideas and collaborate to advance innovation.
At Devon, innovation encompasses game-changing technologies and also incremental improvements that pay dividends over time. To become a leader among our peers, we’ve made substantial investments in integrated advanced analytics, artificial intelligence (AI), machine learning and robotic-process automation. These technologies enable us to detect subsurface attributes; predict pump and equipment wear and tear; automate work; develop custom algorithms for geophysical data; process invoices; and perform numerous other functions.
Taken together, the billions of data points Devon acquires, analyzes and uses every day have significant value in our planning and decision-making. We see our technology strategy, investments and innovations improving the economics, production rates and lifespans of our oil and natural gas wells.
Improved designs have contributed to a 40% reduction in drilling and completion costs since 2014, and the initial 90-day production rate from our wells has increased 450% since 2012.
We remain focused on data-driven improvements to our subsurface performance, while evolving our technology capabilities and resources to match Devon’s business needs.
Empowering employees to be more productive
We create more value when our technology team members spend their time developing business solutions than when they’re maintaining computing assets. In 2018, Devon made a technological leap ahead of our peers when we moved to cloud computing, meeting clear business needs to be nimble decision-makers and to better leverage new technologies. Cloud computing gives our employees much quicker access to applications, scripts, workflows and data to perform high-end analytics and develop solutions in a fraction of the time it took when we housed these resources in our corporate data center. For example, cloud computing gives lease operators in our Decision Support Center quicker access to data to inform decisions on equipment maintenance and repairs.
Devon defines innovation as the search for continuous improvement and/or bold game changers – coupled with quick decision-making – to seize team, company or industry opportunities.
To improve productivity, we give our employees easy access to programming languages, software and applications, and training to use them effectively. In 2018, approximately 400 employees attended data science boot camps for deep learning software and internal training on common programming languages. They now have the tools to use and analyze millions of Devon data records to develop targeted solutions that fundamentally change the way we work.
Equipping employees to program their own solutions supports the ongoing integration of technology and innovation into our operations. In 2018, we combined our information technology, E&P analytics and continuous improvement teams into a single technology group. Now, our technology resources and operations teams are closely connected to drive performance in our core business areas of drilling, completions and production.
With our more focused asset base, we’re also leveraging our technology providers to apply their solutions to our specific oil and gas challenges. For example, we partner with Microsoft to ensure our employees can use their software effectively to write and run code, implement deep learning and use AI. Microsoft was a key sponsor of Devon’s 2018 hackathon where employees and members of the public worked on solutions to specific operational problems.
Technology and innovation remain integral to Devon’s plan to thrive and outperform our peers in a variety of commodity price environments. We’ll continue to encourage an innovative culture that celebrates continuous improvement as well as big wins.