Devon Energy Corp.’s quarterly profit topped analysts’ estimates on Nov. 6, as the oil producer benefited from higher crude prices and produced more crude in the U.S.
U.S. production averaged 418,000 barrels of oil equivalent per day (boe/d) in the quarter, exceeding the company’s third-quarter outlook of between 398,000 boe/d and 417,000 boe/d.
Devon leads a pack of oil producers, who have been investing heavily, in Oklahoma-based shale producing areas of SCOOP and STACK to boost production.
However, overall the company produced 522,000 boe/d in the quarter compared with 527,000 boe/d a year ago.
The company’s net income attributable to shareholders rose to $2.54 billion, or $5.14 per share, in the third quarter ended Sept. 30, from $193 million, or 37 cents per share, a year earlier, as the oil producer gained from the sale of its stakes in pipeline operator EnLink Midstream.
In June, Devon Energy said it would sell its stakes in EnLink Midstream for $3.13 billion to pare debt and focus on its core shale business.
Total revenue rose to $2.58 billion from $1.93 billion. Excluding items, the company earned 65 cents per share, while analysts on average had expected 42 cents per share, according to IBES data from Refinitiv.