5 new wells producing 10 MBOEPD each are adjacent to last year’s 12 MBOEPD wells
By Richard Rostad, analyst, Oil & Gas 360

Devon Energy (ticker: DVN) announced first quarter results today, showing a net loss of $317 million, or ($0.74) per share.

This loss was primarily due to derivative losses, and if these and other special charges are excluded, the company earned $158 million in the quarter.

Devon produced a total of 529 MBOEPD in the quarter, down 3% year-over-year, though a large share of this volume is from assets the company plans to divest. Excluding Devon’s Canadian and Barnett assets, Devon’s 308 MBOEPD represents 24% YOY growth. The company’s 130 MBOPD of light oil production significantly exceeded guidance, as Devo...

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