earnings
confidence high
sentiment positive
materiality 0.85
Devon Energy Q3 2021: record free cash flow $1.1B, dividend raised 71% to $0.84, $1B buyback authorized
DEVON ENERGY CORP/DE
2021-Q3 EPS reported
$1.95
revenue$7,933,000,000
- Net earnings of $838M ($1.24 diluted EPS); core earnings $733M; operating cash flow $1.6B, up 46% QoQ.
- Free cash flow reached record $1.1B, an 8-fold increase vs Q4 2020; capital reinvestment rate 30%.
- Fixed-plus-variable dividend raised 71% to $0.84/share, payable Dec. 30 to holders of record Dec. 10.
- Board authorized $1B share repurchase program (4% of market cap) through year-end 2022.
- Total production of 608,000 Boe/d exceeded guidance by 5%; 2022 preliminary plan: 570-600 Mboe/d with capex $1.9-2.2B.