Devon Q3 free cash flow doubles to $843M; dividend rises 57% to $0.77/share

DEVON ENERGY CORP/DE

2023-Q3 EPS reported $4.03 revenue$11,113,000,000

Net earnings $910M ($1.42 diluted GAAP EPS); core earnings $1.1B ($1.65 diluted), up 40% QoQ.
Free cash flow $843M (more than doubled QoQ) on $1.7B operating cash flow; reinvestment rate 52%.
Dividend declared $0.77/share, up 57% from Q2, payable Dec 29 to holders of record Dec 15.
Retired $242M debt; cash $761M; net debt/EBITDAX 0.7x. 40M shares repurchased under $3B buyback program.
Q4 production guidance 640-660 MBoe/d (oil ~315K bbl/d); 2024 capex $3.3-3.6B, down ~10% vs 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

DEVON ENERGY CORP/DE reported third quarter of 2023 results: net income $910 million, EPS $1.42 per diluted share. Guidance raised.

Period: third quarter of 2023
Net income: $910 million
EPS: $1.42 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

Devon reported net earnings of $910 million, or $1.42 per diluted share, in the third quarter of 2023.

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Source: SEC EDGAR

accession 0001193125-23-272434

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