Devon Energy Corp., Oklahoma City, reported total net earnings of $565 million in this year’s first quarter. Adjusted earnings totaled $217 million, while operating income was $706 million.
Separately, Devon reported plans to divest $1 billion-worth of upstream noncore assets over the next 12-18 months (OGJ Online, May 3, 2017).
The company said it wants to accelerate its transition to higher-margin production.
In its first-quarter financial and operations statement, Devon said oil production averaged 261,000 b/d. US oil production accounted for 123,000 b/d, while production from Devon’s heavy-oil operations in Canada averaged 138,000 b/d.
Devon’s total production averaged 563,000 boe/d in the first quarter.
Devon said it began production during the first quarter from more than 70 new wells in the US that achieved 30-day rates averaging 1,800 boe/d.
Revenue from oil, natural gas, and natural gas liquids sales totaled $1.3 billion in the first quarter, a 59% improvement compared with first-quarter 2016.
The company’s midstream business generated $207 million of operating profit, all from Devon’s investment in EnLink Midstream.
