Tue, Nov. 3, 5:59 PM
- Devon Energy (NYSE:DVN) +2.8% AH after Q3 earnings, excluding $5.9B in adjustments for writedowns and other one-time items that resulted in a $3.51B loss, beat expectations.
- DVN says it delivered record oil production of 282K bbl/day, up 31% Y/Y, marking the fifth consecutive quarter the company has exceeded oil production expectations, and raises its full-year 2015 oil production guidance by 2% to a mid-point of 276K bbl/day, which would represent 31% Y/Y growth.
- Q3 revenue fell 33% Y/Y to $3.6B, as the increased production was offset by lower average selling prices.
- DVN again lowers its 2015 capital spending estimate, this time by $100M to $3.8B-$4B, and says it plans to aggressively pursue cost reductions and maintain the flexibility of capital programs.
Tue, Nov. 3, 4:22 PM
Mon, Nov. 2, 5:35 PM
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Tue, Aug. 4, 5:57 PM
- 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.
Tue, Aug. 4, 4:28 PM
Mon, Aug. 3, 5:35 PM
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Tue, May 5, 7:35 PM
- 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.
Tue, May 5, 4:32 PM
Mon, May 4, 5:35 PM
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Tue, Feb. 17, 7:22 PM
- Devon Energy (NYSE:DVN) +0.5% AH after Q4 earnings fail to meet Wall Street expectations, although operating revenue more than doubled and production exceeded the company's guidance.
- DVN says it is cutting its 2015 exploration and production budget by 20% from 2014, planning on capital spending $4.1B-$4.4B; however, even with reduced spending, DVN’s Y/Y oil production growth outlook remains unchanged at 20%-25%.
- Total production from DVN’s retained assets averaged 664K boe/day during Q4, exceeding company guidance range by 9K boe/day and equaling a 20% Y/Y increase; Q4 oil production was a record 239K bbl/day, exceeding the top end of company guidance range and representing a 48% Y/Y increase.
- DVN says Q4 82% growth in U.S. oil production largely was attributable to well results from the Eagle Ford assets, where production averaged 98K boe/day, double the totals in its first month of ownership in March 2014.
Tue, Feb. 17, 4:18 PM
Mon, Feb. 16, 5:35 PM
Nov. 4, 2014, 5:10 PM
- Following its Q3 performance, Devon Energy (NYSE:DVN) is hiking the midpoint of its 2014 production outlook from retained assets by 3% to 617K BOE/day. Total production growth guidance has been raised to 14% from 11%.
- Q3production from retained assets totaled 640K BOE/day, +19% Y/Y and exceeding guidance. Oil/liquids accounted for 55% of retained asset production.
- Pre-tax cash margin rose 20% Y/Y to $29.42/BOE. Operating cash flow fell 3% to $1.56B.
- With oil prices falling, Devon has "entered into various swap-and-collar contracts to hedge approximately 60 percent of its expected [Q4] oil production at an average floor price of $92 per barrel."
- Q3 results, PR
Nov. 4, 2014, 4:19 PM
Nov. 3, 2014, 5:35 PM
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Aug. 6, 2014, 8:58 AM
- Devon Energy (NYSE:DVN) +1.2% premarket after Q2 earnings matched estimates and revenues rose 46% Y/Y, easily beating expectations, helped by production growth in high-margin oil, as well as higher prices.
- Q2 production of oil, natural gas and natural gas liquids, excluding production associated with divestiture properties, rose 14% Y/Y to 620K boe/day, driven by growth in oil production, which jumped 34% to 205K bbl/day; oil production from U.S. operations surged 79% Y/Y.
- Q2 revenue from oil, natural gas and natural gas liquids sales totaled $2.7B, up 21%, attributable to the increase in high-margin oil production combined with improved oil price realizations; these factors resulted in Q2 oil sales increasing to more than 60% of DVN's total upstream revenues.
- Overall average realized prices including hedging impacts climbed 20%, including growth of 6% for oil.
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