U.S. oil and gasoline producer Devon Power Corp. has posted fourth-quarter 2024 earnings of $639 million, down from $812 million for the earlier quarter and $1.15 billion for the corresponding quarter of 2023.
In a media launch, Devon Power mentioned its oil manufacturing within the fourth quarter reached a document 398,000 barrels per day, exceeding steering by 3 p.c. Complete companywide manufacturing averaged 848,000 oil-equivalent barrels per day (boed) within the fourth quarter. This represents a 16 p.c improve in comparison with the earlier quarter, the corporate mentioned.
Manufacturing for the quarter was positively impacted by the completion of the Grayson Mill acquisition in late September, which added 117,000 boed and 63,000 barrels of oil per day, based on Devon Power.
- Advertisement -
The corporate mentioned its manufacturing outperformance was primarily because of its Eagle Ford asset, which achieved 92,000 boed. That is up 23 p.c in comparison with the earlier quarter, pushed by the activation of 23 gross operated wells.
Within the fourth quarter, Devon’s whole gross sales of oil, gasoline, and pure gasoline liquids amounted to $3.1 billion, reflecting a 16 p.c rise in income in comparison with the previous quarter.
“Throughout the fourth quarter, our diversified, multi-basin portfolio as soon as once more delivered throughout our belongings, with the Rockies and Eagle Ford exceeding estimates because of robust new properly productiveness and stable base efficiency. As well as, the corporate achieved a 154 p.c proved reserve substitute ratio in 2024”, Rick Muncrief, president and CEO, mentioned.
To contact the creator, e mail andreson.n.paul@gmail.com
Generated by readers, the feedback included herein don’t replicate the views and opinions of Rigzone. All feedback are topic to editorial evaluation. Off-topic, inappropriate or insulting feedback might be eliminated.
