Devon Energy quarterly profit drops on lower oil and gas prices

By Thomson Reuters Feb 27, 2024 | 3:25 PM

(Reuters) -U.S. shale producer Devon Energy reported a fall in fourth-quarter profit on Tuesday, hurt by lower oil and gas prices.

Concerns over global demand capped gains in oil prices throughout the reported quarter, with West Texas Intermediate prices declining nearly 1% on an average, compared to the year-ago quarter.

Devon’s averaged realized price without hedges fell to $44.93 per barrel of oil equivalent during the quarter, compared with $53.66 boe a year ago.

Its production rose to 662,000 barrels of oil equivalent per day (boepd), compared with 636,000 boepd in the year-ago quarter.

The Oklahoma City-based company reported net income of $1.15 billion, or $1.81 per share, for the three months ended Dec. 31, compared with $1.20 billion, or $1.83 per share, a year earlier.

(Reporting by Sourasis Bose in Bengaluru; Editing by Maju Samuel and Shailesh Kuber)