• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 15 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 11 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 2 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 5 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day Corporations Are Buying More Renewables Than Ever
  • 15 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 hour Saudi Fund Wants to Take Tesla Private?
  • 11 hours Starvation, horror in Venezuela
  • 3 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 16 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 17 hours France Will Close All Coal Fired Power Stations By 2021
Turkey Turmoil Drags Oil Down

Turkey Turmoil Drags Oil Down

While Turkey might not be…

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