Oklahoma City-based Devon Energy last week raised its forecast for 2025 oil production while reducing capital spending by $100 million “because of efficiency gains that are part of a broader cost-cutting program.” Oil production forecast was increased by 1 percent after a better-than-expected first quarter. In the first three months, Devon produced 388,000 barrels per day of oil and 815,000 boed from its assets in Delaware Basin, Eagle Ford, Rockies and Anadarko. Oil production was down from 398,000 b/d in 2024Q4.
Clay Gaspar, president and CEO, said May 6 that 2025 oil production is expected to be 382,000 to 388,000 barrels per day – an increase of 2,000 from previous guidance. Midpoint of total production guidance is now 819,000 boed compared to 815,000 boed three months ago.