Devon Energy - Good 3rd quarter

[dan_s]

Devon Energy (DVN) Stock Gains in After-Hours Trading on Earnings Beat

After the market close, Devon Energy posted third quarter earnings of 76 cents per share on revenue of $3.6 billion. Analysts surveyed by Thomson Reuters were expecting the company to report earnings of 52 cents per share on revenue of $3.97 billion.

"Our strategy of operating in North America's best resource plays, coupled with a focus on delivering best-in-class execution, continues to generate top-tier results," said Dave Hager, CEO of Devon Energy, in a statement. "Across our asset portfolio, well performance has consistently exceeded type curve expectations through higher production rates, declining capital costs and lower operating expenses."

Devon Energy reported oil production of 282,000 barrels per day, a 31% increase compared to the third quarter of 2014. < 13,000 barrels per day above my Q3 forecast.

Devon Energy raised its 2015 production outlook by 2% to a midpoint of 276,000 barrels per day.