Devon Energy demonstrated strong operational and financial performance with record production and successful acquisitions. However, challenges remain with gas pricing and a strategic decision to suspend the variable dividend. The sentiment reflects a positive outlook with cautious financial management.

Company Guidance

In the third quarter of 2024, Devon Energy reported a record total production of 728,000 barrels of oil equivalent per day, including 335,000 barrels of oil per day, which exceeded guidance expectations. This strong operational performance allowed the company to generate $786 million of free cash flow, with $431 million returned to shareholders. The company has raised its full-year production guidance to about 730,000 BOE per day, representing a 12% increase over the year's budget. Devon Energy's Delaware Basin operations contributed significantly, with a 6% growth in production to 488,000 BOE per day, thanks to 55 new wells. Despite a volatile market, Devon maintained a strong balance sheet and financial flexibility, expecting to achieve record oil volumes in 2025, averaging around 380,000 barrels per day, with capital spending projected between $4 billion and $4.2 billion.

Record Production Levels

Achieved all-time quarterly record of total production at 728,000 barrels of oil equivalent per day, including 335,000 barrels of oil per day. Production surpassed guidance expectations every quarter this year.

Significant Free Cash Flow Generation

Generated $786 million of free cash flow in the third quarter, enabling the return of $431 million to shareholders.

Successful Acquisition and Integration

Closed the Grayson Mill transaction quickly, enhancing position as one of the largest U.S. producers. This acquisition adds 500 undrilled locations and 10 years of inventory at current activity levels.

Operational Excellence and Efficiency

Improved well productivity by 20% in the Delaware Basin, with completion efficiencies enhanced by 12% year-to-date.

Strong Financial Performance

Core earnings totaled $683 million or $1.10 per share. EBITDA was $1.9 billion, with operating cash flow of $1.7 billion, each exceeding consensus estimates.

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Devon Energy (DVN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DVN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 18, 2025	2024 (Q4)	0.99 / -	1.41	―	―	―
Nov 05, 2024	2024 (Q3)	1.09 / 1.10	1.65	-33.33% (-0.55)
Aug 06, 2024	2024 (Q2)	1.26 / 1.41	1.18	19.49% (+0.23)
May 01, 2024	2024 (Q1)	1.12 / 1.16	1.46	-20.55% (-0.30)
Feb 27, 2024	2023 (Q4)	1.38 / 1.41	1.66	-15.06% (-0.25)
Nov 07, 2023	2023 (Q3)	1.57 / 1.65	2.18	-24.31% (-0.53)
Aug 01, 2023	2023 (Q2)	1.18 / 1.18	2.59	-54.44% (-1.41)
May 08, 2023	2023 (Q1)	1.39 / 1.46	1.88	-22.34% (-0.42)
Feb 14, 2023	2022 (Q4)	1.75 / 1.66	1.39	19.42% (+0.27)
Nov 01, 2022	2022 (Q3)	2.12 / 2.18	1.08	101.85% (+1.10)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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DVN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 05, 2024	$39.09	$39.76	+1.71%
Aug 06, 2024	$41.25	$42.42	+2.84%
May 01, 2024	$49.14	$49.09	-0.10%
Feb 27, 2024	$42.82	$42.54	-0.65%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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