Devon Energy (DVN) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Over the past month, shares of this oil and gas exploration company have returned -7.2%, compared to the Zacks S&P 500 composite's +3.1% change. During this period, the Zacks Oil and Gas - Exploration and Production - United States industry, which Devon Energy falls in, has lost 6.2%. The key question now is: Wha ...

Key PointsWith Devon Energy still very close to its 52-week low, the dividend yield is unusually high at 7.4% on a forward 1-year basis.An above sector 5.0% forward dividend yield and 25-year dividend hike streak make Eversource Energy an electric value play.Unilever offers a 3.8% yield that is two-times the consumer staples sector average.5 stocks we like better than Devon EnergyHow fitting that Thursday night’s full moon was also referred to as the ‘wolf moon.’ U.S. stock indices howled to fresh all-time ...

Devon Energy Corporation (NYSE:DVN) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET Company Participants Scott Coody – Vice President-Investor Relations Rick Muncrief – President and Chief Executive Officer Clay Gaspar – Chief Operating Officer Jeff Ritenour – Chief Financial Officer Conference Call Participants Doug Leggate – Bank of America Merrill Lynch Nitin Kumar – Mizuho Neil Mehta – Goldman Sachs Scott Gruber – Citigroup Neal Dingmann – Truist Charles Meade – Johnson Rice Matthew Portil ...

Optimizing results with steady activity levels through the cycle Optimize allocation between DIVIDENDS & SHARE REPURCHASES PURSUE ESG EXCELLENCE Q3 2023 Earnings Presentation NYSE: DVN devonenergy.com | Q3 2023 Earnings Presentation 2 MODERATED OIL GROWTH targets: up to 5% annually Focused on growing per-share value CONSISTENT REINVESTMENT RATES ATTRACTIVE CASH RETURNS MAINTAIN LOW LEVERAGE ESG initiatives incorporated into COMPENSATION structure | Q3 2023 Earnings Presentation 3 $12 BILLION (2-TIMES MERGER ...

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 September 30, 2023 or Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-32318 DEVON ENERGY CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

EAGLE FORD PREMIER MULTI-BASIN PORTFOLIO $ Balanced exposure to oil & natural gas production Access to premium markets improves realized pricing Low-cost structure drives differentiated margins Track record of improving efficiencies & lowering cost of supply Possess ~12 years of low-risk development inventory Upside from ongoing appraisal (>1.2 million acres in U.S. resource plays) POWDER RIVER BASIN OUR SUSTAINABLE PLATFORM MULTI-DECADE RESOURCE OPPORTUNITY (SEE PAGE 17 FOR DETAILS) DELAWARE BASIN 420 MBOE ...

Financial Data and Key Metrics Changes - Devon Energy reported a record high oil production of 323,000 barrels per day, an 8% increase year-over-year, exceeding midpoint guidance expectations [24][35] - The company generated $1.4 billion in operating cash flow during the quarter and has delivered free cash flow for 12 consecutive quarters [35][61] - A total of $462 million was returned to shareholders through dividends, marking the 12th consecutive quarter of dividend payments [26][61] Business Line Data and Key Metrics Changes - In the Delaware Basin, 76 new wells were brought online, contributing to a production of 420,000 BOE per day, with a 9% increase in productivity compared to the previous quarter [29][31] - The Eagle Ford saw a 9% increase in productivity, with 29 gross wells placed online during the quarter, driven by strong well performance [31] - The Powder River Basin is focusing on appraising the Niobrara, with plans to test 4-well spacing later this year [33] Market Data and Key Metrics Changes - The company experienced service cost deflation due to reduced activity from natural gas-focused companies, leading to improved availability of services and cost reductions in various categories [6][15] - Oil pricing remained strong, with realizations near WTI benchmark levels, while natural gas and NGL realizations were weaker but expected to improve in the second half of the year [15][35] Company Strategy and Development Direction - Devon Energy is committed to a disciplined approach focusing on per share value creation over production volume growth, with a flexible cash return framework [4][62] - The company plans to invest at levels that sustain productive capacity while benefiting from lower service costs to enhance free cash flow generation [27][62] - There is an ongoing focus on capital efficiency, with improvements in drilling and completion efficiencies expected to contribute positively to financial results [10][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year production guidance despite some lumpiness in quarterly results due to accelerated activity [40][46] - The company anticipates continued deflationary trends in service costs, which should provide meaningful savings in the future [26][27] - Management highlighted the importance of maintaining a balanced approach between dividends and stock buybacks to optimize shareholder returns [85] Other Important Information - Devon Energy repurchased $200 million of stock during the quarter, bringing the year-to-date total to approximately $750 million, with plans to repurchase about 9% of outstanding shares by the end of next year [16][26] - The company exited the quarter with $3.5 billion in liquidity and a low net debt-to-EBITDA ratio of 0.7x, well below the mid-cycle leverage target [61] Q&A Session Summary Question: Production profile for the back half of the year - Management reiterated confidence in the full-year guidance, noting that accelerated activity has pulled some production forward, leading to a consistent annual profile [40] Question: Water handling contracts in the Delaware - Management discussed the benefits of a new water handling joint venture, which will provide operational flexibility and offset additional operating costs [41] Question: Activity levels for 2024 - Management emphasized the importance of consistency in production and indicated that the fourth frac crew would be paused for about six months, with plans to resume in January [44][46] Question: M&A market and consolidation - Management acknowledged ongoing consolidation in the industry and expressed a disciplined approach to potential acquisitions, focusing on enhancing the company's durability [46] Question: Returns on refrac wells in the Eagle Ford - Management reported encouraging results from refrac wells, indicating that top-performing refracs could compete with new wells [49] Question: Gas production in the Anadarko and Williston - Management noted that gas production increases were driven by improved completion techniques and weather conditions, with ongoing efforts to enhance gas sales [50][58]

Production and Financial Performance - Second quarter oil production totaled 323 MBbls/d, exceeding the plan by 1%[153] - Total production volumes increased by 9% to 322 MBbls/d for oil and 12% to 1,042 MMcf/d for gas compared to the same period in 2022[172] - The Delaware Basin accounted for 65% of total oil production in Q2 2023, with a slight decrease of 1% from Q1 2023[156] - Net earnings for the six months ended June 30, 2023, were $1.7 billion, down from $2.9 billion for the same period in 2022, reflecting a significant decrease[171] - Devon's net earnings for Q2 2023 were reported at $698 million, compared to $1,938 million in Q2 2022, marking a decline of approximately 64%[230] - Devon's earnings attributable to the company for the first half of 2023 were $1.70 billion, down from $2.93 billion in the same period of 2022, indicating a decrease of about 42%[224] Cash Flow and Expenses - Generated $1.4 billion of operating cash flow in Q2 2023 and $7.1 billion for the past twelve trailing months[153] - Total operating cash flow for the first six months of 2023 was $3.08 billion, a decrease of 31% compared to $4.52 billion in 2022[190] - Production expenses increased by 4% to $719 million in Q2 2023, primarily due to higher LOE and gathering, processing, and transportation costs[162] - Production expenses totaled $1.412 billion for the six months ended June 30, 2023, a 5% increase from $1.347 billion in 2022, primarily due to a 42% rise in lease operating expenses[177] - General and administrative expenses increased by 11% to $198 million, driven by a rise in non-labor costs[182] Earnings and Margins - Second quarter earnings attributable to the company were $690 million, or $1.07 per diluted share[153] - The realized price for unhedged oil decreased by 28% to $73.02 per Bbl, while the realized price for unhedged gas fell by 65% to $1.77 per Mcf, contributing to a $2.8 billion decrease in earnings[174] - Field-level cash margin decreased to $29.45 per BOE in Q2 2023 from $34.42 per BOE in Q1 2023[164] - Devon's Field-Level Cash Margin for the first half of 2023 was $3.76 billion, down from $5.93 billion in the same period of 2022, reflecting a decrease of about 37%[230] - The company's EBITDAX for Q2 2023 was $1.73 billion, a decrease from $2.83 billion in Q2 2022, representing a year-over-year decline of approximately 39%[230] Share Repurchase and Dividends - The company completed approximately 68% of its authorized $3.0 billion share repurchase program, repurchasing approximately 39.6 million shares for about $2.1 billion[153] - The company repurchased approximately 13.9 million shares for $745 million in the first half of 2023, compared to 9.0 million shares for $548 million in 2022[196] - A fixed dividend of $0.20 per share was established in the first quarter of 2023, with total dividends for the first six months amounting to $1.06 billion, down from $1.50 billion in 2022[198] - The company plans to pay a total cash dividend of approximately $314 million in the third quarter of 2023, consisting of a fixed dividend of $0.20 and a variable dividend of $0.29 per share[214] Tax and Regulatory Considerations - The effective income tax rate rose to 22% in Q2 2023 from 18% in Q1 2023, influenced by the new CAMT tax planning[170] - The effective income tax rate for the first half of 2023 was 20%, down from 22% in the same period of 2022[188] - The company continues to assess the potential impact of the 15% Corporate Alternative Minimum Tax (CAMT) enacted in 2022, which may affect its cash tax liabilities depending on future operating results[219] - The company anticipates continued analysis of tax planning strategies in light of the new CAMT regulations[170] Debt and Financial Position - As of June 30, 2023, Devon had total debt of $6.4 billion, with an average fixed interest rate of 5.8%[233] - The company has approximately $3.0 billion of available borrowing capacity under its Senior Credit Facility as of June 30, 2023[208] - Devon has commodity derivatives that cover a portion of its estimated production for the last six months of 2023 and for 2024 and 2025, with a potential $125 million impact from a 10% change in forward curves[232] - The company’s credit rating from Standard and Poor's is BBB with a stable outlook, indicating a solid financial position[209] Gains and Asset Dispositions - The company recorded a $64 million gain within asset dispositions related to the difference between fair market value and book value of assets contributed to the Water JV[169] - The company recorded a $64 million gain from asset dispositions related to the Water JV in Q2 2023[185] Future Expectations - Capital expenditures for the first six months of 2023 amounted to $2.09 billion, representing approximately 68% of operating cash flow, an increase from $1.11 billion in 2022[193] - Capital expenditures for the remainder of 2023 are expected to range from $1.6 billion to $1.8 billion[216] - The company believes it has not undergone an "ownership change" in the first half of 2023, but the recent merger increased the likelihood of such a change occurring in the next year[218] - The company received distributions from investments of $17 million in the first half of 2023, compared to $23 million in 2022[195]

Devon Energy Corporation (NYSE:DVN) Q1 2023 Earnings Conference Call May 9, 2023 11:00 AM ET Company Participants Scott Coody - Vice President, Investor Relations Rick Muncrief - President & Chief Executive Officer Clay Gaspar - Chief Operating Officer Jeff Ritenour - Chief Financial Officer Conference Call Participants Neil Mehta - Goldman Sachs Arun Jayaram - JPMorgan Neal Dingmann - Truist John Freeman - Raymond James David Deckelbaum - Cowen Matthew Portillo - TPH Scott Hanold - RBC Doug Leggate - Bank ...

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 March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-32318 (Exact name of registrant as specified in its charter) Delaware 73-1567067 (State or other jurisdiction of incorporation or organization) ...