Devon Energy Corp

DVN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$23.00	Fpsqsg	Dlkcsjllx

Devon Earnings: Expected Capital Spending Pullback Will Temper Production Volumes Through Year End

Katherine Olexa

Nov 10, 2023

Devon Energy generated flat quarter-over-quarter production growth, delivering 665 thousand barrels of oil equivalent per day in the third quarter, just shy of guidance midpoint. We anticipate subdued production activity through year-end, mainly due to declines in the Williston basin and the removal of the fourth Delaware basin frac crew. As a result, we’re lowering our fair value estimate slightly to $60 from $61. Our narrow moat rating is unchanged.

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