• 3 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 9 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 11 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 11 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
Who’s Winning The Electric Vehicle Race?

Who’s Winning The Electric Vehicle Race?

Automakers and suppliers of automotive…

Saudi Arabia Looks To Shelve Aramco IPO

Saudi Arabia Looks To Shelve Aramco IPO

Saudi sources have confirmed that…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Devon Energy Reports $3.1B Loss, Increases Production Guidance

Devon Energy Reports $3.1B Loss, Increases Production Guidance

Devon Energy posted a $3.1 billion loss in the first quarter of the year, down $6.44 per share, but less than the $3.6 billion, or $8.88 a share in the first quarter of 2015.

In explaining the loss, the company argued low oil prices. More precisely, Devon said it was presently selling a barrel of oil around the $20 mark, while a year ago, it was selling for about $56. Natural gas is going for $1.66 for 1,000 cubic feet, compared to $2.96 from a year ago.

The company’s revenues for the same period dropped to $2.1 billion, down from almost $3.3 billion in the last year’s quarter. Devon said it had a core earnings loss of $249 million, or 53 cents a share.

Related: Is This The Biggest Red Herring In Oil Markets?

"In spite of the challenging industry conditions, Devon achieved another high-quality operating performance in the first quarter as we continued to take the appropriate steps to deliver significant cost reductions and accelerate efficiency gains across our portfolio," CEO Dave Hager said in a statement.

Amid a decline in revenues, Devon resorted to cutting expenses. Compared to a year ago, general and administrative costs were down by 23 percent, namely $194 million, with year-round savings estimated to reach $500 million. At the same time, operating costs were cut by 20 per cent compared to last year.

Related: This Oil Major Seeks To Drive Solar Innovation At Qatar 2022

The company on Tuesday raised production guidance for the second quarter and the full year. For the second quarter the company now projects oil production of 616,000 to 653,000 barrels a day. For the full year the estimates have risen to 611,000 to 648,000 barrels of oil equivalent production. Crude oil makes up about 40 percent of projected production.

Over the first quarter, Devon produced an average of 285,000 barrels of oil, up from 271,000 per day in the first period of 2015.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News