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UPDATE 1-Devon Energy profit beats, raises oil output forecast

(Compares with estimates, output from Delaware, capex)

Aug 6 (Reuters) - U.S. oil and gas producer Devon Energy Corp beat quarterly profit estimates on Tuesday, helped by lower expenses and higher output from its Delaware basin assets, and raised its full-year oil production forecast.

Output from the Delaware basin in the oil-rich Permian field surged 58% to 120,000 barrels of oil equivalent per day in the second quarter, while total expenses fell 30% to $1.68 billion in the quarter.

Its realized prices for oil rose 5% to $56.68 per barrel in the quarter, helped by better hedging.

The company, which has been divesting non-core assets to pare its debt and become a pure-play U.S. oil producer, also cut its full-year capital expenditure guidance by $50 million to a range of $1.8 billion to $1.9 billion.

It sold its Canadian assets to Canadian Natural Resources Ltd for C$3.8 billion in May and expects bids by the end of the current quarter for its Barnett shale gas assets in north Texas.

The company said the midpoint of its 2019 production outlook now represents an estimated oil growth rate of 19%, up from its previous guidance of 17%, the company said. (

The company's net income attributable to shareholders was $495 million, or $1.19 per share, in the second quarter ended June. 30, compared with a loss of $425 million, or 83 cents per share, a year earlier.

Excluding items, the company earned 43 cents per share. Analysts on average were expecting 34 cents per share, according to IBES data from Refinitiv.

(Reporting by Nishara Karuvalli Pathikkal; Editing by Shinjini Ganguli and Arun Koyyur)