- Devon Energy (NYSE:DVN) -1.3% AH after missing estimates for both Q1 earnings and revenues, hurt by lower oil prices even as it generated record oil production.
- DVN says it received an average price of $35.17/bbl without hedges for its oil during Q2; with hedges, the price improved to $56.29, which was still 39% below the $75.65/bbl received in the year-ago quarter.
- Q1 oil and gas output averaged 685K boe/day, up 22% Y/Y and 12K boe/day above the top of the company’s guidance range; oil production was a record 272K bbl/day, up 55% Y/Y and 12K bbl/day more than the top of the company’s guidance range.
- DVN raises production guidance for FY 2015, now expecting an increase of 25%-35%, up from its earlier forecast of 20%-25% growth.
- DVN updates its 2015 planned capital spending to $3.9M-$4.1M, a $250M reduction from previous guidance.