(Reuters) -Devon Energy missed first-quarter profit estimates on Tuesday, hit by lower oil prices.
Average Brent crude futures fell on average in the first quarter from a year earlier on fears that U.S. tariffs and the ensuing trade war would slow global economic growth and slash energy demand, even as OPEC+ ramps up supply.
Devon said realized price, including cash settlements for oil during the quarter was down 8% year-over-year at $69.15 per barrel.
The U.S. oil and gas producer reported an adjusted profit of $1.21 per share for the quarter ended March 31, compared with analysts’ average estimate of $1.25, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Leroy Leo)
