Devon Energy Corp. (DVN) reported second-quarter 2024 earnings per share (EPS) of $1.41, outpacing the Zacks Consensus Estimate of $1.29 by 9.3%. Strong production volumes and efficient cost management allowed the company to enjoy the benefit of rising oil prices in the quarter. GAAP earnings per share in the reported quarter were $1.34 compared with $1.07 in the year-ago quarter. The difference between GAAP and operating earnings in the second quarter was due to a 4-cent impact of fair value changes in fin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------|------------------------------------------| | | | | Commission File Num ...

Q2 2024 Performance Highlights - Oil production reached a new all-time high, exceeding guidance by 3% at 335,000 barrels per day[1] - The company is raising its full-year 2024 production outlook for the second consecutive quarter[1] - Devon's disciplined business model targets oil growth of up to 5% annually[2] - The company generated its 16th straight quarter of free cash flow[9] Capital Allocation and Shareholder Returns - The buyback program was expanded to $5 billion, representing a 67% increase to share repurchase authorization[1] - Since 2020, the company has allocated $14 billion[5] - Share repurchases in Q2 2024 totaled $256 million, and fixed dividend paid was $138 million[29] - Total payout to shareholders in Q2 2024 was $532 million, representing 70% of free cash flow returned[9, 29] Strategic Acquisition and Portfolio - A strategic acquisition will transform the Williston Basin by nearly tripling production and expanding inventory[1] - The Williston acquisition is expected to add ~100,000 BOED in 2025, with a 55% oil mix[21] - The company is high-grading capital, targeting a 10% reduction in total capital spending to $3.3-$3.6 billion[19] Delaware Basin Performance - Delaware Basin production reached 461 MBOED in Q2 2024[7, 11] - The company is experiencing a 10% improvement in well performance in the Delaware Basin compared to the 2023 program[12] - Drilled feet per day improved by 12% and completed feet per day improved by 6% in 2024 YTD compared to 2023[14]

Devon Energy (DVN) came out with quarterly earnings of $1.41 per share, beating the Zacks Consensus Estimate of $1.29 per share. This compares to earnings of $1.18 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 9.30%. A quarter ago, it was expected that this oil and gas exploration company would post earnings of $1.10 per share when it actually produced earnings of $1.16, delivering a surprise of 5.45%. Over the last four qu ...

Exhibit 99.2 Supplemental Tables TABLE OF CONTENTS: PAGE: Consolidated Statements of Earnings 2 Supplemental Information for Consolidated Statements of Earnings 3 Consolidated Balance Sheets 4 Consolidated Statements of Cash Flows 5 Production 6 Capital Expenditures and Supplemental Information for Capital Expenditures 7 Realized Pricing 8 Asset Margins 9 Core Earnings and EBITDAX 10 Net Debt, Net Debt-to-EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Reinvestment Rate 11 1 Devon Energy Second-Quarter ...

OKLAHOMA CITY, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the second-quarter 2024. The company also declared its quarterly dividend and provided an updated 2024 outlook. Devon's earnings release, supplemental financial tables, guidance and related earnings presentation can be accessed via the Investor Relations section of Devon's website, www.devonenergy.com. The company's second-quarter conference call will be held at 10:00 a.m. Cen ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried- ...

PM Images While shares of Devon Energy (NYSE:DVN) are up 105.48% over the past 5-years, its share price is significantly lower than its 2022 highs. Since October of 2022, shares of DVN have lost -40.40% of their value after falling from $71.79 to $42.49. Over the past year, shares have tried to rebound as they made it back into the mid $50s, but since April, shares of DVN have been stuck in a downward spiral as they retraced by more than 22%. I think there is an opportunity here as DVN is trading at less th ...

The United States' switch from fossil fuels to green energy has been a hot-button issue for years. However, how fast those changes are implemented will depend on the government's policies. In the U.S., the future of energy policy has proven to be quite divisive. As such, the upcoming election could see a major shift in the U.S. energy policy. Trump has promised to roll back most green policies enacted under Biden. Meanwhile, the Democrats vow to push through major shifts in U.S. national policy. All of thes ...

Devon Energy Corporation (DVN) is expected to report an improvement in its top and bottom lines when it reports second-quarter 2024 results on Aug 6, after the market close. The Zacks Consensus Estimate for DVN's second-quarter revenues is pegged at $3.86 billion, indicating an 11.9% increase from the year-ago reported figure. The consensus estimate for earnings is pegged at $1.29 per share. The Zacks Consensus Estimate for DVN's second-quarter earnings has remained unchanged in the past 60 days. The estima ...