Devon expects 8% first-quarter production decrease from winter storm
March 29, 2021
Devon Energy Corp. updated its first-quarter and full-year 2021 production guidance adjusted for severe winter weather and a minor asset sale.
While production has been restored to pre-storm levels, an 8% drop in first-quarter production is expected due to the impact of severe winter weather, the company said Mar. 29. Adjusting for the downtime, Devon expects first-quarter 2021 oil production of 261,000-265,000 b/d and total production of 485,000-499,000 boe/d.
Guidance excludes WPX results prior to the acquisition close date of Jan. 7, 2021, limiting production by an incremental 3% for the first quarter (OGJ Online, Sept. 29, 2020).
The company’s full-year 2021 guidance was also adjusted for the sale of the company’s Wind River asset in Wyoming which closed Mar. 3. This sale is expected to reduce oil production by 2,000 b/d for full-year 2021.
