(Reuters) – U.S. shale producer Devon Energy beat first-quarter profit estimates on Wednesday as higher production helped it offset a decline in natural gas prices.
Higher production from Delaware basin helped Devon counter lower commodity prices. U.S. crude prices were largely range bound in the first three months of 2024 despite rising geopolitical tensions, as non-OPEC members kept up supplies, while a milder winter season and oversupply pushed natural gas prices to a 3-1/2-year low in the quarter.
Its total production stood at 664 thousand barrels of oil equivalent per day (boepd) in the January-March quarter, higher than 641 thousand boepd it reported last year.
Oklahoma City-based oil and gas producer reported adjusted income of $1.16 per share for the three months ended March 31, topping average analysts’ estimate of $1.11 per share, according to LSEG data.
(Reporting by Arunima Kumar in Bengaluru; Editing by Alan Barona)
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