Devon Energy boosts 2020 production guidance while trimming capex [Seeking Alpha]
MID-CON ENERGY PARTNERS (MCEP)
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Source: Seeking Alpha
Energy | On the Move Devon Energy boosts 2020 production guidance while trimming capex Feb. 18, 2020 5:48 PM ET Devon Energy Corporation (DVN) Carl Surran Devon Energy (NYSE: +2% raised its oil production forecast For Q4, Devon reported in-line earnings On an unadjusted basis, the company reported a $642M net loss, attributable to a $748M impairment charge related to the divestiture of its Barnett Shale assets. "Led by the exceptionally strong well performance Devon is experiencing in the Delaware Basin," the company says it is raising its FY 2020 oil production growth rate to 7.5%-9% from 7%-9% previously, and expects to average 158K-163K bbl/day of oil output during Q1. Devon also lowers the top end of its FY 2020 upstream capital guidance by $50M to $1.7B-$1.85B, with enhanced efficiency by reallocating capital spending from the STACK play to the Delaware Basin, which it expects will account for 60% of its total capital investment in 2020. See all stocks on the move » Now read:
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