Devon Q1 net earnings $1.0B ($1.48/sh); record free cash flow $1.3B; dividend raised 27% to $1.27/sh

DEVON ENERGY CORP/DE

2022-Q1 EPS reported $1.48 revenue$3,812,000,000

Net earnings $1.0B, $1.48 diluted EPS; core earnings $1.88/sh. Operating cash flow $1.8B, up 14% QoQ.
Record free cash flow $1.3B. Dividend increased 27% to $1.27/sh payable Jun 30, 2022.
Share-repurchase authorization expanded 25% to $2.0B; repurchased 19.1M shares for $891M to date.
Production held at 575 MBoe/d; Delaware Basin 70% of output. 2022 guidance unchanged: 570-600 MBoe/d, capex $1.9-2.2B.
Cash balance rose $354M to $2.6B. Plan to retire ~$1.0B low-premium debt in 2022-2023.

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