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.
Aug. 6, 2014, 8:03 AM
Aug. 5, 2014, 5:30 PM
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May. 7, 2014, 8:58 AM
- Devon Energy (DVN) +1.6% premarket after reporting a Q1 profit compared with a year-ago loss when it wrote down the value of some natural gas assets.
- Q1 oil and gas output totaled 691K boe/day, up 0.6% Y/Y; excluding production associated with divestiture properties, top-line production from Devon's retained, go-forward asset base rose 7% Y/Y to 563K boe/day.
- Led by the Permian Basin and Eagle Ford, DVN's most significant growth came from retained U.S. operations, where oil production jumped 56% Y/Y.
- Average realized prices, before hedging impacts, jumped 29% for oil and 51% for natural gas.
May. 7, 2014, 8:05 AM
May. 6, 2014, 5:30 PM
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Feb. 19, 2014, 8:04 AM| Comment!
Feb. 19, 2014, 12:05 AM
Feb. 18, 2014, 5:30 PM
Nov. 6, 2013, 9:08 AM
- Devon Energy (DVN) +0.5% premarket after beating Q3 earnings estimates on higher output, which averaged 691K boe/day, up from 678K in the year-earlier period.
- Oil production rose 16% Y/Y to average 165K bbl/day; the most significant growth came from U.S. operations, where production jumped 38%, highlighted by growth from Permian Basin and Mississippian-Woodford Trend projects.
- Revenue from oil, natural gas and natural gas liquids sales totaled $2.3B in Q3, up 35% Y/Y, due to improved natural gas and oil price realizations combined with higher oil production; oil sales have climbed to nearly 60% of DVN's total upstream revenues.
- DVN is the second-worst performer in the past year in the S&P 500 Oil & Gas Exploration & Production Index, beating only Southwestern Energy (SWN).
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