Thanks for the article! Looking at reserve replacement is a great way to see whether this energy company is just spinning its wheels (most of them have very low FCF), or if they're doing something for shareholders. At the end of 2007 one share of DVN gave you debt adjusted ownership of 3.8 Boe of reserves. At the end of 2010 it was 4.4 Boe, although most of the growth was in natural gas. So, indeed, they are improving things for shareholders. If they can keep that reserve replacement number at 200% and liquids heavy then that will make for a great stock.However, they've been piling on debt so that is something to watch (and that's why I think one needs to debt adjust the per share reserves). tj
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