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Wednesday, May 1, 2024

Devon's 1Q24 Earnings -- Almost A Billion Dollars In Free Cash Flow In First Quarter, 2024

Locator: 47018DVN.

Link here

Also, link here


From the link:

The shale producer, which has focused its drilling program on the Delaware basin in the Permian, reported $730 million, or $1.16 per diluted share, in core earnings for Q1.

The earnings per share exceeded the average analyst estimate of $1.11 per share.

Devon Energy’s operating cash flow totaled $1.7 billion in the first quarter, rising by 4% compared to the year-ago period. This level of cash flow funded all the company’s capital requirements and resulted in $844 million of free cash flow for the first quarter of 2024.

Devon is increasing its full-year 2024 production forecast by 2% to a range of 655,000 to 675,000 barrels of oil equivalent per day (boepd). The company expects to deliver this improved production outlook with capital spending in a range of $3.3 billion to $3.6 billion, down by 10% compared to 2023. The improved outlook is underpinned by improved well productivity in the Delaware basin, high-graded activity in the Williston basin, and enhanced efficiencies in the Eagle Ford, Devon said.

Either we're gonna have a great 2030, or some folks are going to go broke by then.

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