Devon Energy Announces 2023 Results and Raises Dividend

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The company's operational performance exceeded guidance, with fourth-quarter production averaging 662,000 oil-equivalent barrels per day. Devon also declared a fixed-plus-variable dividend of $0.44 per share, payable on March 28, 2024, and raised the fixed dividend by 10%. The company's financial position strengthened with cash balances increasing by $114 million to a total of $875 million. Devon's full-year 2023 production was 8% higher year over year, driven by record-setting oil volumes.

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About Devon Energy Corporation

Devon Energy Corporation is a prominent player in the energy sector, specializing in the exploration, development, and production of oil and natural gas. With its corporate headquarters located in Oklahoma City, Oklahoma, Devon Energy operates principally across the United States. Its portfolio encompasses some of the most resource-rich areas, such as the Delaware Basin within the greater Permian Basin, Eagle Ford, Anadarko Basin, Powder River Basin, and the Williston Basin. The company's primary function is to harness and maximize value from its substantial onshore oil and gas reserves, making substantial contributions to the energy supply chain. Devon Energy is noted for its strategic focus on efficient and sustainable practices in hydrocarbon extraction and production. It plays a critical role in the U.S. energy landscape, providing resources essential for various sectors including transportation, manufacturing, and residential energy needs. Through innovative drilling and operating techniques, Devon Energy pursues operational excellence while remaining committed to reducing its environmental footprint and enhancing the safety of its operations.