Devon Energy 2Q Profit Slips; Output Lower

Reuters

Aug 6 (Reuters) - Devon Energy Corp on Wednesday reported a 1 percent decrease in quarterly profit, matching Wall Street expectations, as asset sales dented oil and gas production.

Devon has sold or agreed to sell $5 billion in assets including its Canadian natural gas operations so it can drill higher-return shale oil wells in fields in Texas and New Mexico.

The Oklahoma City, Oklahoma-based company reported a second-quarter profit of $675 million, or $1.64 per share, compared with $683 million, or $1.68 per share in the year-ago period.

Excluding items related to asset sales and restructuring costs, Devon had a profit of $1.40 per share. On that basis, analysts on average had expected a profit of $1.40 per share.

Oil and gas production averaged 667,000 barrels oil equivalent per day, down from 698,000 (boed) in the same quarter a year earlier. Divested assets averaged 47,000 boed, Devon said.

(Reporting by Anna Driver; Editing by Jeffrey Benkoe and Nick Zieminski)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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