Devon Energy Corp. (NYSE: DVN) reported second quarter 2015 results after markets closed on Tuesday. For the quarter, the independent oil & gas company posted adjusted diluted earnings per share (EPS) of $0.78 on revenues of $3.39 billion. In the same period a year ago, the company reported EPS of $1.40 on revenues of $4.51 billion. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.42 and $3.73 billion in revenues.

On a GAAP basis Devon posted a net loss of $2.8 billion–$6.94 per share–due to a non-cash, full-cost ceiling charge which is essentially an adjustment for the value of reserves.

Total oil production averaged 270,000 barrels per day, a 32% increase compared to the second quarter of 2014. The result surpassed the midpoint of guidance by 5,000 barrels per day. U.S. oil production averaged a record high of 172,000 barrels a day which Devon attributed to production from the Eagle Ford and Delaware (Permian) Basin plays. Adding in production from the company’s Canadian oil sands and heavy crude assets, total production averaged 674,000 barrels of oil equivalent per day in the second quarter, up 9% year over year. Liquids accounted for 60% of production.

Devon guided third quarter production to a range of 638,000 to 676,000 barrels of oil equivalent  and a full-year range of 649,000 to 684,000 barrels a day. Price realizations are guided at 84% to 94% of the WTI price for oil and 78% to 88% of the Henry Hub price for natural gas for the third quarter. Full-year price guidance is up slightly to a range of 85% to 95% of the WTI price for oil, with natural gas pricing unchanged.

Capital spending for the full year is forecast in a range of $4.41 to $4.81 billion, which is about 10% above the range of $4.1 to $4.4 billion that Devon projected in February.

The consensus analysts’ earnings per share and revenue estimates call for EPS of $0.53 on revenues of $3.91 billion in the third quarter and EPS of $1.80 and revenues of $15.35 billion for the full fiscal year.

Shares traded up about 2.6% in Tuesday’s after-hours session, at $49.99 in a 52-week range of $48.11 to $76.69. Thomson Reuters had a consensus analyst price target of around $73.75 before today’s report.

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