Devon Energy Corp NYSE DVN raised its production guidance for 2024 after topping first-quarter earnings estimates as its production exceeded expectations and more than offset weak natural gas prices. The shale producer, which has focused its drilling program on the Delaware basin in the Permian, reported $730 million, or $1.16 per diluted share, in core earnings for Q1, adjusted for items analysts typically exclude from estimates.
“Furthermore, our operating margins benefitted from the team’s efforts to drive per-unit costs lower than plan, allowing us to capture the full benefit of rising oil prices during the quarter.” As a result of the momentum in Q1 and the higher-than-expected production, Devon raised its second-quarter and full-year 2024 guidance. Devon is increasing its full-year 2024 production forecast by 2% to a range of 655,000 to 675,000 barrels of oil equivalent per day boepd.