Tuesday, March 31, 2020

Devon Energy Raises Oil Production Guidance

May 1, 2018

Shale oil producer Devon Energy Corp raised its annual production forecast on Tuesday, saying it expected output would now grow 16 percent from last year compared to an earlier forecast of 14 percent.

The Oklahoma-based company said it produced 251 thousand barrels of oil and bitumen per day in the quarter ended March 31, with realized prices per barrel rising 21 percent to $62.93.

Total revenue rose to $3.81 billion from $3.55 billion and the company's shares rose 2.12 percent to $37.1 in trading after the bell.

Net loss attributable to company shareholders stood at $197 million, or 38 cents per share, for the three months ended March 31 compared with a profit of $303 million, or 58 cents per share, a year earlier.

Excluding items, the company earned 20 cents per share, in line with analysts' average estimate, according to Thomson Reuters I/B/E/S.

(Reporting by Yashaswini Swamynathan and Diptendu Lahiri; Editing by Arun Koyyur and Patrick Graham)

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