Devon Is Increasing Its FY24 Production Forecast By 2% To A Range Of 655,000 To 675,000 BoE Per Day. This Incremental Production In 2024 Is Expected To Be Delivered Without An Increase In Capital Spending. The Company Expects To Deliver This Improved Production Outlook With Capital Spending In A Range Of $3.3B-$3.6B, A 10% Decline Versus 2023.
Portfolio Pulse from Benzinga Newsdesk
Devon Energy (DVN) is raising its FY24 production forecast by 2% to 655,000-675,000 barrels of oil equivalent (BoE) per day, with no increase in capital spending. The company plans to achieve this with capital expenditures of $3.3B-$3.6B, marking a 10% decrease from 2023.
May 01, 2024 | 8:25 pm
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Devon Energy is increasing its FY24 production forecast by 2% without raising capital spending, expecting to spend $3.3B-$3.6B, 10% less than in 2023.
The increase in production forecast by Devon Energy without an increase in capital expenditure is a positive signal for efficiency and profitability. The reduction in capital spending compared to 2023 further indicates a strong operational strategy and financial discipline, likely leading to positive investor sentiment and potentially a higher stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100