Devon booked a net loss of $1.57 billion, or $3.04 per share, compared with a loss of $2.82 billion, or $6.94 per share, a year earlier.
Devon said ‘most significant’ savings from the quarter came off of lease operating expenses, which declined 26% to $416 million year-on-year, and were 5% below the “low end” of guidance. The decrease was mostly driven by improved power and water-handling infrastructure, dropping labour expense and lower supply chain costs.
The
