Devon Energy's earnings call highlighted impressive operational and financial performance, with record oil production, robust free cash flow, and strategic asset management, such as the Eagle Ford partnership dissolution. However, challenges remain, including refracs prioritization and potential impacts from steel tariffs. Overall, Devon Energy demonstrates strong growth potential and commitment to shareholder returns.

Company Guidance

In the recent conference call, Devon Energy Corporation provided several key metrics highlighting their strong financial and operational performance for the fourth quarter of 2024 and their outlook for 2025. The company reported $3 billion in free cash flow for the year, with $2 billion returned to shareholders. They achieved a record oil production of 398,000 barrels per day in the fourth quarter, contributing to a 154% proved reserve replacement ratio. For 2025, Devon Energy anticipates production of 815,000 BOE per day, including 383,000 barrels of oil per day, while planning to invest $3.9 billion in capital expenditures. They also announced a 9% increase in their fixed dividend to $0.24 per share. The company expects to generate $300 million in additional free cash flow this year, leveraging operational efficiencies and strategic acquisitions like the Williston Basin assets. Devon also plans to maintain a strong balance sheet, targeting a net debt to EBITDA ratio below one times, and aims to return up to 70% of free cash flow to shareholders through dividends and share repurchases.

Record High Oil Production

Fourth quarter oil production reached an all-time high of 398,000 barrels per day, driven by Eagle Ford wells and Grayson Mill assets.

Strong Free Cash Flow and Shareholder Returns

Devon Energy generated $3 billion in free cash flow for 2024, returning $2 billion to shareholders, including a 9% dividend increase to $0.24 per share.

Operational Efficiency Gains

15% improvement in feet drilled and completed per day metrics in 2024, leading to higher well returns and free cash flow.

Eagle Ford Partnership Dissolution

Devon Energy dissolved its Eagle Ford partnership with BPX, expecting to save more than $2 million in D&C costs per well with improved well design and operational technology.

Increased 2025 Production Guidance

2025 production guidance increased to 815,000 BOE per day, with a $200 million reduction in capital expenditures compared to previous guidance.

Natural Gas Market Opportunities

Significant upside from natural gas resource with over 1.3 billion cubic feet per day production, expected to more than double gas revenue year over year.

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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
May 06, 2025	2025 (Q1)	1.15 / -	1.16	―	―	―
Feb 18, 2025	2024 (Q4)	1.00 / 1.16	1.41	-17.73% (-0.25)
Nov 05, 2024	2024 (Q3)	1.09 / 1.10	1.65	-33.33% (-0.55)
Aug 06, 2024	2024 (Q2)	1.27 / 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)

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
Feb 18, 2025	$34.88	$37.57	+7.71%
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%

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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