Devon Energy Corp. on April 30 raised its full-year U.S. oil production forecast after posting a better-than-expected quarterly profit on the back higher output, especially in the Delaware Basin within the Permian.
Net loss attributable to Devon widened to $317 million, or 74 cents per share, in the first quarter ended March 31, from $197 million, or 38 cents per share, a year earlier, primarily due to a $670 million non-cash charge related to the company's hedge positions.
Excluding items, it earned 36 cents per share, above analysts' average estimate of 28 cents.
The Oklahoma City-based oil and gas company said the midpoint of its 2019 production outlook represents an estimated oil growth rate of 17%, up from its previous guidance of 15%.
Total production, net of royalties, fell 2.8% to 529,000 barrels of oil equivalent per day in the quarter.
Devon has acreage positions in the Permian Basin, Eagle Ford Shale, Oklahoma's Stack and the Powder River Basin in Wyoming.
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