UPDATE: Devon Energy (DVN) Tops Q3 EPS by 27c
Devon Energy (NYSE: DVN) reported Q3 EPS of $2.59, $0.27 better than the analyst estimate of $2.32.
2022 OUTLOOK:
- Devon is raising its full-year 2022 production forecast by 3 percent to a range of 600,000 to 610,000 Boe per day. The improved volume outlook is due to better-than-expected well performance year-to-date and the impact from a bolt-on acquisition in the Williston Basin. With the ongoing share repurchase program, production per share is expected to grow 8 percent compared to 2021.
- The company also adjusted its upstream capital guidance to a range of $2.2 billion to $2.4 billion versus prior guidance of approximately $2.1 billion. This updated outlook incorporates $100 million of incremental capital related to the acquisition in the Williston Basin and the impact of inflationary cost pressures. Devon expects its capital to be fully funded from operating cash flow, which is forecasted to be nearly $9 billion at current strip pricing.
For earnings history and earnings-related data on Devon Energy (DVN) click here.