Devon Energy reports Q3 EPS 63c, consensus 41c
Reports Q3 revenue $2.58B, consensus $2.16B. Devon's total companywide production averaged 522,000 oil-equivalent barrels per day in the third quarter. The company said, "Devon continued to execute at a high level on its U.S.-focused growth initiatives. Our third-quarter performance was highlighted by improving well productivity and capital efficiency that drove U.S. production above the high end of guidance with a total capital investment well below forecast. Furthermore, our unwavering commitment to capital discipline allowed us to comfortably fund our drilling programs and generate free cash flow in the quarter. In addition to our strong operational and financial results, we also made significant progress building per-share value through our industry-leading $4 billion share-repurchase program," Hager said. "Given the value proposition of our current share price, we opportunistically accelerated the buyback of our shares and are on track to repurchase approximately 20 percent of the company's outstanding shares by the time we complete the program in the first quarter of 2019."