Devon Energy's profit rose slightly in the first quarter from a year earlier after sales inched higher....
Devon Energy's profit rose slightly in the first quarter from a year earlier after sales inched higher. The Oklahoma City-based oil and gas producer reported net income of $995 million, compared with $989 million in the same period of 2022. Earnings per share increased to $1.53 from $1.48 cents, while adjusted earnings per share reached $1.46. Total revenue rose slightly to $3.82 billion from $3.81 billion.
The sales and profit figures outperformed market expectations. The consensus compiled by FactSet was for revenue of $3.27 billion and for net income of $914 million.
The company said its oil production reached a record high of 320,000 barrels per day during the first quarter.
U.S. stocks closed mixed Monday, showing little improvement after the Federal Reserve’s senior...
U.S. stocks closed mixed Monday, showing little improvement after the Federal Reserve’s senior loan officer opinion survey on bank lending practices showed a tightening in credit conditions in the first quarter. The Dow Jones Industrial Average DJIA, -0.17% ended 0.2% lower, while the S&P 500 SPX, +0.05% edged up 0.1% and the Nasdaq Composite COMP, 0.18% rose 0.2%, according to preliminary data from FactSet. The Fed’s survey, released Monday afternoon, said “banks cited a less favorable or more uncertain economic outlook, reduced tolerance for risk, deterioration in collateral values, and concerns about banks’ funding costs and liquidity positions.” The survey found weaker demand for commercial and industrial loans, real estate loans, and auto and consumer loans, but demand was “basically unchanged” for credit cards.
Despite declining natural gas prices, gas operators are...
Despite declining natural gas prices, gas operators are opting to keep drilling activity steady, counting on demand from upcoming liquefied natural gas facilities and improved balance sheets to help them weather the current oversupply and subdued price environment. Executives and analysts caution that scaling back activity too quickly could hurt drillers' competitive edge and ability to keep up with future demand.
US shale oil explorers see some drilling cost relief
Reduced competition for resources and lower prices for materials and services such as steel pipe and...
Reduced competition for resources and lower prices for materials and services such as steel pipe and fracking crews are driving down oil drilling costs in the US shale patch, shale executives say. Meanwhile, oilfield service providers are facing a difficult choice between idling equipment to preserve pricing power or offering discounts to keep their customers and market share intact.
Crescent Point Energy advised that it has temporarily shut in its Kaybob Duvernay production...
Crescent Point Energy advised that it has temporarily shut in its Kaybob Duvernay production in response to the recent Alberta wildfires. This precautionary measure is being taken by the Company to protect the safety of its staff, the community, the environment, and its assets. As a result, approximately 45,000 boe/d of production in the Kaybob Duvernay has been temporarily shut-in with a plan to restart production once safe and permitted to do so. No damage has been reported to the Company's assets.
