OKLAHOMA CITY (dpa-AFX) - Devon Energy Corp. (DVN) announced, due to the retention of Midland assets and other minor operating interests, the company is raising the mid-point of its 2016 production guidance from its retained, go-forward asset base by 18,000 Boe per day, or 3 percent. The largest portion of this production raise is attributable to oil, where 2016 mid-point guidance increased by 4 percent or 10,000 barrels per day.
Devon's reported net production averaged 644,000 oil-equivalent barrels per day during the second quarter of 2016. Of this amount, 545,000 Boe per day was attributable to the company's core assets, where investment will be directed going forward. The company said its production from core assets exceeded the mid-point of guidance by 6,000 Boe per day, driven entirely by U.S. resource plays.
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