Devon Energy beats estimates, raises forecast for oil output [Reuters]
Devon Energy Corporation (DVN)
Last devon energy corporation earnings: 2/18 04:05 pm
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Source: Reuters
Devon Energy beats estimates, raises forecast for oil output - Reuters 2 Min Read (Reuters) - Devon Energy Corp beat Wall Street estimates for adjusted quarterly profit on Tuesday and raised its full-year oil output forecast, as the U.S. oil and gas producer kept a check on expenses. The company’s shares rose 4.4% to $24 in after-market trading. Total expenses at Devon, which has been undertaking cost-cutting efforts, fell 23.9% to $1.65 billion. The company has been shedding assets in a bid to become a pure-play U.S. oil producer. It sold its Canadian assets for $2.8 billion earlier this year and said it was in negotiations with buyers for its gas-rich Barnett shale patch in the United States. Devon, which has operations in the Delaware and Eagle Ford basins, said its 2019 production forecast now estimates oil output to increase between 20% and 21%, a 5.5% improvement from its original projection. The company’s net income attributable to shareholders fell to $109 million, or 27 cents
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News
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- Fervo Energy Secures Additional $255 Million Funding to Meet Unprecedented Energy Demand [Yahoo! Finance]Yahoo! Finance
- AI's energy hunger fuels geothermal startups but natgas rivalry clouds future [Yahoo! Finance Canada]Yahoo! Finance Canada
- Devon Energy Co. (NYSE: DVN) had its price target lowered by analysts at Piper Sandler from $57.00 to $53.00. They now have an "overweight" rating on the stock.MarketBeat
DVN
Earnings
- 11/5/24 - Beat
DVN
Sec Filings
- 12/9/24 - Form 8-K
- 11/6/24 - Form 10-Q
- 11/5/24 - Form 8-K
- DVN's page on the SEC website