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.