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Devon Energy Corp DVN Stock Quote

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Devon Extends Track Record for Solid Execution, but Shares Look Rich

Analyst Note

| Dave Meats, CFA |

Devon's third-quarter operating performance surpassed its own guidance and pushed its financial results above consensus estimates. The firm delivered 614 mboe/d in the period, which was slightly above the high end of management's estimated range, due to better-than-expected output from the firm's flagship Delaware Basin assets. Yet capital spending came in lower than expected, due to incremental efficiency gains and supply chain optimization. The full-year outlooks for both production and capital spending were raised, though this reflects the closing of previously announced acquisitions in the Williston Basin and Eagle Ford Shale play (rather than an uptick in drilling activity). We saw no red flags in the release and expect a favorable market response when trading begins Nov. 2.

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Business Description

Devon Energy, based in Oklahoma City, is one of the largest independent exploration and production companies in North America. The firm's asset base is spread throughout onshore North America and includes exposure to the Delaware, STACK, Eagle Ford, Powder River Basin, and Bakken plays. At year-end 2021, Devon's proved reserves totaled 1.6 billion barrels of oil equivalent, and net production that year was 572 thousand boe/d, of which oil and natural gas liquids made up 74% of production, with natural gas accounting for the remainder.

333 West Sheridan Avenue
Oklahoma, OK, 73102-5015
T +1 405 235-3611
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 1,600

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