Devon Energy Corp.’s quarterly profit topped analysts’ estimates on Nov. 6, as the oil producer benefited from higher crude prices and produced more crude in the U.S.
U.S. production averaged 418,000 barrels of oil equivalent per day (boe/d) in the quarter, exceeding the company’s third-quarter outlook of between 398,000 boe/d and 417,000 boe/d.
Devon leads a pack of oil producers, who have been investing heavily, in Oklahoma-based shale producing areas of SCOOP and STACK to boost production.
However, overall the company produced 522,000 boe/d in the quarter compared with 527,000 boe/d a year ago.
The company’s net income attributable to shareholders rose to $2.54 billion, or $5.14 per share, in the third quarter ended Sept. 30, from $193 million, or 37 cents per share, a year earlier, as the oil producer gained from the sale of its stakes in pipeline operator EnLink Midstream.
In June, Devon Energy said it would sell its stakes in EnLink Midstream for $3.13 billion to pare debt and focus on its core shale business.
Total revenue rose to $2.58 billion from $1.93 billion. Excluding items, the company earned 65 cents per share, while analysts on average had expected 42 cents per share, according to IBES data from Refinitiv.
Recommended Reading
Biden Totters the US LNG Line Between Environment, Energy Security
2024-01-30 - Recent moves by U.S. President Joe Biden targeting the country’s LNG industry, which has a number of projects in the works, are an attempt to satisfy environmentalists ahead of the next upcoming presidential election.
EQT’s Toby Rice: US NatGas is a Global ‘Decarbonizing Force’
2024-03-21 - The shale revolution has unlocked an amazing resource but it is far from reaching full potential as a lot more opportunities exist, EQT Corp. President and CEO Toby Rice said in a plenary session during CERAWeek by S&P Global.
Watson: Implications of LNG Pause
2024-03-07 - Critical questions remain for LNG on the heels of the Biden administration's pause on LNG export permits to non-Free Trade Agreement countries.
GOP’s Reaction to White House LNG Pause Takes Shape
2024-01-31 - The U.S. House Energy, Climate and Grid Security subcommittee set the date for a hearing on the Biden administration’s recent pause on LNG export approvals for Feb. 6; Republican Louisiana Sen. John Kennedy pledges to block Biden nominees.
Venture Global Seeks FERC Actions on LNG Projects with Sense of Urgency
2024-02-21 - Venture Global files requests with the Federal Energy Regulatory Commission for Calcasieu Pass 1 and 2 before a potential vacancy on the commission brings approvals to a standstill.