Devon Energy (DVN) Tops Q1 EPS by 35c, Offers Outlook

Devon Energy (NYSE: DVN) reported Q1 EPS of $0.13, $0.35 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $0 versus the consensus estimate of $1.4 billion.

Updated 2020 Outlook

• Capital investment reduced 45 percent from original plan to $1 billion

• Oil production expected to be essentially flat compared to 2019

• Guidance assumes 10,000 barrels per day of oil curtailments in the second quarter

• Hedges protect approximately 90 percent of oil volumes at $42 per barrel

• Full-year cost outlook improved by $250 million, includes executive pay reductions

• Barnett Shale asset sale process on track to close by year-end

For earnings history and earnings-related data on Devon Energy (DVN) click here.

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