Devon Raises Production Guidance; Q1 Production Exceeds Midpoint Of Guidance

(RTTNews) - Devon Energy Corp. (DVN) has raised the midpoint of its 2016 guidance by 15,000 Boe per day, or 3 percent. The company expects this incremental production to be delivered without additional capital spending.

Devon's reported oil production averaged 285,000 barrels per day in the first quarter of 2016. Of this amount, 255,000 barrels per day were from the company's core assets. Oil production from these assets increased 10 percent year over year, exceeding the midpoint of guidance by 5,000 barrels per day.

Overall, net production from Devon's core assets averaged 581,000 oil-equivalent barrels per day during the first quarter, surpassing the midpoint of guidance by 6,000 Boe per day.

Dave Hager, president and CEO: "Production exceeded the midpoint of guidance for all products and operating costs declining by more than 20 percent year over year. Additionally, G&A costs savings remain on track to reduce overhead by up to $500 million on an annual basis."

Adjusting for items, Devon had a core loss of $249 million, or $0.53 per share in the first quarter of 2016. On a reported basis, Devon had a net loss of $3.1 billion for the first-quarter 2016. On average, 29 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.64 for the quarter. Analysts' estimates typically exclude special items.