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OKLAHOMA CITY - Devon Energy Corp. (NYSE:DVN) reported second-quarter earnings that slightly missed analyst expectations, while revenue exceeded forecasts. The oil and gas producer also raised its full-year production outlook and reduced its capital spending guidance.
DVN shares were trading flat following the release.
Devon reported adjusted earnings per share of $0.84 for the second quarter, falling short of the $0.88 analyst estimate. Revenue came in at $4.28 billion, surpassing the consensus expectation of $4.04 billion. The company’s shares remained flat following the announcement, as investors balanced the earnings miss against improved operational guidance.
Based on strong year-to-date performance, Devon increased its full-year 2025 oil production forecast to a range of 384,000 to 390,000 barrels per day, while also raising its total production outlook to between 825,000 and 842,000 barrels of oil equivalent (Boe) per day. Simultaneously, the company reduced its full-year capital guidance to $3.6-$3.8 billion, down $100 million from its previous estimate of approximately $3.8 billion.
For the third quarter of 2025, Devon expects oil production to average between 384,000 and 390,000 barrels per day, with capital spending projected at approximately $900 million.
The company also lowered its 2025 current tax expense outlook to 10% of pre-tax earnings, down from previous expectations of 15%, citing changes in federal legislation.
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