Will Hurricane Harvey Slow Down Devon Energy Corp.'s Growth Engine?
Devon Energy's (NYSE: DVN) drilling operations have been firing on all cylinders this year. Consequently, the diversified shale driller exceeded the high end of its production guidance during the first two quarters of the year, which helped fuel expectation-beating financial results. Furthermore, as a result of the company's top-end production, it's now on pace to increase its U.S. oil output 18% to 23% by the end of the fourth quarter, which is better than its initial estimate that it would rise 13% to 17% by year-end.
That said, the company faced an unexpected headwind during the third quarter in the form of Hurricane Harvey, which might impact those results and could disappoint the market when it reports earnings on Tuesday after markets close. This little bump in the road, however, still shouldn't derail Devon Energy's growth potential.
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Source: Fool.com
