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Devon Maintains STACK; Eagle Ford Drilling; No Rig In Permian, Barnett
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Devon Energy Corp. reported operational and financial results for the first quarter of 2016 and provided guidance for the second quarter and full-year 2016.
Key Points: To further enhance its financial strength, the Company is targeting total divestiture proceeds of $2 billion to $3 billion. Devon’s reported oil production averaged 285,000 barrels per day in the first quarter of 2016 - subsequently, Devon has raised the midpoint of its 2016 guidance by 15,000 Boe per day, or 3 percent. Highlights: Exceeded midpoint expectations for all production products Raised full-year production guidance by 3 percent Reduced LOE costs by 21 percent year over year Lowered 2016 operating cost outlook by $50 million Improved balance sheet strength with liquidity increasing to $4.6 billion Highlights…- ✓ Full news archive — U.S., Canada & international coverage
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