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Will Devon Energy’s Production Increase in Q2 2018?

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Devon Energy’s Q2 2018 production guidance

For Q2 2018, Devon Energy (DVN) expects total production in a range of 524–549 Mboepd (thousand barrels of oil equivalent per day). On a year-over-year basis, the mid-point of Devon Energy’s Q2 2018 production guidance range is slightly higher than its Q2 2017 production of 536 Mboepd. But sequentially, Devon Energy’s Q2 2018 production guidance is ~1% lower than the first-quarter 544 Mboepd.

For Q2 2018, Devon Energy expects crude oil and bitumen production in a range of 239–249 Mbbls (thousand barrels) per day, natural gas liquids production in a range of 100–105 Mbbls per day, and natural gas production in a range of 1,106–1,168 MMcf (million cubic feet) per day. So DVN’s production mix is forecast to contain almost ~65% liquids.

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Devon Energy’s 2018 production guidance

For 2018, Devon Energy expects full-year production in a range of 536–560 Mboepd, which is ~1% higher than its production of 543 Mboepd in 2017. The company expects crude oil and bitumen production in a range of 255–265 Mbbls per day, natural gas liquids production in a range of 101–106 Mbbls per day, and natural gas production in a range of 1,076–1,133 MMcf per day. So, in 2018, DVN’s production mix is expected to contain almost ~66% liquids.

ConocoPhillips (COP), Marathon Oil (MRO), Occidental Petroleum (OXY), and Denbury Resources (DNR) are expecting production growth of ~5%, ~12%, ~8% and ~3%, respectively, in 2018.

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