Devon Energy Beats Q4 Earnings Estimates Despite Revenue Decline; Production Tops Forecasts
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Devon Energy reported Q4 revenue of $4.15B, down 3.6% YoY; EPS of $1.41 compared to $1.66 YoY. Both topped analyst estimates.
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Total production was 662M barrels of oil equivalent per day, beating estimates. Gas, oil, and NGL production also exceeded forecasts.
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Realized oil, gas, and NGL prices were mostly inline with or slightly below analyst estimates.
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Marketing and midstream Q4 revenues fell 10.6% YoY to $1.08B, missing the $1.15B forecast. Total oil, gas and NGL sales matched estimates.
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Devon Energy shares are up 2.5% in the past month, despite a Zacks Rank #4 (Sell) rating indicating it may underperform the broader market.