Devon Energy 3Q Profit Beats Estimates



Reuters

Oct 31 (Reuters) - U.S. oil producer Devon Energy Corp reported a bigger-than-expected quarterly profit, helped by higher realized prices for oil.

Hurricane Harvey, which tore through southern Texas, forced Devon to temporarily suspended its Eagle Ford operations due to which the company's U.S. production reduced by 15,000 barrels of oil equivalent per day (boe/d).

Total production, net of royalties, fell to 527,000 boe/d from 577,000 boe/d.

However, production was higher than the midpoint of the company's Harvey-adjusted guidance by 6,000 boe/d.

Realized prices, including cash settlements, rose to $26.19 per boe in the reported quarter from $21.30.

Net income attributable to the company fell to $228 million, or $0.43 per share, in the third quarter ended Sept. 30, from $993 million, or $1.89 per share, a year earlier.

Excluding items the company earned 46 cents per share beating the average analysts' estimate of 38 cents per share, according to Thomson Reuters I/B/E/S.

Total revenue fell 25.4 percent to $3.16 billion.

(Reporting by Karan Nagarkatti and Anirban Paul in Bengaluru; Editing by Shounak Dasgupta)



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