Clay Gaspar
Executive Vice President and Chief Operating Officer at Devon Energy
Thank you, Rick, and good morning, everyone. Our team delivered another round of impressive operating results in the second quarter, beating our guide and The Street and raising full-year expectations as illustrated on Slide 12. I want to congratulate the entire organization along with our service company partners for not only achieving these outstanding production and financial results, but also their commitment to safety and our environmental standards. Let's start with Slide 8 with our franchise asset, the Delaware Basin, which drove our strong outperformance. In the second quarter, this asset achieved record-high production reaching 461,000 BOE per day, which represents a 5% growth rate compared to the previous quarter.
In a bit, I'll talk more about the operational improvements that we are achieving on the drilling and completions front. But first, I want to clarify that this production beat is almost entirely driven by our outperformance of the new wells and the base production. The impact of drilling and completing a bit faster adds considerable value to each well's project economics, but this timing doesn't typically add much to an individual quarter's production. As Rick mentioned earlier, we brought online more than 60 wells during the quarter. These wells were diversified across our asset footprint, primarily targeting the stacked pay within the Wolf Camp formation.
In aggregate, these projects achieved average 30-day rates of more than 2,800 BOE per day with recoveries projected to exceed $1.3 million BOE per well. With improving well costs and impressive performance, I'm confident that this batch of high-impact projects is delivering some of the best returns in the entire US. Given the operational momentum we've achieved so far this year, it's no surprise that the Delaware is the driving force behind the company's improved production outlook. As I mentioned earlier, the key factors for this improvement is the excellent well productivity from this well -- this year's IDs as well as impressive base production performance.
As shown on the left-hand side of Slide 9, we are firmly on track to improve our performance by more than 10% year-over-year. An important driver of this improvement is the easing of infrastructure constraints in New Mexico, which has enabled us to increase capital investments in areas that we have the most extensive runway of high-quality inventory. Additionally, the continued optimization of our well design and the successful co-development of intervals in the Wolfcamp A and B formations have been highly impactful. These -- this impressive start for the year has positioned us among the top performers in the basin, as illustrated on the right side of Slide 9, our Delaware wells have consistently ranked in the top quartile of our industry peers.
This superior well productivity not only -- reflects not only the quality of our resource base, but also the team's keen focus on operational excellence and performance optimization. Turning to Slide 10, we illustrate the impressive operating efficiencies we continue to achieve in the Delaware. From a drilling perspective, our team has achieved a 12% efficiency gain year-over-year and it's continually exploring ways to optimize our rig fleet and the associated drilling services. Additionally, the team is innovating across the entire drilling system from the bit to the crown block. We are working on technological applications in the realm of downhole sensing to improve well placement, casing design innovations, and overall flat time reduction, including tripping and connection practices and offline operations.
On the completion front, we have delivered a 6% improvement year-to-date on top of the 10% improvement from last year. This step-change was significantly influenced by incorporating fit-for-purpose simul-frac operations across our development programs. Further, our continued application of leading-edge reservoir and frac modeling has allowed us to refine our stimulation designs, improving well cost and more importantly, well productivity. In addition, seemingly small items like sand, water, and location logistics are critical areas of focus that allow us to achieve both performance and safety improvements.
It is important to note that these operational improvements are not in conflict with our strong safety focus. In fact, our safety metrics have also made significant improvements year-over-year. These operational improvements certainly create value to the bottom line for this year's drilling campaign, but more importantly, we will continue to apply these learnings and our continuous improvement culture to the thousands of remaining wells in our Delaware Basin inventory as depicted on Slide 11.
Now let's turn to our other key assets in the Eagle Ford, Anadarko Basin, and Powder River Basins. Collectively, these assets delivered a 12% production growth compared to the previous quarter. In the Eagle Ford, production growth was driven by strong redevelopment results in DeWitt County, where average 30-day rates from this 15-well program consistently exceeds $3,000 BOE per day per well. In the Anadarko, our capital program driven by our joint venture with Dow delivered both solid returns and double-digit production growth in the quarter. Looking ahead, we expect the benefit of these carried enhanced returns with Dow will support Anadarko activity through most of next year.
Furthermore, we're evaluating opportunities to expand this mutually beneficial partnership. In the Powder River, our team is making significant strides in assessing the Niobrara development in Converse County. Over the last 18 months, the team's focus on subsurface technical applications have resulted in higher productivity and has continued to bolster our confidence in this asset. The next step in Powder is to refine development spacing across a very large play fairway and continue to reduce well costs as we move towards more development-oriented activities. We have identified material improvements that are shaping up to be needle movers for this important future development for Devon.
Moving to the Williston Basin, as Rick touched on earlier, the Grayson Mill acquisition is transformative to our position in the basin. We'll be adding incremental leasehold over 300,000 net acres with 500 undrilled Bakken and Three Forks locations. Upon completion of the transaction, we expect to maintain an oil-weighted production of around 100,000 BOE per day. We expect to manage these assets to allow for a more substantial long-term production profile. To maintain this level, we anticipate an incremental capital investment of around $600 million in the upcoming year.
Looking ahead, once we formalize our 2025 capital budget, we plan to provide an update on our optimized development strategy for this asset, which will include -- include a combination of two and three-mile laterals supplemented by tactical re-fracs that will enhance our base production. We expect to operate a consistent three-rig program across our entire Williston Basin acreage position, allowing us to benefit from operational efficiencies in the field. In summary, I look forward to a successful Grayson Mill integration and continue to deliver industry-leading results.
With that, I'll turn the call over to Jeff for financial review. Jeff?
