Devon Energy Corp

Latest Results (17.12.2024):

Net Earnings and Core Earnings

Devon Energy Corp reported net earnings of $812 million, or $1.30 per diluted share, for the third quarter of 2024. The company's core earnings, which adjust for items typically excluded by analysts, were $683 million, or $1.10 per diluted share. This performance highlights the company's strong financial results for the quarter.

Operating Cash Flow and Free Cash Flow

In the third quarter of 2024, Devon Energy Corp generated $1.7 billion in operating cash flow, marking an 8 percent increase compared to the previous quarter. The company also reported $786 million in free cash flow, demonstrating its ability to fund capital requirements and maintain financial flexibility.

Dividend and Share Buybacks

Devon Energy Corp declared a fixed quarterly cash dividend of $0.22 per share, payable on December 30, 2024. Additionally, the company repurchased $295 million of common stock during the third quarter, continuing its commitment to returning capital to shareholders through dividends and share buybacks.

Production and Capital Activity

During the third quarter of 2024, Devon Energy Corp achieved oil production of 335,000 barrels per day, exceeding its guidance by 4 percent. The company's total production averaged 728,000 oil-equivalent barrels per day, a 3 percent increase from the previous quarter. This growth was primarily driven by the Delaware Basin asset, which accounted for 67 percent of companywide volumes.

Strategic Acquisition and Outlook

Devon Energy Corp completed the acquisition of Grayson Mill Energy on September 27, 2024, enhancing its scale and transforming its Williston Basin business. Looking ahead, the company has revised its fourth-quarter production forecast higher, expecting a range of 811,000 to 830,000 oil-equivalent barrels per day, driven by the acquisition and strong year-to-date performance.