Devon Energy (DVN) Tops Q3 EPS by 5c, Miss on Revenues

Devon Energy (NYSE: DVN) reported Q3 EPS of $0.43, $0.05 better than the analyst estimate of $0.38. Revenue for the quarter came in at $3.16 billion versus the consensus estimate of $3.18 billion.

Highlights

• Production exceeds midpoint of hurricane-adjusted guidance
• 50 high-rate wells brought online with average rates exceeding 2,100 Boe per day
• Capital expenditures were 12 percent below guidance year to date
• Divestiture program reaches $420 million of asset sales
• Free cash flow increases cash balance to $2.8 billion

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

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