DENVER (Reuters) - Shares of U.S. shale producer Devon Energy slumped more than 7% on Wednesday morning after the company said its capital spending would be higher than Wall Street forecasts, while output in the fourth quarter fell short of expectations.
Devon's fourth-quarter total production forecast of 640,000 barrels of oil equivalent per day (boepd) to 660,000 boepd was 2% under the midpoint of investment firm Cowen's estimates, while total capital spending of $845 million to $915 million was 16% above its prior estimate, analysts for the firm wrote in a note.
(Reporting by Liz Hampton in Denver)
Price
|
Change
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5d. change
|
Capi.
| ||
|---|---|---|---|---|---|
| 88.22 USD | +0.20% | +1.44% | - | ||
| 82.92 USD | +0.38% | +0.74% | - | ||
| 52.1 USD | -0.89% | +0.83% | 33.06B | ||
