Devon Energy Corp. (DVN - Free Report) reported third-quarter 2020 adjusted loss per share of 4 cents, narrower than the Zacks Consensus Estimate of a loss of 8 cents. In the year-ago quarter, the company reported earnings of 26 cents per share.
Revenues
Total revenues of $1,097 million were on par with the Zacks Consensus Estimate. The top line declined 38.9% from the year-ago figure due to a decline in commodity prices.
Highlights of the Release
Total net production for third-quarter 2020 touched 326,000 barrels of oil equivalent per day (Boe/d), which exceeded the guided range of 301,000-318,000 Boe/d and was marginally up sequentially. Oil production averaged 146,000 barrels per day, which decreased 3.3% on a year-over-year basis. Overall solid performance for the third quarter was due to strong contribution from the Delaware Basin.
Total production expenses for the third quarter were $271 million, decreasing 7.8% year over year. Financing cost for the quarter was $66 million, up 10% from the year-ago period.
Devon Energy’s completion of divestitures of Canadian Heavy Oil, Enlink Midstream and Barnett Shale assets enhanced its competitive position. The company’s decision to merge with WPX Energy will strengthen its position in the prolific Permian Basin.
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Devon Energy Corp. (DVN - Free Report) reported third-quarter 2020 adjusted loss per share of 4 cents, narrower than the Zacks Consensus Estimate of a loss of 8 cents. In the year-ago quarter, the company reported earnings of 26 cents per share.
Revenues
Total revenues of $1,097 million were on par with the Zacks Consensus Estimate. The top line declined 38.9% from the year-ago figure due to a decline in commodity prices.
Highlights of the Release
Total net production for third-quarter 2020 touched 326,000 barrels of oil equivalent per day (Boe/d), which exceeded the guided range of 301,000-318,000 Boe/d and was marginally up sequentially. Oil production averaged 146,000 barrels per day, which decreased 3.3% on a year-over-year basis. Overall solid performance for the third quarter was due to strong contribution from the Delaware Basin.
Total production expenses for the third quarter were $271 million, decreasing 7.8% year over year. Financing cost for the quarter was $66 million, up 10% from the year-ago period.
Devon Energy’s completion of divestitures of Canadian Heavy Oil, Enlink Midstream and Barnett Shale assets enhanced its competitive position. The company’s decision to merge with WPX Energy will strengthen its position in the prolific Permian Basin.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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