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Devon Energy Corp DVN

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Devon Beats Guidance on Volumes and Capital Spending; Outlook Unchanged

Analyst Note

| Dave Meats, CFA |

Devon Energy delivered total volumes of 499 thousand barrels of oil equivalent per day in the first quarter. Oil production was 268 mboe/d, exceeding the midpoint of post-Uri guidance by 5 mbbl/d, even though capital spending was slightly below guidance. These volumes include a nearly full quarterly contribution from WPX Energy, which was acquired Jan. 7 (sequential growth was 50%). Management attributed the outperformance to operations in the Delaware Basin, where pro forma production increased 19% year over year and completed well costs reached a record low of $534 per lateral foot. But despite the beat, the firm’s outlook for 2021 production and guidance was unchanged.

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Company Profile

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 2019, Devon's proven reserves totaled 589 million barrels of oil equivalent, with net production of 323 mboe/d. Oil and natural gas liquids made up 69% of production and 62% of proven reserves.

Contact
333 West Sheridan Avenue
Oklahoma, OK, 73102-5015
T +1 405 235-3611
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 1,400

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