Devon Energy Misses Profit Estimates As Costs Rise

U.S. oil producer Devon Energy Corp. on July 31 missed Wall Street estimates for quarterly profit as expenses rose, offsetting gains from higher oil production.

Devon’s stock fell 4.6% to $43 in after-hours trading.

The Oklahoma City-based company said total costs rose 39.4% to $2.73 billion in the three months ended June 30, as marketing expenses increased.

Devon produced 541,000 barrels of oil-equivalent per day (boe/d) in second-quarter 2018, compared with 536,000 boe/d a year ago. The results were largely higher than its expected 524,000 to 549,000 boe/d range.