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Devon Energy quarterly output climbs, profit dips
Oil and gas producer Devon Energy Corp posted a lower-than-expected quarterly profit as a drop in natural gas prices offset higher production.
Devon shares fell 4 percent to $67.81 in early trading.
Net earnings for the first quarter slipped to $393 million, or 97 cents per share, from $416 million, also 97 cents per share, in the year-ago quarter. The earnings per share were flat because of a nearly 10 percent drop in the number of shares outstanding.
Excluding one-time items, earnings per share were $1.05, the company said. By that measure, analysts expected $1.43, according to Thomson Reuters I/B/E/S.
Revenue rose 16.3 percent to $2.5 billion. Analysts expected $2.55 billion.
Devon’s average production rose 10 percent to 693,600 barrels of oil equivalent per day, lifted largely by a 26 percent increase in oil output.
The company received an average of $32.83 per barrel of oil equivalent during the quarter, down from $34.38 a year earlier, hurt by weak natural gas prices.
Elsewhere on Wednesday, Marathon Oil Co posted a drop in quarterly output and a jump in expenses.
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