Should You Buy Devon Energy Stock With Oil Prices Below $70 a Barrel?

Oil prices have bounced around quite a bit this year. WTI, the primary U.S. benchmark price, rose to over $85 per barrel at one point. However, it's currently down modestly for the year and was recently just below $70 a barrel. Crude oil pricing has a significant impact on the cash flows of oil producers like Devon Energy (NYSE: DVN). Here's a look at whether the current oil price affects the buy thesis for the oil stock.Devon Energy generated $1.7 billion in operating cash flow during the third quarter, an 8% increase from the previous quarter. That uptick came even though the company realized an average of $74.26 per barrel of oil sold during the period, down from $78.95 in the previous quarter. Devon offset the decline in oil prices by producing more oil and gas (its companywide production rose 4%), thanks to the strength of its Delaware Basin position across Texas and New Mexico and its acquisition of Grayson Mill Energy, which closed right near the end of September. The company also benefited from a 7% decline in production costs. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool