Why Devon Energy Stock Dropped Today
Shares of Devon Energy (NYSE: DVN) fell more than 12% on Wednesday after the exploration and production leader increased its capital expenditures forecast.
Devon produced an average of 614,000 barrels of oil equivalent (BOE) per day in the third quarter. That's up from 608,000 BOE in the prior-year period.
The energy company's low production costs, which averaged $12.99 per BOE during the quarter, allow it to earn massive profits when oil and gas prices are high. Devon's field-level cash margins surged 40% year over year to $51.90 per BOE.
Source Fool.com
