Devon Energy reports Q3 EPS $1.30, consensus $1.14

Devon’s oil production in the third quarter reached 335,000 barrels per day, exceeding guidance by 4 percent. Total companywide production averaged 728,000 oil-equivalent barrels per day in the third quarter. This represents a 3% increase in production compared to the previous quarter. Production in the quarter benefited from the closing of Grayson Mill in late September, which contributed approximately 5,000 Boe per day and 3,000 barrels of oil per day to the quarterly average. “Devon delivered another quarter of strong operational and financial results, showcasing the strength of our disciplined strategy,” said Rick Muncrief, president and CEO. “The Delaware Basin continues to be a great contributor to our success. The exceptional well productivity and cycle time improvements we continue to see in this basin contributed to production volumes surpassing our guidance while keeping capital expenditures below forecasted levels.”