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Oil And Gas Prices

All articles tagged with #oil and gas prices

energy-industry1 year ago

"Devon Energy's Q4 Profit Declines Due to Winter Storm, Beats Estimates"

Devon Energy reported a decrease in fourth-quarter profit due to lower oil and gas prices and projected a 2% production impact in the first quarter as a result of severe winter weather. The company's average realized price without hedges fell, and it reaffirmed its 2024 production forecast while expecting first-quarter production to be down 2%. Despite the challenges, Devon Energy raised its fixed quarterly dividend by 10%.

via Yahoo Finance|
#devon-energy#energy-industry#fourth-quarter-profit
business2 years ago

Suncor Energy's Q2 Profit Drops Amid Lower Oil Prices

Suncor Energy, Canada's second-largest oil producer, reported a 50% decrease in quarterly profit due to lower oil and gas prices. The company also took a C$275 million restructuring charge related to job cuts. However, Suncor's total upstream production increased by 3% in the quarter, aided by lower maintenance activities. The company's refinery utilization averaged 85% and its crude throughput climbed 1.3%. Suncor's adjusted operating earnings exceeded analysts' expectations. Peer companies, Imperial Oil and Cenovus Energy, also reported a decline in their quarterly profits.

via Reuters|
#business#oil-and-gas-prices#production-increase
energy2 years ago

Devon Energy Cuts Budget and Dividend as Profits Decline

Shale producers Pioneer Natural Resources and Devon Energy have tightened their budgets and warned of lower drilling and completions activity due to a drop in oil and gas prices, which significantly impacted their second-quarter profits. Pioneer has cut its 2023 budget by $125 million and plans to operate fewer drilling rigs and place fewer wells on production. Devon has reduced its capital spending for the third quarter and maintained its full-year production forecast. Despite the profit decline, Pioneer's second-quarter earnings beat analysts' estimates.

via Reuters|
#budget-cuts#energy#oil-and-gas-prices