Devon Energy raises U.S. oil output forecast, beats profit estimates

April 30 (Reuters) – Devon Energy Corp on Tuesday raised its full-year U.S. oil production forecast after posting a better-than-expected quarterly profit on the back higher output, especially in the Delaware basin.

Net loss attributable to Devon widened to $317 million, or 74 cents per share, in the first quarter ended March 31, from $197 million, or 38 cents per share, a year earlier, primarily due to a $670 million non-cash charge related to the company’s hedge positions. (bit.ly/2ZPZeKj)

Excluding items, it earned 36 cents per share, above analysts’ average estimate of 28 cents.

The Oklahoma City-based company said the midpoint of its 2019 production outlook represents an estimated oil growth rate of 17 percent, up from its previous guidance of 15 percent.

Total production, net of royalties, fell 2.8 percent to 529,000 barrels of oil equivalent per day in the quarter.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Maju Samuel)

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