Devon Energy (DVN.N) exceeded Wall Street’s fourth-quarter profit forecasts, driven by increased oil and gas production. This performance comes weeks after the company announced a $58 billion merger with Coterra Energy (CTRA.N) aimed at controlling costs, strengthening its balance sheet, and expanding its presence in the Permian Basin, despite a challenging crude oil price environment. The company reported an adjusted profit of 82 cents per share, slightly above analysts’ estimates of 81 cents.
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Devon Energy tops fourth-quarter profit estimates on production boost
Devon Energy (DVN.N) exceeded Wall Street’s fourth-quarter profit forecasts, driven by increased oil and gas production. This performance comes weeks after the company announced a $58 billion merger with Coterra Energy (CTRA.N) aimed at controlling costs, strengthening its balance sheet, and expanding its presence in the Permian Basin, despite a challenging crude oil price environment. The company reported an adjusted profit of 82 cents per share, slightly above analysts’ estimates of 81 cents.