Devon Energy Reports Q1 2024 Results, Raises Guidance

Details

Core earnings, adjusted for items typically excluded by analysts, were $730 million ($1.16 per share). The company saw a 4% increase in operating cash flow to $1.7 billion and generated $844 million in free cash flow. Devon increased its Q2 and full-year 2024 production forecast and guidance. Additionally, the company declared a $0.35 per share dividend, payable on June 28, 2024, and repurchased 4.7 million shares in Q1 2024. Supplemental financial information is available on the company's website.

Items reported

Exhibits (2)

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.