This presentation will focus on one company’s strategy for the Lower Tertiary trend in the deepwater Gulf of Mexico. Said to be “the biggest discovery in the United States since Prudhoe Bay 38 years ago” the Lower Tertiary presents industry with a number of significant technological hurdles. One important participant in solving those challenges is Devon Energy Corporation. Starting in 1988, Devon expanded initially through mergers and acquisitions, then made a bold move in 2001 to extend its growth profile with a high-impact exploration program. An important element of this strategy has been to build an extensive position in the deepwater Gulf of Mexico. Devon has announced four significant discoveries to date in the much publicized Lower Tertiary trend and, in addition, has obtained a significant inventory of undeveloped blocks in the trend on which many additional prospects have been established. The company recently entered into long-term contracts for two fifth-generation deepwater drilling rigs to execute its strategy. This exposure to the Lower Tertiary play positions Devon as one of the most significant players in this important deepwater Gulf of Mexico trend.