Devon Energy released its fourth quarter earnings this week at the same time they announced new layoffs.
In a recent press release, Devon announced today announced core earnings of $319 million for the fourth quarter of 2015. The company also reported oil production averaged 278,000 barrels per day in the fourth quarter, a 16 percent increase compared to the fourth quarter of 2014.
Devon has 72,000 net acres located in DeWitt and Lavaca counties in the Eagle Ford and reports production averaging 111,000 barrels a day for full year 2015.
Devon also announced it would lay off 20 percent of its workforce, or 1,000 employees company wide.
- Delivered oil production growth of 26 percent from year-ago quarter
- Reduced field-level costs by nearly $400 million in 2015
- Maintained significant financial flexibility with nearly $4 billion of liquidity
- Decreased 2016 E&P capital spending outlook by 75 percent
- Reduced operating and G&A expense outlook by $800 million annually
- Adjusted quarterly dividend to improve cash flow by $320 million annually
Just one year ago Devon Energy announced it finished an “outstanding year” as it rebounded from a $20 million net loss in 2013 to end 2014 with net earnings of $1.6 billion. In 2016, Devon’s E&P capital investment is estimated to range from $900 million to $1.1 billion, a decrease of 75 percent from 2015.