Devon -- 4Q22

Link here.

Press release here. The word "revenue" did not appear in the press release.

Earning miss. 

• Expected:
• EPS: $1.75
• revenue: $4.35 billion; another source said, $4.65 billion
  
• Actual:
• EPS: $1.83 but subtracting out adjustments, $1.66.
• revenue: $4.3 billion
  

For the year, the company reported profit of $6.02 billion, or $9.12 per share. Revenue was reported as $19.17 billion.

Shares are down almost 5% after hours; after earnings announced.

If I read this correctly, the fixed+variable dividend dropped from $1.35 (most recent quarter, ending December 31, 2022, to 89 cents, for quarter ending March 31, 2023. I could be wrong but if accurate, that's a huge dividend cut.

History of dividends:

Conference call tomorrow, Wednesday, 10:00 a.m.

Declares quarterly dividend and increases fixed dividend by 11 percent in 2023. (A bit of obfuscation here.)