FINWIRES · TerminalLIVE
FINWIRES

Devon Energy Q1 Output Hits High End of Guidance; Firm Expands Gas Deals, Advances Merger Plans

By

Devon Energy (DVN) reported Q1 earnings Tuesday with oil production averaging 387,000 barrels of oil equivalent per day, accounting for 46% of total production and reaching the top end of guidance.

Total production averaged 833,000 boe/d for the quarter ended March 31, in line with guidance.

The upstream energy firm brought 110 operated wells online during the quarter, driven by a concentrated development program in the Delaware Basin.

The company expects Q2 oil production between 389,000 barrels per day and 395,000 b/d, while total production is projected between 851,000 boe/d and 868,000 boe/d.

Devon targets total capital spending of $875 million to $925 million in Q2.

The company is advancing its business optimization plan, targeting $1 billion in pre-tax cash flow improvements, driven by higher production and lower costs, Devon added.

Devon said it is expanding commercial opportunities with two long-term natural gas marketing agreements, including a 10-year deal to supply 50 million cubic feet per day to LNG export markets starting in 2028.

The firm also signed a separate seven-year agreement to deliver 65 MMcf/d for in-basin power generation starting the same year.

Devon is progressing its merger with Coterra Energy (CTRA), which is expected to create a combined company with over 1.6 million boe/d of production.

Related Articles

Commodities

Crescent Energy Posts Q1 Earnings, Boosted by Oil, Gas Volume Gains

Crescent Energy Company (CRGY) reported Q1 earnings Monday, showing average daily net sales volumes of 341,000 barrels of oil equivalent per day, up from 258,000 boe/d a year earlier.Crescent reported that it had outperformed average daily net sales volume estimates of 328,000 boe/d by about 4%.The company reported average daily net oil sales volumes of 140,000 barrels per day for the quarter ended March 31, up from 102,000 b/d a year earlier.Average daily net sales volumes for natural gas rose to 743 million cubic feet per day for the quarter, up from 655 MMcf/d, the company said.The company reported average daily net sales for natural gas liquids at 77,000 b/d, up from 47,000 b/d a year earlier, it added.Crescent Energy said it has achieved about $120 million in cost savings to date from its Permian integration, ahead of its original target.The company drilled 38 operated wells in Q1 and brought 37 wells online, while capital expenditures reached $385 million for the quarter, it said.Crescent Energy completed two Eagle Ford mineral acquisitions totaling about $355 million in Q1 2026, expanding its portfolio with additional exposure to undeveloped resources.

$CRGY
Commodities

Correction: New Jersey Resources Reports Q2, Reaffirms 7-9% Growth Target

(Corrects headline and paragraphs 1-4 to reflect Q2 earnings and updates figures.)New Jersey Resources (NJR) reported Q2 earnings Monday, reaffirming its Q1 multi-year growth plan targeting 7% to 9% earnings expansion, supported by a capital program of $4.8 billion to $5.2 billion through 2030.The company is expanding its utility footprint with 594,227 customers across six New Jersey counties, NJR said.NJR is advancing its solar platform with about 513 megawatts of installed capacity and a development pipeline of roughly 1.2 gigawatts, while it has already placed about 33 MW in service year to date in fiscal 2026, the company added.The company reaffirmed its fiscal 2026 capital spending plans of $775 million to $930 million and fiscal 2027 plans of $870 million to $1 billion.NJR said it is expanding storage and transportation capacity through projects such as Leaf River, which aims to increase working gas capacity by over 70% from about 32 Bcf to more than 55 Bcf, the company said.The company is also growing midstream and infrastructure assets, including Adelphia Gateway and Steckman Ridge, while targeting long-term demand growth supported by energy services, solar expansion, and pipeline investments, it said.

$NJR
Commodities

US Delays Creditor Actions on Venezuelan Bond Tied to Citgo Assets

The US has extended restrictions tied to a key Venezuelan bond, delaying creditors' ability to pursue collateral linked to the country's overseas assets, the Treasury Department said on Monday.The Treasury's Office of Foreign Assets Control said it had issued General License 5W, which authorizes certain transactions related to Venezuela's PdVSA 2020 bond only from June 19, prolonging a freeze on enforcement actions tied to the debt.The agency said transactions involving the sale or transfer of shares pledged as collateral, notably those tied to US-based refiner Citgo Petroleum, remain prohibited until June 19 unless approved by OFAC.The previous license, issued in March and continuing a series of extensions dating back to 2019, was set to expire May 5.Though the new license ultimately allows transactions related to the bond after June 19, it does not override other sanctions restrictions, meaning additional approvals may still be required.OFAC said that if creditors and Venezuela reach agreements to restructure or refinance the PdVSA 2020 bond, parties may need to seek specific licenses, adding that it would adopt a favorable licensing policy toward such arrangements.Elsewhere, the US has in recent months eased some restrictions on Venezuela's energy sector, allowing limited business with PdVSA even as core financial sanctions remain in place.