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Last $40.33 USD
Change Today -2.33 / -5.46%
Volume 6.7M
DVN On Other Exchanges
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As of 8:04 PM 09/1/15 All times are local (Market data is delayed by at least 15 minutes).

devon energy corp (DVN) Key Developments

Devon Energy Corporation Announces Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production and Financial Guidance for the Third Quarter and Full Year of 2015; Announces Impairment Charges for the Second Quarter of 2015

Devon Energy Corporation announced consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's total operating revenues were $3,393 million compared with $4,510 million a year ago. Operating loss was $4,363 million compared with operating income of $1,774 million a year ago. Loss before income taxes was $4,479 million compared with income of $1,554 million a year ago. Net loss attributable to the company was $2,816 million or $6.94 per diluted share compared with income of $675 million or $1.64 per diluted share a year ago. Net cash from operating activities was $1,101 million compared with $2,049 million a year ago. Capital expenditures were $1,432 million compared with $1,758 million a year ago. Acquisitions of property, equipment and businesses were $13 million compared with $289 million a year ago. Core earnings attributable to the company (Non-GAAP) were $320 million or $0.78. This compares with first-quarter 2015 core earnings of $89 million, or $0.22 per diluted share. For the six months, the company's total operating revenues were $6,658 million compared with $8,235 million a year ago. Operating loss was $9,858 million compared with operating income of $2,464 million a year ago. Loss before income taxes was $10,103 million compared with income of $2,114 million a year ago. Net loss attributable to the company was $6,415 million or $15.81 per diluted share compared with income of $999 million or $2.44 per diluted share a year ago. Net cash from operating activities was $2,749 million compared with $3,459 million a year ago. Capital expenditures were $3,149 million compared with $3,341 million a year ago. Acquisitions of property, equipment and businesses were $417 million compared with $6,224 million a year ago. As on June 30, 2015, the company's net debt was $7,565 million. For the quarter, the company's total oil production averaged 270,000 barrels per day, a 32% increase compared to the second quarter of 2014. The company's production averaged 674,000 Boe per day during the second quarter of 2015. This result represents a 9% increase compared to the second quarter of 2014, with liquids accounting for 60% of the company’s production mix. Total natural gas liquids were 134,000 barrels per day compared to 136,000 barrels per day a year ago. Total gas production was 1,627 MMcf/d compared with 1,931 MMcf/d a year ago. For the six months, the company’s total oil and bitumen was 271,000 barrels per day compared to 200,000 barrels per day a year ago. Total natural gas liquids were 136,000 barrels per day compared to 125,000 barrels per day a year ago. Total gas production was 1,636 MMcf/d compared with 2,061 MMcf/d a year ago. Total oil equivalent production was 679 MBoe/d compared with 679 MBoe/d a year ago. For the third quarter of 2015, the company expects total oil and bitumen of 260 MBbls/d to 280 MBbls/d, total natural gas liquids of 1,515 MBbls/d to 1,570 MBbls/d, total oil equivalent production of 638 MBoe/d to 676 MBoe/d. For the year 2015, the company expects total oil and bitumen of 260 MBbls/d to 280 MBbls/d, total natural gas liquids of 1,565 MBbls/d to 1,620 MBbls/d, total oil equivalent production of 649 MBoe/d to 684 MBoe/d. The company given the strong year-to-date production performance, the company is well positioned to deliver on its 2015 oil growth target of 25% to 35%. Devon also remains on track to increase top-line production by 5% to 10%. For the third quarter of 2015, the company expects total income tax rate in the range of 30.0% to 40.0%, capital expenditures in the range of $1,025 million to $1,165 million. For the full year 2015, the company expects total income tax rate in the range of 30.0% to 40.0%, capital expenditures in the range of $4,410 million to $4,810 million. The company announced asset impairments of $4,168 million for the second quarter ended June 30, 2015.

Devon Energy Corp. Announces Executive Changes

Devon Energy Corp. announced that its board has elected Dave Hager, most recently Devon's chief operating officer, as the company's new president and chief executive officer. Hager succeeds John Richels. Hager assumed the roles of president and CEO on Aug. 1, the day after Richels' retirement became effective.

Stephens Production and Devon Energy Each Voluntarily Close One Well Following Several Earthquakes

The Oklahoma Corporation Commission announced that two oil and gas wastewater injection wells are shutting down and one is reducing operations in the Crescent area following several earthquakes. The commission said that Stephens Production and Devon Energy are each voluntarily closing one well. Also, Stephens is reducing operations at another well by 50%.

Devon Energy Corporation Announces Executive Changes

Devon Energy Corporation announced the appointment of Dave Hager as CEO, effective Aug. 1, 2015 and the Outgoing CEO- John Richels, will remain on the company's board.

Devon Energy Corporation, Q2 2015 Earnings Call, Aug 05, 2015

Devon Energy Corporation, Q2 2015 Earnings Call, Aug 05, 2015

 

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