Devon Energy beats production estimates in fourth quarter

(Reuters) - Oil and gas producer Devon Energy Corp reported a better-than-expected quarterly production on Tuesday, aided by more output from its U.S. shale assets, sending its shares up 6 percent after the bell. The Oklahoma-based company also said its board had authorized the sale of its assets in Canada and in the gas-rich Barnett shale patch in the United States, to become a pure-play oil producer.

Reuters February 20, 2019 04:05:28 IST
Devon Energy beats production estimates in fourth quarter

Devon Energy beats production estimates in fourth quarter

(Reuters) - Oil and gas producer Devon Energy Corp reported a better-than-expected quarterly production on Tuesday, aided by more output from its U.S. shale assets, sending its shares up 6 percent after the bell.

The Oklahoma-based company also said its board had authorized the sale of its assets in Canada and in the gas-rich Barnett shale patch in the United States, to become a pure-play oil producer.

Devon said its production in the Delaware basin rose 49 percent in the quarter ended Dec. 31 to 84,000 barrels of oil equivalent per day (boe/d), from a year earlier.

The Delaware and Midland basins of the oil-rich Permian shale field are among the largest in the region. While the Midland basin is the more heavily drilled of the two, recent research by U.S. Geological Survey has found Delaware to contain twice as much crude.

The company reported production of 532,000 barrels of oil equivalent per day (boe/d) in the quarter, while analysts had expected 527,060 boe/d, according to IBES data from Refinitiv.

Net income rose to $1.15 billion or $2.48 per share, from $304 million or 35 cents per share, a year earlier.

(Reporting by Debroop Roy in Bengaluru; Editing by Shinjini Ganguli)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Putin says he has noted Joe Biden's harsh anti-Russian rhetoric
World

Putin says he has noted Joe Biden's harsh anti-Russian rhetoric

MOSCOW (Reuters) - Russian President Vladimir Putin said on Wednesday he had noted what he called "sharp anti-Russian rhetoric" from U.S. Democratic presidential candidate Joe Biden, but that he had been encouraged by Biden's comments on arms control. Putin, in comments on state television ahead of the U.S.

In hardening stance, France, Germany push for EU sanctions on Russians over Navalny
World

In hardening stance, France, Germany push for EU sanctions on Russians over Navalny

By John Irish and Robin Emmott PARIS/BRUSSELS (Reuters) - France and Germany said on Wednesday they would propose European Union sanctions against Russian individuals after receiving no credible answers from Moscow over the poisoning of Kremlin critic Alexei Navalny with a nerve agent. Several Western governments have said Russia, which has denied accusations by Navalny that it was involved in the poisoning, must help in investigations or face consequences. The decision and speed with which Europe's two main powers agreed to push ahead with sanctions suggests a hardening of the bloc's diplomacy towards Moscow.

Coronavirus patient Trump seeks ways to mount campaign comeback
World

Coronavirus patient Trump seeks ways to mount campaign comeback

By Steve Holland WASHINGTON (Reuters) - U.S. President Donald Trump, under coronavirus quarantine in the White House and restricted from traveling, is seeking ways to put a spark back in his struggling re-election bid and get behind his desk in the Oval Office with four weeks left until Election Day.