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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Devon Energy Corp | NYSE:DVN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.10% | 50.93 | 51.0678 | 50.295 | 50.41 | 1,761,335 | 16:57:01 |
By Tess Stynes
Devon Energy Corp. said its second-quarter loss narrowed as the oil-and-gas company benefited from its cost-cutting efforts, along with a decline in asset write-downs and other items.
The Oklahoma City company has cut costs, shed noncore assets and slashed its dividend as part of its efforts to improve its balance sheet amid a commodities downturn.
Devon last month completed its goal of divesting itself of $2 billion to $3 billion in assets with a deal to sell its 50% ownership stake in Access Pipeline to Wolf Midstream Inc., which brought Devon's asset-sale tally to $3.2 billion.
Devon, which has been increasing its focus on North America in recent years, on Tuesday raised its 2016 production guidance for its remaining operations by 3%.
Chief Executive Dave Hager said in prepared remarks that the company's production from U.S. resource plays again topped expectations. He added that with cost-savings so far this year, Devon is on track to reduce its overhead costs by nearly $1 billion this year.
Over all, Devon reported a loss of $1.57 billion, or $3.04 a share, compared with a year-earlier loss of $2.82 billion, or $6.94 a share. Excluding asset write-downs, restructuring-related expenses and other items, adjusted per-share earnings were 6 cents. Revenue dropped 27% to $2.49 billion amid lower average selling prices.
Analysts polled by Thomson Reuters expected a per-share loss of 19 cents and revenue of $2.33 billion.
Lease operating expenses declined by 26%, driven by improved power and water-handling infrastructure, declining labor expense and lower supply-chain costs. Overhead costs declined 31%.
The company raised its estimated 2016 upstream capital spending budget by $200 million to between $1.1 billion and $1.3 billion, with the potential to add as many as seven rigs in key U.S. resource plays.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
August 02, 2016 17:48 ET (21:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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