October 5, 2023
Calgary, AB and Oklahoma City, OK — PrePad, a cloud-based, SaaS startup focused on revolutionizing drilling and completions time and cost estimating, is excited to announce a strategic investment from Devon Energy Corporation (NYSE: DVN). This investment emphasizes the role of PrePad in supporting Devon’s work to improve well cost and duration models while improving capital efficiency, empowering adjacent workflows and transparently enhancing drilling and completion decisions to maximize financial value drivers.
PrePad's advanced simulation capabilities are poised to revolutionize the energy sector, enabling clients to move beyond traditional spreadsheet-based approaches. With this investment, a powerful partnership between PrePad and Devon Energy, with its five decades of innovation in the oil and gas industry, is set in motion. PrePad's cutting-edge simulation technology will merge seamlessly with Devon's extensive expertise.
Kyle Haustveit, Manager of Devon Energy Ventures, shared his excitement about the partnership, stating, "Our collaboration with PrePad, a trailblazer in time and cost simulation within the energy sector, holds great promise. Insight into time and cost dynamics is indispensable in our operations, and we have full confidence in PrePad's ability to augment our capabilities."
PrePad's mission is to empower customers with optimized drilling and completions strategies. In an era marked by dynamic shifts in the energy landscape, changing input costs and volatile commodity prices, PrePad's software offers a purpose-built solution to replace cumbersome spreadsheets. By streamlining processes and enhancing accuracy, PrePad is poised to become the go-to solution for comprehensive cost and time analysis, with detailed integrated economics.
Sean Hervo, the co-founder and CEO of PrePad, conveyed his excitement regarding the partnership, saying, "The alignment of our visions for PrePad's potential is truly exciting. Collaborating with Devon Energy and gaining access to their expertise will provide the PrePad team with invaluable insights to enhance our go-to-market approach as we continue building a valuable product for Devon Energy and the wider industry."
PrePad is a software solution that revolutionizes drilling and completions cost and time estimating, and provides advanced scenario modeling during the execution phase of development operations. PrePad allows operators to discover the optimal balance between production, cost, cycle time, emissions, and risk. For more information, please visit www.prepad.io.
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.