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Devon Energy +2.5% AH as Q2 profits and production rise

Aug. 04, 2015 5:57 PM ETDevon Energy Corporation (DVN) StockDVNBy: Carl Surran, SA News Editor6 Comments
  • Devon Energy (NYSE:DVN) +2.5% AH after reporting better than expected Q2 earnings, helped by growth in its U.S. operations and cost reduction initiatives, even as revenues fell 25% Y/Y.
  • DVN says Q2 total oil production averaged 270K bbl/day, up 32% Y/Y and beating the midpoint of guidance by 5K bbl/day, while U.S. oil production averaged a record high of 172K bbl/day, attributed to production from the Eagle Ford and Permian basin plays; including production from Canadian oil sands and heavy crude assets, Q2 total production averaged 674K boe/day, up 9% Y/Y.
  • DVN guides its Q3 production outlook to 638K-676K boe/day and its full-year forecast to 649K-684K boe/day.
  • Expects FY 2015 capital spending of of $4.4B-$4.8B, ~10% above the $4.1B-$4.4B range projected in February.

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