Devon Energy Announces Strong 2024 Results and Raises Dividend

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The company delivered net earnings of $639 million, or $0.98 per share, and core earnings of $756 million, or $1.16 per share, beating analysts' expectations. Devon achieved record oil production, generated $1.7 billion in operating cash flow, and returned $2.0 billion to shareholders through dividends and share repurchases. The Board approved a 9% increase to the quarterly fixed dividend to $0.24 per share for the first quarter of 2025. Devon also dissolved its partnership in the Eagle Ford with BPX and extended its joint venture with Dow for additional wells in the Anadarko Basin.

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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.