earnings
confidence high
sentiment positive
materiality 0.75
Devon Energy beats Q1 production guidance, raises 2024 outlook; net earnings $596M
DEVON ENERGY CORP/DE
2024-Q1 EPS reported
$0.94
revenue$3,596,000,000
- Q1 production 664K Boe/day (4% above guidance); Delaware Basin up 5% YoY.
- Net earnings $596M ($0.94 diluted EPS); core earnings $730M ($1.16).
- Operating cash flow $1.7B, free cash flow $844M; cash balance $1.1B.
- Raised FY 2024 production guidance to 655K-675K Boe/day (up 2%), capex unchanged $3.3-3.6B.
- Declared fixed-plus-variable dividend $0.35/share; repurchased 4.7M shares for $205M in Q1.