Devon Energy Corporation reported net earnings of $899 million for the second quarter of 2025, translating to $1.41 per diluted share. The company generated $1.5 billion in operating cash flow and $589 million in free cash flow while maintaining a cash balance of $1.8 billion. Devon's production averaged 841,000 barrels of oil equivalent per day, exceeding guidance, and the company declared a quarterly cash dividend of $0.24 per share, payable on September 30, 2025. Additionally, Devon completed the sale of the Matterhorn Pipeline for $372 million and acquired the remaining interest in Cotton Draw Midstream for $260 million, enhancing its operational efficiency and long-term value prospects.
For 2025, Devon has raised its oil production forecast to between 384,000 to 390,000 barrels per day and adjusted its total production outlook to 825,000 to 842,000 barrels of oil equivalent per day. Capital expenditure guidance has been revised down to between $3.6 billion and $3.8 billion, reflecting ongoing optimization efforts. The company also lowered its tax expense outlook to 10% of pre-tax earnings, down from 15%, due to changes in federal legislation. These adjustments indicate a strengthening financial position and a focus on maximizing shareholder returns.
linkAug 05, 2025 16:14:45
Devon Energy Corporation announced its first-quarter results, reporting net earnings of $494 million or $0.77 per share, and core earnings of $779 million or $1.21 per share. The company achieved production of 388,000 barrels of oil per day, surpassing guidance, and generated $1.9 billion in operating cash flow, resulting in $1.0 billion of free cash flow. Devon returned $464 million to shareholders through a fixed dividend and share repurchases, while strengthening its balance sheet with cash balances increasing to $1.2 billion.
The company declared a fixed quarterly cash dividend of $0.24 per share, payable on June 30, 2025. Additionally, Devon agreed to sell its equity interest in the Matterhorn Pipeline for approximately $375 million, with proceeds aimed at further strengthening its financial position. Devon has also revised its full-year production outlook and capital guidance, reflecting the early success of its business optimization plan, which targets $1 billion in annual pre-tax free cash flow improvements by the end of 2026.
linkMay 06, 2025 16:16:18
Devon Energy Corporation reported net earnings of $639 million for the fourth quarter of 2024, translating to $0.98 per share, alongside core earnings of $756 million or $1.16 per share. The company achieved record production levels of 398,000 barrels of oil per day, exceeding guidance by 3 percent. Operating cash flow reached $1.7 billion, resulting in $738 million of free cash flow. Devon returned $444 million to shareholders through dividends and share repurchases, and increased its cash balance to $846 million, strengthening its financial position.
On the downside, the company’s realized price for oil and gas decreased slightly to $40.32 per barrel, down $0.39 from the previous quarter, primarily due to lower crude benchmark prices. Additionally, financing costs increased by $35 million to $123 million, attributed to debt issued for the Grayson Mill acquisition. Despite these challenges, Devon maintained a solid balance sheet with outstanding debt of $8.9 billion and a net debt-to-EBITDAX ratio of 1.0 times.
linkFeb 18, 2025 16:15:04
Devon Energy Corporation reported net earnings of $812 million, or $1.30 per share, for the third quarter of 2024, along with core earnings of $683 million. The company achieved a production rate of 335,000 barrels of oil per day, exceeding guidance by 4 percent, and generated $1.7 billion in operating cash flow. Devon also repurchased $295 million in common stock and declared a fixed quarterly dividend of $0.22 per share, indicating a commitment to returning value to shareholders while maintaining a strong financial position with $676 million in cash on hand.
On the downside, Devon's realized price per barrel decreased to $40.71 from $44.29 in the previous quarter, primarily due to lower crude and natural gas liquids benchmark pricing. The company also took on additional leverage by issuing $2.25 billion in senior notes and entering a $1 billion term loan to fund its recent acquisition of Grayson Mill Energy. Despite a decline in commodity prices and the decision not to declare a variable dividend this quarter, Devon aims to focus on strengthening its balance sheet and continuing share buybacks.
linkNov 05, 2024 16:15:01
The company has confirmed that it is in compliance with the Securities Exchange Act of 1934. This report, signed by the Executive Vice President and Chief Financial Officer, indicates the company's commitment to transparency and regulatory adherence.
The press release does not highlight any financial performance details or significant changes in operations, focusing instead on the procedural compliance aspect. This may suggest stability in the company's governance practices, although it lacks specific information on financial health or future initiatives.
linkAug 28, 2024 16:09:00
The company has filed its financial statements but has omitted certain annexes and exhibits as allowed by regulations. They are committed to providing these documents to the U.S. Securities and Exchange Commission if requested, ensuring transparency in their reporting process.
This action reflects the company's adherence to regulatory requirements, which can be seen as a positive step in maintaining compliance. However, the omission of specific details may raise questions among investors about the completeness of the information available.
linkAug 12, 2024 16:15:53
Devon Energy announced positive financial results for Q2 2024, showcasing strong operational performance. The company also declared a quarterly dividend, signaling confidence in its financial health. However, specific challenges or negative aspects were not detailed in the release.
linkAug 06, 2024 16:42:54
The Form 8-K report includes cautionary statements about risks related to an acquisition transaction, such as potential delays or failures, uncertainties in the purchase price, and performance concerns post-acquisition. Investors are warned that actual results may differ from forward-looking projections. The company disclaims any obligation to update these statements. Financial statements and exhibits are available upon request.
linkJul 08, 2024 16:15:59
Devon Energy Corp. (NYSE: DVN) announced strong financial and operational results for the first quarter of 2024. Additionally, the company declared a quarterly dividend.
linkMay 01, 2024 16:19:01
Devon Energy Corporation announced positive financial and operational results for Q4 and full-year 2023. They also declared a quarterly dividend and raised the fixed dividend by 10% for 2024.
linkFeb 27, 2024 16:14:14