DVN Q1 Results
DVN Q1 Results
Devon's Q1 Cash Flow From Operations of $798 million compares to my forecast of $753 million. Good quarter.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: DVN Q1 Results
While Devon Energy (NYSE: DVN) limped into 2018 after running into some production problems at the end of 2017 and bad weather to start this year, it was able to put those issues in the rearview mirror by the end of the first quarter. That's evident by looking over its results for the period where the oil giant beat its production guidance, putting it on track to exceed its full-year forecast. The company did that by drilling some of the best wells ever completed in the legendary Permian Basin.
Read: https://finance.yahoo.com/news/devon-en ... 00517.html
Devon's strong start to the year has it on pace to produce more than it initially expected. Because of that, the company raised its forecast and now sees U.S. oil production growing 16% this year versus its prior view of a 14% increase from 2017. Meanwhile, the company anticipates cash flow rising 35%, assuming oil averages $65 a barrel, as it increases the output of higher-margin oil from the Delaware and STACK.
Read: https://finance.yahoo.com/news/devon-en ... 00517.html
Devon's strong start to the year has it on pace to produce more than it initially expected. Because of that, the company raised its forecast and now sees U.S. oil production growing 16% this year versus its prior view of a 14% increase from 2017. Meanwhile, the company anticipates cash flow rising 35%, assuming oil averages $65 a barrel, as it increases the output of higher-margin oil from the Delaware and STACK.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group