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Strong Production to Drive Devon Energy's (DVN) Q1 Earnings
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Devon Energy Corporation (DVN - Free Report) is set to report first-quarter earnings on May 2, after market close. This oil and gas company delivered an earnings surprise of 14.9% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors at Play
Strong oil production from the high-margin Delaware Basin region is expected to have boosted first-quarter oil production. Strong commodity prices are also likely to have enhanced first-quarter performance. Devon’s domestic focus and multi-basin high-quality assets ensure strong production volumes.
A high percentage of DVN’s first-quarter production volumes or nearly 74% are expected to have been liquids. To safeguard against the sudden fluctuation in commodity prices, Devon has hedged 20% of its production volume, which will safeguard it against price fluctuation.
Expectations
The Zacks Consensus Estimate for first-quarter oil production is pegged at 286,000 barrels of oil equivalent per day (Boe/d), which indicates 6.7% growth from the year-ago reported figure. Devon Energy expects oil production for the first quarter in the range of 280,000-290,000 Boe/d.
The Zacks Consensus Estimate for first-quarter natural gas liquid (NGL) production is pegged at 134,000 boe/d. Devon Energy expects NGL production for the first quarter in the range of 133,000-137,000 Boe/d.
Devon Energy expects total production for the first quarter in the range of 560,000-580,000 Boe/d. Devon expects severe winter weather to reduce production volumes by 3% or 15,000 barrels of oil equivalent per day for first-quarter 2022.
What Our Quantitative Model Predicts
Our proven model predicts an earnings beat for Devon Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case as you see below.
Earnings ESP: Devon Energy has an Earnings ESP of +2.28%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Investors can also consider the following players from the same industry that too have the right combination of elements to beat on earnings this reporting cycle.
Viper Energy Partner LP (VNOM - Free Report) is scheduled to release first-quarter 2022 numbers on May 2. VNOM has an Earnings ESP of +1.64% and sports a Zacks Rank of 1.
Viper Energy delivered an average surprise of 0.5% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of Viper Energy Partner implies year-over-year growth of 168.9%.
Pioneer Natural Resource Company is scheduled to release first-quarter 2022 numbers on May 4. PXD has an Earnings ESP of +2.37% and sports a Zacks Rank of 1.
Pioneer Natural Resource delivered an average surprise of 8.8% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of Pioneer Natural Resource implies year-over-year growth of 133.9%.
Continental Resources, Inc. is scheduled to release first-quarter 2022 numbers on May 4. CLR has an Earnings ESP of +2.27% and sports a Zacks Rank of 1.
Continental Resources delivered an average surprise of 27% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of Continental Resources implies year-over-year growth of 134.5%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Strong Production to Drive Devon Energy's (DVN) Q1 Earnings
Devon Energy Corporation (DVN - Free Report) is set to report first-quarter earnings on May 2, after market close. This oil and gas company delivered an earnings surprise of 14.9% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors at Play
Strong oil production from the high-margin Delaware Basin region is expected to have boosted first-quarter oil production. Strong commodity prices are also likely to have enhanced first-quarter performance. Devon’s domestic focus and multi-basin high-quality assets ensure strong production volumes.
A high percentage of DVN’s first-quarter production volumes or nearly 74% are expected to have been liquids. To safeguard against the sudden fluctuation in commodity prices, Devon has hedged 20% of its production volume, which will safeguard it against price fluctuation.
Expectations
The Zacks Consensus Estimate for first-quarter oil production is pegged at 286,000 barrels of oil equivalent per day (Boe/d), which indicates 6.7% growth from the year-ago reported figure. Devon Energy expects oil production for the first quarter in the range of 280,000-290,000 Boe/d.
The Zacks Consensus Estimate for first-quarter natural gas liquid (NGL) production is pegged at 134,000 boe/d. Devon Energy expects NGL production for the first quarter in the range of 133,000-137,000 Boe/d.
Devon Energy expects total production for the first quarter in the range of 560,000-580,000 Boe/d. Devon expects severe winter weather to reduce production volumes by 3% or 15,000 barrels of oil equivalent per day for first-quarter 2022.
What Our Quantitative Model Predicts
Our proven model predicts an earnings beat for Devon Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is the case as you see below.
Devon Energy Corporation Price and EPS Surprise
Devon Energy Corporation price-eps-surprise | Devon Energy Corporation Quote
Earnings ESP: Devon Energy has an Earnings ESP of +2.28%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Devon Energy currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks to Consider
Investors can also consider the following players from the same industry that too have the right combination of elements to beat on earnings this reporting cycle.
Viper Energy Partner LP (VNOM - Free Report) is scheduled to release first-quarter 2022 numbers on May 2. VNOM has an Earnings ESP of +1.64% and sports a Zacks Rank of 1.
Viper Energy delivered an average surprise of 0.5% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of Viper Energy Partner implies year-over-year growth of 168.9%.
Pioneer Natural Resource Company is scheduled to release first-quarter 2022 numbers on May 4. PXD has an Earnings ESP of +2.37% and sports a Zacks Rank of 1.
Pioneer Natural Resource delivered an average surprise of 8.8% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of Pioneer Natural Resource implies year-over-year growth of 133.9%.
Continental Resources, Inc. is scheduled to release first-quarter 2022 numbers on May 4. CLR has an Earnings ESP of +2.27% and sports a Zacks Rank of 1.
Continental Resources delivered an average surprise of 27% in the last four quarters. The Zacks Consensus Estimate for 2022 earnings of Continental Resources implies year-over-year growth of 134.5%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.