— Devon Energy Inc. (NYSE: DVN) reported its third-quarter 2019 core earnings of $0.26 per share versus $0.16 per share expected.
— Total revenue fell by 14% to $1.85 billion versus $1.72 billion expected.
— Total net production from retained assets averaged 325,000 oil-equivalent barrels (Boe) per day.
— Oil production jumped by 19% to 148,000 barrels per day. This exceeded midpoint guidance by 3% or 4,000 barrels per day due to strong wells productivity and timing of completions in the Delaware Basin.
— The realized price, including commodity hedges, was $27.73 per Boe, compared to the prior quarter of $27.84 per Boe. This reflects lower crude, natural gas, and natural gas liquids pricing.
— Looking ahead into the fourth quarter, the company expects oil production from retained assets to average 154,000 to 160,000 barrels per day, a 6% sequential quarter improvement at the midpoint.
— Upstream capital from retained assets are still anticipated to be $1.83 billion to $1.87 billion for the full year and is now expected to be $375 million to $420 million for the fourth quarter.
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