0001193125-24-127511.txt : 20240501 0001193125-24-127511.hdr.sgml : 20240501 20240501161901 ACCESSION NUMBER: 0001193125-24-127511 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240501 DATE AS OF CHANGE: 20240501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVON ENERGY CORP/DE CENTRAL INDEX KEY: 0001090012 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 731567067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32318 FILM NUMBER: 24903306 BUSINESS ADDRESS: STREET 1: 333 W. SHERIDAN AVENUE CITY: OKLAHOMA CITY STATE: OK ZIP: 73102 BUSINESS PHONE: 4055528183 MAIL ADDRESS: STREET 1: 333 W. SHERIDAN AVENUE CITY: OKLAHOMA CITY STATE: OK ZIP: 73102 FORMER COMPANY: FORMER CONFORMED NAME: DEVON DELAWARE CORP DATE OF NAME CHANGE: 19990707 8-K 1 d804489d8k.htm 8-K 8-K
DEVON ENERGY CORP/DE DE OK false 0001090012 0001090012 2024-05-01 2024-05-01

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2024

 

 

Devon Energy Corporation

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   001-32318   73-1567067

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

333 W. SHERIDAN AVE.,

OKLAHOMA CITY, OKLAHOMA

    73102-5015
(Address of principal executive offices)     (Zip Code)

Registrant’s telephone number, including area code: (405) 235-3611

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange
on which registered

Common Stock, par value $0.10 per share   DVN   The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition.

On May 1, 2024, Devon Energy Corporation (the “Company”) announced its financial and operational results for the quarterly period ended March 31, 2024. In connection with this announcement, the Company provided an earnings release and certain supplemental financial information (including guidance and hedging information). Copies of these documents are furnished as Exhibits 99.1 and 99.2, respectively, to this report and, along with certain other materials, will be available on the Company’s website at www.devonenergy.com.

The information contained in this report and the exhibits hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

 

  (d)

Exhibits

 

Exhibit
No.

   

Description of Exhibits

99.1    Earnings release, dated May 1, 2024.
99.2    Supplemental financial information (including guidance and hedging information).
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

DEVON ENERGY CORPORATION
By:  

/s/ Jeffrey L. Ritenour

  Jeffrey L. Ritenour
  Executive Vice President and Chief Financial Officer

Date: May 1, 2024

EX-99.1 2 d804489dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO    Devon Energy Corporation
   333 West Sheridan Avenue
   Oklahoma City, OK 73102-5015

Devon Energy Reports First-Quarter 2024 Results and Declares Quarterly Dividend

OKLAHOMA CITY – May 1, 2024 – Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the first-quarter 2024. Supplemental financial tables and forward-looking guidance are available on the company’s website at www.devonenergy.com.

KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

 

  •  

First quarter production averaged 664,000 oil-equivalent barrels per day, exceeding guidance by 4 percent

 

  •  

Delaware Basin production increased 5 percent year over year, driving results that were favorable to guidance

 

  •  

Capital activity highlighted by 20 percent-plus improvement in Delaware Basin well productivity year over year

 

  •  

Operating cash flow totaled $1.7 billion and free cash flow reached $844 million in the first quarter of 2024

 

  •  

Repurchased 4.7 million shares of common stock at a total cost of $205 million in the first quarter

 

  •  

Declared fixed-plus-variable dividend payout of $0.35 per share based on first quarter results

 

  •  

Balance sheet continued to strengthen with cash balances increasing $274 million to a total of $1.1 billion

 

  •  

Year-to-date operating performance drives improved production and financial outlook in 2024

CEO PERSPECTIVE

“By all measures, Devon delivered an outstanding set of results in the first quarter that demonstrated the comprehensive execution we achieved across every element of our disciplined strategy,” said Rick Muncrief, president and CEO.

“This success was showcased by excellent well productivity and efficiency gains from our Delaware-focused program that drove volumes above guidance by a wide margin. Furthermore, our operating margins benefitted from the team’s efforts to drive per-unit costs lower than plan, allowing us to capture the full benefit of rising oil prices during the quarter.

“Based on the impressive operating momentum we have established year to date, we have raised our second quarter and full-year 2024 guidance. This improved outlook raises production targets and increases free cash flow projections, which will enhance our ability to accelerate the return of capital to shareholders,” Muncrief added.

FINANCIAL RESULTS

Devon reported net earnings of $596 million, or $0.94 per diluted share, in the first quarter of 2024. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $730 million, or $1.16 per diluted share.

Devon’s operating cash flow totaled $1.7 billion in the first quarter, a 4 percent increase versus 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 quarter.

The company’s investment-grade financial position continued to strengthen in the first quarter with cash balances increasing by $274 million to a total of $1.1 billion. The company exited the quarter with outstanding debt of $6.1 billion and a net debt-to-EBITDAX ratio of 0.7 times.

RETURN OF CAPITAL

Based on the first quarter financial performance, Devon declared a fixed-plus-variable dividend of $0.35 per share, payable on June 28, 2024, to shareholders of record at the close of business on June 14, 2024. The dividend payout consists of the fixed dividend at $0.22 per share and a variable distribution of $0.13 per share.

 

1

The company also returned capital to shareholders through the continued execution of its share repurchase program. In the first quarter, Devon repurchased 4.7 million shares at a total cost of $205 million. Since program inception in late 2021, the company has repurchased 49.5 million shares, at a total cost of $2.5 billion.

OPERATING RESULTS

Devon’s capital activity in the first quarter averaged 24 operated drilling rigs and 7 completion crews across its asset portfolio. This level of activity resulted in 102 gross operated wells being placed online, with an average lateral length of 9,300 feet.

Production averaged 664,000 oil-equivalent barrels (Boe) per day in the first quarter, exceeding the company’s guidance by 4 percent. Results were driven by better-than-planned well productivity, cycle time improvements that brought forward activity and the easing of infrastructure constraints in the Delaware Basin. Devon’s oil production totaled 319,000 barrels per day in the quarter, which was 48 percent of total volumes.

Upstream capital spending was at the bottom end of the company’s guidance range in the first quarter totaling $842 million. This represents a 3 percent decrease in upstream spending compared to the fourth quarter of 2023. Midstream, carbon and corporate capital totaled $95 million in the quarter.

Devon’s first quarter operating performance was driven by its Delaware Basin asset, which accounted for 66 percent of companywide volumes at 437,000 Boe per day. This production result represents a growth rate of 5 percent compared to the year-ago period, driven by 59 gross operated wells being placed online during the quarter. Average 30-day production rates from this activity reached 3,200 Boe per day, representing a 20 percent-plus improvement in well productivity versus the year ago period.

Production costs, including taxes, averaged $12.43 per Boe in the first quarter. This low-cost structure, coupled with the benefits of high-margin production resulted in field-level cash margins of $31.09 per Boe.

2024 OUTLOOK

Based on the strength of first quarter results, Devon is increasing its full-year 2024 production forecast by 2 percent to a range of 655,000 to 675,000 Boe per day. This incremental production in 2024 is expected to be delivered without an increase in capital spending. The company expects to deliver this improved production outlook with capital spending in a range of $3.3 billion to $3.6 billion, a 10 percent decline versus 2023.

Due to the addition of a fourth Delaware completion crew in January, the company’s capital program in 2024 is expected to be weighted towards the first half of the year. As a result of this activity timing, second quarter production is expected to increase to a range of 670,000 to 690,000 Boe per day and capital spending is estimated to approximate $950 million for the quarter.

Additional details of Devon’s forward-looking guidance for the second quarter and full-year 2024 are available on the company’s website at www.devonenergy.com.

CONFERENCE CALL WEBCAST AND SUPPLEMENTAL EARNINGS MATERIALS

Also provided with today’s release is the company’s detailed earnings presentation that is available on the company’s website at www.devonenergy.com. The company’s first-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on Thursday, May 2, 2024, and will serve primarily as a forum for analyst and investor questions and answers.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

 

Investor Contacts    Media Contact
Scott Coody, 405-552-4735    Brooke Baum, 405-552-3448
Chris Carr, 405-228-2496   

 

2

NON-GAAP DISCLOSURES

This press release includes non-GAAP (generally accepted accounting principles) financial measures. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of results as reported under GAAP. Reconciliations of these non-GAAP measures and other disclosures are provided within the supplemental financial tables that are available on the company’s website and in the related Form 10-Q filed with the Securities and Exchange Commission (the “SEC”).

FORWARD LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the volatility of oil, gas and NGL prices; uncertainties inherent in estimating oil, gas and NGL reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in our operations; risks related to our hedging activities; our limited control over third parties who operate some of our oil and gas properties; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; competition for assets, materials, people and capital; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters and seismicity; climate change and risks related to regulatory, social and market efforts to address climate change; governmental interventions in energy markets; counterparty credit risks; risks relating to our indebtedness; cybersecurity risks; risks relating to global pandemics; the extent to which insurance covers any losses we may experience; risks related to shareholder activism; our ability to successfully complete mergers, acquisitions and divestitures; our ability to pay dividends and make share repurchases; and any of the other risks and uncertainties discussed in Devon’s 2023 Annual Report on Form 10-K (the “2023 Form 10-K”) or other filings with the SEC.

The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2023 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2023 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

 

3

EX-99.2 3 d804489dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

Devon Energy First-Quarter 2024

Supplemental Tables

 

TABLE OF CONTENTS:    PAGE:  

Consolidated Statements of Earnings

      2  

Supplemental Information for Consolidated Statements of Earnings

      3  

Consolidated Balance Sheets

      4  

Consolidated Statements of Cash Flows

      5  

Production

      6  

Capital Expenditures and Supplemental Information for Capital Expenditures

      7  

Realized Pricing

      8  

Asset Margins

      9  

Core Earnings and EBITDAX

      10  

Net Debt, Net Debt-to-EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Reinvestment Rate

      11  

 

1

CONSOLIDATED STATEMENTS OF EARNINGS

 

 

(in millions, except per share amounts)    2024     2023  
     Quarter 1     Quarter 4      Quarter 3     Quarter 2     Quarter 1  

Oil, gas and NGL sales

    $ 2,629     $ 2,737      $ 2,882     $ 2,493     $ 2,679  

Oil, gas and NGL derivatives (1)

      (145 )      324        (194 )      (76 )      64  

Marketing and midstream revenues

      1,112       1,084        1,148       1,037       1,080  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Total revenues

      3,596       4,145        3,836       3,454       3,823  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Production expenses (2)

      751       759        757       719       693  

Exploration expenses

      9       4        3       10       3  

Marketing and midstream expenses

      1,133       1,093        1,160       1,051       1,105  

Depreciation, depletion and amortization

      722       650        651       638       615  

Asset dispositions

      1       11        —        (41 )      —   

General and administrative expenses

      114       111        99       92       106  

Financing costs, net (3)

      76       77        81       78       72  

Other, net

      22       10        13       10       5  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Total expenses

      2,828       2,715        2,764       2,557       2,599  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Earnings before income taxes

      768       1,430        1,072       897       1,224  

Income tax expense (4)

      159       269        152       199       221  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Net earnings

      609       1,161        920       698       1,003  

Net earnings attributable to noncontrolling interests

      13       9        10       8       8  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Net earnings attributable to Devon

    $ 596     $ 1,152      $ 910     $ 690     $ 995  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Net earnings per share:

            

Basic net earnings per share

    $ 0.95     $ 1.81      $ 1.43     $ 1.08     $ 1.53  

Diluted net earnings per share

    $ 0.94     $ 1.81      $ 1.42     $ 1.07     $ 1.53  

Weighted average common shares outstanding:

            

Basic

      629       635        637       638       645  

Diluted

      632       638        639       639       647  

 

2

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS

 

 

(1) OIL, GAS AND NGL DERIVATIVES

(in millions)    2024     2023  
     Quarter 1     Quarter 4      Quarter 3     Quarter 2     Quarter 1  

Derivative cash settlements

    $ 24     $ 8      $ (11 )    $ 37     $ 13  

Derivative valuation changes

      (169 )      316        (183 )      (113 )      51  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Oil, gas and NGL derivatives

    $ (145 )    $ 324      $ (194 )    $ (76 )    $ 64  
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

(2) PRODUCTION EXPENSES

(in millions)    2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Lease operating expense

    $ 380      $ 381      $ 367      $ 353      $ 327  

Gathering, processing & transportation

      180        181        178        177        166  

Production taxes

      175        182        191        165        175  

Property taxes

      16        15        21        24        25  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Production expenses

    $ 751      $ 759      $ 757      $ 719      $ 693  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

(3) FINANCING COSTS, NET

(in millions)    2024     2023  
     Quarter 1     Quarter 4     Quarter 3     Quarter 2     Quarter 1  

Interest based on outstanding debt

    $ 87     $ 87     $ 93     $ 96     $ 93  

Interest income

      (13 )      (12 )      (11 )      (15 )      (17 ) 

Other

      2       2       (1 )      (3 )      (4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Financing costs, net

    $ 76     $ 77     $ 81     $ 78     $ 72  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(4) INCOME TAX EXPENSE

(in millions)    2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Current expense

    $ 119      $ 105      $ 139      $ 80      $ 141  

Deferred expense

      40        164        13        119        80  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Income tax expense

    $ 159      $ 269      $ 152      $ 199      $ 221  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

3

CONSOLIDATED BALANCE SHEETS

 

 

 

(in millions)    2024     2023  
     Quarter 1     Quarter 4     Quarter 3     Quarter 2     Quarter 1  

Current assets:

           

Cash, cash equivalents and restricted cash

    $ 1,149     $ 875     $ 761     $ 488     $ 887  

Accounts receivable

      1,670       1,573       1,853       1,519       1,615  

Inventory

      234       249       233       201       212  

Other current assets

      345       460       365       397       475  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

      3,398       3,157       3,212       2,605       3,189  

Oil and gas property and equipment, based on successful efforts accounting, net

      18,033       17,825       17,563       17,317       16,932  

Other property and equipment, net

      1,551       1,503       1,468       1,446       1,583  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total property and equipment, net

      19,584       19,328       19,031       18,763       18,515  

Goodwill

      753       753       753       753       753  

Right-of-use assets

      276       267       261       266       219  

Investments

      713       666       671       675       469  

Other long-term assets

      254       319       313       293       275  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

    $ 24,978     $ 24,490     $ 24,241     $ 23,355     $ 23,420  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Current liabilities:

           

Accounts payable

    $ 879     $ 760     $ 812     $ 843     $ 935  

Revenues and royalties payable

      1,268       1,222       1,434       1,199       1,266  

Short-term debt

      479       483       487       244       247  

Income taxes payable

      189       67       58       1       154  

Other current liabilities

      451       417       539       382       329  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current liabilities

      3,266       2,949       3,330       2,669       2,931  

Long-term debt

      5,668       5,672       5,675       6,169       6,175  

Lease liabilities

      301       295       290       299       256  

Asset retirement obligations

      683       643       641       548       546  

Other long-term liabilities

      841       876       850       858       866  

Deferred income taxes

      1,878       1,838       1,676       1,662       1,543  

Stockholders’ equity:

           

Common stock

      63       64       64       64       64  

Additional paid-in capital

      5,718       5,939       6,153       6,131       6,344  

Retained earnings

      6,509       6,195       5,535       4,940       4,712  

Accumulated other comprehensive loss

      (123 )      (124 )      (113 )      (114 )      (115 ) 

Treasury stock

      —        (13 )      —        —        (28 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total stockholders’ equity attributable to Devon

      12,167       12,061       11,639       11,021       10,977  

Noncontrolling interests

      174       156       140       129       126  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total equity

      12,341       12,217       11,779       11,150       11,103  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities and equity

    $ 24,978     $ 24,490     $ 24,241     $ 23,355     $ 23,420  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

4

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

(in millions)    2024     2023  
     Quarter 1     Quarter 4     Quarter 3     Quarter 2     Quarter 1  

Cash flows from operating activities:

           

Net earnings

    $ 609     $ 1,161     $ 920     $ 698     $ 1,003  

Adjustments to reconcile net earnings to net cash from operating activities:

           

Depreciation, depletion and amortization

      722       650       651       638       615  

Leasehold impairments

      —        1       1       3       —   

Accretion (amortization) of liabilities

      —        1       (2 )      (8 )      (7 ) 

Total (gains) losses on commodity derivatives

      145       (324 )      194       76       (64 ) 

Cash settlements on commodity derivatives

      24       8       (11 )      37       13  

(Gains) losses on asset dispositions

      1       11       —        (41 )      —   

Deferred income tax expense

      40       164       13       119       80  

Share-based compensation

      24       23       22       25       23  

Other

      3       (3 )      (2 )      (2 )      2  

Changes in assets and liabilities, net

      170       45       (61 )      (140 )      12  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash from operating activities

      1,738       1,737       1,725       1,405       1,677  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from investing activities:

           

Capital expenditures

      (894 )      (910 )      (882 )      (1,079 )      (1,012 ) 

Acquisitions of property and equipment

      (8 )      (10 )      (23 )      (18 )      (13 ) 

Divestitures of property and equipment

      17       3       1       1       21  

Distributions from investments

      11       8       7       9       8  

Contributions to investments and other

      (47 )      (1 )      —        (15 )      (37 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash from investing activities

      (921 )      (910 )      (897 )      (1,102 )      (1,033 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from financing activities:

           

Repayments of long-term debt

      —        —        (242 )      —        —   

Repurchases of common stock

      (205 )      (234 )      —        (228 )      (517 ) 

Dividends paid on common stock

      (299 )      (488 )      (312 )      (462 )      (596 ) 

Contributions from noncontrolling interests

      12       19       10       8       —   

Distributions to noncontrolling interests

      (7 )      (12 )      (9 )      (13 )      (11 ) 

Shares exchanged for tax withholdings and other

      (42 )      (1 )      —        (9 )      (87 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash from financing activities

      (541 )      (716 )      (553 )      (704 )      (1,211 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Effect of exchange rate changes on cash

      (2 )      3       (2 )      2       —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in cash, cash equivalents and restricted cash

      274       114       273       (399 )      (567 ) 

Cash, cash equivalents and restricted cash at beginning of period

      875       761       488       887       1,454  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash, cash equivalents and restricted cash at end of period

    $ 1,149     $ 875     $ 761     $ 488     $ 887  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of cash, cash equivalents and restricted cash:

           

Cash and cash equivalents

    $ 1,126     $ 853     $ 654     $ 372     $ 761  

Restricted cash

      23       22       107       116       126  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total cash, cash equivalents and restricted cash

    $ 1,149     $ 875     $ 761     $ 488     $ 887  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

5

PRODUCTION

 

 

 

     2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Oil (MBbls/d)

               

Delaware Basin

      208        208        215        209        211  

Eagle Ford

      43        43        40        45        40  

Anadarko Basin

      11        13        14        15        15  

Williston Basin

      40        36        35        36        36  

Powder River Basin

      13        13        13        14        14  

Other

      4        4        4        4        4  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      319        317        321        323        320  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Natural gas liquids (MBbls/d)

               

Delaware Basin

      113        112        112        105        97  

Eagle Ford

      14        15        15        16        15  

Anadarko Basin

      26        29        27        31        26  

Williston Basin

      10        10        9        9        8  

Powder River Basin

      2        3        2        2        2  

Other

      —         —         1        1        1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      165        169        166        164        149  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gas (MMcf/d)

               

Delaware Basin

      695        673        680        636        640  

Eagle Ford

      79        81        78        86        82  

Anadarko Basin

      223        225        235        254        237  

Williston Basin

      63        61        58        59        54  

Powder River Basin

      18        20        18        18        16  

Other

      1        1        1        1        1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      1,079        1,061        1,070        1,054        1,030  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total oil equivalent (MBoe/d)

               

Delaware Basin

      437        433        440        420        415  

Eagle Ford

      70        72        68        74        68  

Anadarko Basin

      74        79        80        89        81  

Williston Basin

      61        55        54        56        53  

Powder River Basin

      18        19        19        19        19  

Other

      4        4        4        4        5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      664        662        665        662        641  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

6

CAPITAL EXPENDITURES

 

 

 

(in millions)    2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Delaware Basin

    $ 555      $ 506      $ 503      $ 583      $ 572  

Eagle Ford

      156        194        198        179        188  

Anadarko Basin

      59        51        13        67        66  

Williston Basin

      27        55        69        89        73  

Powder River Basin

      43        55        45        39        32  

Other

      2        3        2        1        2  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total upstream capital

    $ 842      $ 864      $ 830      $ 958      $ 933  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Carbon capital

      32        31        25        30        27  

Midstream and Corporate

      63        45        41        30        28  

Acquisitions

      8        11        23        18        13  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total capital

    $ 945      $ 951      $ 919      $ 1,036      $ 1,001  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

 

 

GROSS OPERATED SPUDS

     2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Delaware Basin

      76        60        64        65        60  

Eagle Ford

      30        26        28        18        23  

Anadarko Basin

      4        17        10        9        19  

Williston Basin

      1        —         7        8        6  

Powder River Basin

      3        5        4        3        3  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      114        108        113        103        111  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

GROSS OPERATED WELLS TIED-IN

     2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Delaware Basin

      59        62        59        76        42  

Eagle Ford

      26        24        13        29        26  

Anadarko Basin

      5        4        —         16        7  

Williston Basin

      10        6        6        8        17  

Powder River Basin

      2        4        3        2        5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      102        100        81        131        97  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

NET OPERATED WELLS TIED-IN

     2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Delaware Basin

      50        47        49        61        40  

Eagle Ford

      21        20        12        25        18  

Anadarko Basin

      2        1        —         7        3  

Williston Basin

      10        3        4        6        15  

Powder River Basin

      2        4        3        2        4  

Total

      85        75        68        101        80  

AVERAGE LATERAL LENGTH

(based on wells tied-in)    2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Delaware Basin

      10,300’        10,300’        9,700’        10,100’        9,900’  

Eagle Ford

      6,700’        7,900’        5,000’        6,200’        6,700’  

Anadarko Basin

      10,000’        12,500’        —         9,100’        9,300’  

Williston Basin

      9,600’        12,300’        12,300’        10,000’        11,500’  

Powder River Basin

      9,600’        9,600’        13,300’        15,000’        10,700’  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      9,300’        9,900’        9,300’        9,200’        9,300’  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

7

REALIZED PRICING

 

 

 

BENCHMARK PRICES                                
(average prices)    2024     2023  
     Quarter 1     Quarter 4     Quarter 3     Quarter 2      Quarter 1  

Oil ($/Bbl) - West Texas Intermediate (Cushing)

    $ 77.01     $ 78.48     $ 82.06     $ 73.76      $ 76.17  

Natural Gas ($/Mcf) - Henry Hub

    $ 2.25     $ 2.88     $ 2.54     $ 2.09      $ 3.44  

NGL ($/Bbl) - Mont Belvieu Blended

    $ 27.51     $ 25.52     $ 26.62     $ 23.99      $ 29.48  
REALIZED PRICES   
     2024     2023  
     Quarter 1     Quarter 4     Quarter 3     Quarter 2      Quarter 1  

Oil (Per Bbl)

            

Delaware Basin

    $ 76.23     $ 77.75     $ 80.72     $ 71.86      $ 74.43  

Eagle Ford

      76.51       78.51       80.85       72.36        74.06  

Anadarko Basin

      74.91       77.09       79.86       71.52        74.14  

Williston Basin

      71.13       74.26       79.50       70.80        74.09  

Powder River Basin

      71.93       74.58       78.51       70.75        74.30  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized price without hedges

      75.40       77.32       80.48       71.74        74.32  

Cash settlements

      (0.25 )      (0.34 )      (0.67 )      —         (0.10 ) 
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized price, including cash settlements

    $ 75.15     $ 76.98     $ 79.81     $ 71.74      $ 74.22  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Natural gas liquids (Per Bbl)

            

Delaware Basin

    $ 20.55     $ 19.93     $ 20.76     $ 18.07      $ 23.72  

Eagle Ford

      23.67       22.67       23.70       20.22        26.18  

Anadarko Basin

      24.77       21.44       23.37       19.42        27.88  

Williston Basin

      6.27       2.95       4.09       2.52        8.97  

Powder River Basin

      32.91       28.80       29.63       24.52        35.72  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized price without hedges

      20.81       19.67       20.72       17.79        24.12  

Cash settlements

      (0.08 )      —        —        —         —   

Realized price, including cash settlements

    $ 20.73     $ 19.67     $ 20.72     $ 17.79      $ 24.12  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Gas (Per Mcf)

            

Delaware Basin

    $ 1.19     $ 1.76     $ 1.94     $ 1.18      $ 1.90  

Eagle Ford

      1.89       2.44       2.31       1.80        2.99  

Anadarko Basin

      1.92       2.38       2.17       1.72        3.14  

Williston Basin

      N/M       N/M       N/M       N/M        1.57  

Powder River Basin

      2.29       2.52       2.53       2.41        4.25  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized price without hedges

      1.30       1.83       1.92       1.27        2.29  

Cash settlements

      0.32       0.19       0.09       0.39        0.18  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized price, including cash settlements

    $ 1.62     $ 2.02     $ 2.01     $ 1.66      $ 2.47  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total oil equivalent (Per Boe)

            

Delaware Basin

    $ 43.55     $ 45.38     $ 47.68     $ 42.05      $ 46.35  

Eagle Ford

      53.81       54.64       55.71       49.69        52.81  

Anadarko Basin

      25.48       26.96       27.88       24.04        32.16  

Williston Basin

      47.37       47.77       52.64       45.94        52.94  

Powder River Basin

      57.60       57.99       62.21       56.33        63.01  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized price without hedges

      43.52       44.93       47.10       41.39        46.44  

Cash settlements

      0.39       0.14       (0.18 )      0.61        0.22  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Realized price, including cash settlements

    $ 43.91     $ 45.07     $ 46.92     $ 42.00      $ 46.66  
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

8

ASSET MARGINS

 

 

BENCHMARK PRICES

(average prices)    2024      2023  
     Quarter 1      Quarter 4      Quarter 3      Quarter 2      Quarter 1  

Oil ($/Bbl) - West Texas Intermediate (Cushing)

    $ 77.01      $ 78.48      $ 82.06      $ 73.76      $ 76.17  

Natural Gas ($/Mcf) - Henry Hub

    $ 2.25      $ 2.88      $ 2.54      $ 2.09      $ 3.44  

NGL ($/Bbl) - Mont Belvieu Blended

    $ 27.51      $ 25.52      $ 26.62      $ 23.99      $ 29.48  

PER-UNIT CASH MARGIN BY ASSET (per Boe)

 

     2024     2023  
     Quarter 1     Quarter 4     Quarter 3     Quarter 2     Quarter 1  

Delaware Basin

           

Realized price

    $ 43.55     $ 45.38     $ 47.68     $ 42.05     $ 46.35  

Lease operating expenses

      (5.54 )      (5.46 )      (5.03 )      (4.96 )      (4.58 ) 

Gathering, processing & transportation

      (2.79 )      (2.75 )      (2.63 )      (2.63 )      (2.63 ) 

Production & property taxes

      (3.16 )      (3.24 )      (3.48 )      (3.18 )      (3.43 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 32.06     $ 33.93     $ 36.54     $ 31.28     $ 35.71  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Eagle Ford

           

Realized price

    $ 53.81     $ 54.64     $ 55.71     $ 49.69     $ 52.81  

Lease operating expenses

      (7.59 )      (7.05 )      (7.52 )      (6.18 )      (6.32 ) 

Gathering, processing & transportation

      (1.67 )      (1.62 )      (1.63 )      (1.67 )      (1.49 ) 

Production & property taxes

      (2.73 )      (2.95 )      (3.18 )      (2.97 )      (3.25 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 41.82     $ 43.02     $ 43.38     $ 38.87     $ 41.75  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Anadarko Basin

           

Realized price

    $ 25.48     $ 26.96     $ 27.88     $ 24.04     $ 32.16  

Lease operating expenses

      (3.33 )      (3.26 )      (3.43 )      (3.13 )      (3.41 ) 

Gathering, processing & transportation

      (6.27 )      (5.98 )      (6.11 )      (5.97 )      (5.93 ) 

Production & property taxes

      (1.24 )      (1.40 )      (1.36 )      (1.22 )      (1.73 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 14.64     $ 16.32     $ 16.98     $ 13.72     $ 21.09  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Williston Basin

           

Realized price

    $ 47.37     $ 47.77     $ 52.64     $ 45.94     $ 52.94  

Lease operating expenses

      (10.88 )      (13.07 )      (13.04 )      (13.43 )      (13.25 ) 

Gathering, processing & transportation

      (2.03 )      (2.34 )      (2.31 )      (2.29 )      (2.19 ) 

Production & property taxes

      (4.72 )      (4.78 )      (5.13 )      (4.68 )      (4.85 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 29.74     $ 27.58     $ 32.16     $ 25.54     $ 32.65  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Powder River Basin

           

Realized price

    $ 57.60     $ 57.99     $ 62.21     $ 56.33     $ 63.01  

Lease operating expenses

      (11.66 )      (8.65 )      (8.45 )      (10.03 )      (11.07 ) 

Gathering, processing & transportation

      (3.03 )      (3.17 )      (3.02 )      (2.97 )      (2.73 ) 

Production & property taxes

      (6.91 )      (6.75 )      (7.45 )      (6.79 )      (7.78 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 36.00     $ 39.42     $ 43.29     $ 36.54     $ 41.43  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Devon - Total

           

Realized price

    $ 43.52     $ 44.93     $ 47.10     $ 41.39     $ 46.44  

Lease operating expenses

      (6.29 )      (6.25 )      (6.00 )      (5.86 )      (5.67 ) 

Gathering, processing & transportation

      (2.98 )      (2.97 )      (2.91 )      (2.94 )      (2.88 ) 

Production & property taxes

      (3.16 )      (3.24 )      (3.46 )      (3.14 )      (3.47 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 31.09     $ 32.47     $ 34.73     $ 29.45     $ 34.42  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

9

NON-GAAP MEASURES

 

 

(all monetary values in millions, except per share amounts)

Devon’s earnings materials include non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in the earnings materials, including reconciliations to their most directly comparable GAAP measure.

The earnings materials may include forward-looking non-GAAP measures. The company is unable to provide reconciliations of these forward-looking non-GAAP measures, because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, the timing of changes in capital accruals, unknown future events and estimating certain future GAAP measures. The inability to reliably quantify certain components of the calculation would significantly affect the usefulness and accuracy of a reconciliation.

CORE EARNINGS

Devon’s reported net earnings include items of income and expense that are typically excluded by securities analysts in their published estimates of the company’s financial results. Accordingly, the company also uses the measures of core earnings and core earnings per share attributable to Devon. Devon believes these non-GAAP measures facilitate comparisons of its performance to earnings estimates published by securities analysts. Devon also believes these non-GAAP measures can facilitate comparisons of its performance between periods and to the performance of its peers. The following table summarizes the effects of these items on first-quarter 2024 earnings.

 

     Quarter Ended March 31, 2024  
     Before-tax      After-tax      After NCI      Per Diluted
Share		  

Total

            

Earnings (GAAP)

    $ 768      $ 609      $ 596      $ 0.94  

Adjustments:

            

Asset dispositions

      1        1        1        —   

Deferred tax asset valuation allowance

      —         (1 )       (1 )       —   

Fair value changes in financial instruments

      172        134        134        0.22  
  

 

 

     

 

 

     

 

 

     

 

 

  

Core earnings (Non-GAAP)

    $ 941      $ 743      $ 730      $ 1.16  
  

 

 

     

 

 

     

 

 

     

 

 

  

EBITDAX

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings before financing costs, net; income tax expense; exploration expenses; depreciation, depletion and amortization; asset disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; accretion on discounted liabilities; and other items not related to normal operations. EBITDAX as defined by Devon may not be comparable to similarly titled measures used by other companies.

 

     Q1 ‘24      Q4 ‘23     Q3 ‘23      Q2 ‘23     TTM     Q1 ‘23  

Net earnings (GAAP)

    $ 609      $ 1,161     $ 920      $ 698     $ 3,388     $ 1,003  

Financing costs, net

      76        77       81        78       312       72  

Income tax expense

      159        269       152        199       779       221  

Exploration expenses

      9        4       3        10       26       3  

Depreciation, depletion and amortization

      722        650       651        638       2,661       615  

Asset dispositions

      1        11       —         (41 )      (29 )      —   

Share-based compensation

      24        22       22        25       93       23  

Derivative & financial instrument non-cash val. changes

      169        (316 )      183        113       149       (51 ) 

Accretion on discounted liabilities and other

      22        10       13        10       55       5  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

EBITDAX (Non-GAAP)

    $ 1,791      $ 1,888     $ 2,025      $ 1,730     $ 7,434     $ 1,891  
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

 

10

NET DEBT

Devon defines net debt as debt (includes short-term and long-term debt) less cash, cash equivalents and restricted cash. Devon believes that netting these sources of cash against debt provides a clearer picture of the future demands on cash from Devon to repay debt.

 

     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023  

Total debt (GAAP)

    $ 6,147     $ 6,155     $ 6,162     $ 6,413     $ 6,422  

Less:

           

Cash, cash equivalents and restricted cash

      (1,149 )      (875 )      (761 )      (488 )      (887 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net debt (Non-GAAP)

    $ 4,998     $ 5,280     $ 5,401     $ 5,925     $ 5,535  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET DEBT-TO-EBITDAX

Devon defines net debt-to-EBITDAX as net debt divided by an annualized EBITDAX measure. Devon believes this ratio provides information useful to investors in assessing the company’s credit position and debt leverage. 

 

     Mar. 31, 2024      Dec. 31, 2023      Sep. 30, 2023      Jun. 30, 2023      Mar. 31, 2023  

Net debt (Non-GAAP)

    $ 4,998      $ 5,280      $ 5,401      $ 5,925      $ 5,535  

EBITDAX (Non-GAAP) (1)

    $ 7,434      $ 7,534      $ 7,776      $ 8,239      $ 9,342  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net debt-to-EBITDAX (Non-GAAP)

      0.7        0.7        0.7        0.7        0.6  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

EBITDAX is an annualized measure using a trailing twelve-month calculation.

FREE CASH FLOW

Devon defines free cash flow as total operating cash flow less capital expenditures. Devon believes free cash flow provides a useful measure of available cash generated by operating activities for other investing and financing activities.

 

     Quarter Ended
Mar. 31, 2024		     Quarter Ended
Dec. 31, 2023		     Quarter Ended
Sep. 30, 2023		     Quarter Ended
Jun. 30, 2023		     Quarter Ended
Mar. 31, 2023		  

Total operating cash flow (GAAP)

    $ 1,738     $ 1,737     $ 1,725     $ 1,405     $ 1,677  

Less capital expenditures:

      (894 )      (910 )      (882 )      (1,079 )      (1,012 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Free cash flow (Non-GAAP)

    $ 844     $ 827     $ 843     $ 326     $ 665  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

ADJUSTED FREE CASH FLOW

Devon is committed to returning approximately 70% of our adjusted free cash flow to shareholders through a fixed dividend, variable dividend and share repurchases. Adjusted free cash flow is calculated as total operating cash flow before balance sheet changes less accrued capital expenditures.

 

     Quarter Ended
Mar. 31, 2024		  

Total operating cash flow (GAAP)

    $ 1,738  

Changes in assets and liabilities

      (170 ) 
  

 

 

  

Cash flow before balance sheet changes (Non-GAAP)

      1,568  

Capital expenditures (Accrued)

      (945 ) 
  

 

 

  

Adjusted free cash flow (Non-GAAP)

    $ 623  
  

 

 

  

REINVESTMENT RATE

Devon defines reinvestment rate as accrued capital expenditures divided by operating cash flow. Devon believes this measure provides useful information to our investors as an indicator of the capital demands of our business relative to the cash flow generated from normal business operations.

 

     Quarter Ended
Mar. 31, 2024		     Quarter Ended
Dec. 31, 2023		     Quarter Ended
Sep. 30, 2023		     Quarter Ended
Jun. 30, 2023		     Quarter Ended
Mar. 31, 2023		  

Capital expenditures (Accrued)

    $ 945     $ 951     $ 919     $ 1,036     $ 1,001  

Operating cash flow

    $ 1,738     $ 1,737     $ 1,725     $ 1,405     $ 1,677  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reinvestment rate (Non-GAAP)

      54 %      55 %      53 %      74 %      60 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

11

SECOND-QUARTER AND FULL-YEAR 2024 GUIDANCE   

LOGO

 

 

PRODUCTION GUIDANCE

 

     Quarter 2      Full Year  
     Low      High      Low      High  

Oil (MBbls/d)

      321        327        316        322  

Natural gas liquids (MBbls/d)

      168        174        164        170  

Gas (MMcf/d)

      1,085        1,135        1,050        1,100  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total oil equivalent (MBoe/d)

      670        690        655        675  
  

 

 

     

 

 

     

 

 

     

 

 

  

CAPITAL EXPENDITURES GUIDANCE

 

     Quarter 2      Full Year  
(in millions)    Low      High      Low      High  

Upstream capital

    $ 850      $ 900      $ 3,050      $ 3,250  

Carbon capital

      30        40        125        175  

Midstream & other capital

      35        45        125        175  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total capital

    $ 915      $ 985      $ 3,300      $ 3,600  
  

 

 

     

 

 

     

 

 

     

 

 

  

PRICE REALIZATIONS GUIDANCE

 

     Quarter 2     Full Year  
     Low     High     Low     High  

Oil - % of WTI

      95 %      100 %      95 %      100 % 

NGL - % of WTI

      20 %      30 %      20 %      30 % 

Natural gas - % of Henry Hub(1)

      20 %      40 %      50 %      60 % 

 

(1)

Realizations do not include impact from natural gas basis swaps.

OTHER GUIDANCE ITEMS

 

     Quarter 2     Full Year  
($ millions, except Boe and %)    Low     High     Low     High  

Marketing & midstream operating profit

    $ (15 )    $ (5 )    $ (50 )    $ (40 ) 

LOE & GP&T per BOE

    $ 9.20     $ 9.40     $ 9.20     $ 9.40  

Production & property taxes as % of upstream sales

      7.4 %      8.0 %      7.4 %      8.0 % 

Exploration expenses

    $ —      $ 5     $ 15     $ 25  

Depreciation, depletion and amortization

    $ 730     $ 770     $ 2,850     $ 2,950  

General & administrative expenses

    $ 105     $ 115     $ 410     $ 450  

Net financing costs, net

    $ 75     $ 85     $ 310     $ 330  

Other expenses

    $ —      $ 10     $ 30     $ 40  

INCOME TAX GUIDANCE

 

     Quarter 2     Full Year  
(% of pre-tax earnings)    Low     High     Low     High  

Current income tax rate

      14 %      16 %      14 %      16 % 

Deferred income tax rate

      6 %      8 %      6 %      8 % 
  

 

 

    

 

 

  

Total income tax rate

      ~22%       ~22%  
  

 

 

    

 

 

  

 

12

CONTINGENT PAYMENTS FOR BARNETT SHALE DIVESTITURE (through 2024)   

LOGO

 

 

 

 

WTI Threshold     WTI Annual Earnout Amount     Henry Hub Threshold     Henry Hub Annual Earnout
Amount		  
$ 50.00     $ 10,000,000     $ 2.75     $ 20,000,000  
$ 55.00     $ 12,500,000     $ 3.00     $ 25,000,000  
$ 60.00     $ 15,000,000     $ 3.25     $ 35,000,000  
$ 65.00     $ 20,000,000     $ 3.50     $ 45,000,000  

2024 & 2025 HEDGING POSITIONS

 

Oil Commodity Hedges

 

    Price Swaps     Price Collars  
Period   Volume (Bbls/d)     Weighted
Average Price
($/Bbl)		     Volume
(Bbls/d)		     Weighted
Average Floor
Price ($/Bbl)		     Weighted
Average Ceiling
Price ($/Bbl)		  
Q2 2024     26,341     $ 79.01       67,022     $ 65.98     $ 84.78  
Q3 2024     28,000     $ 78.97       79,000     $ 66.92     $ 84.61  
Q4 2024     28,000     $ 78.97       69,000     $ 67.93     $ 84.38  
Q1-Q4 2025     3,468     $ 72.75       992     $ 70.00     $ 77.40  

Oil Basis Swaps

 

Period   Index   Volume
(Bbls/d)		     Weighted Average
Differential to WTI
($/Bbl)		  
Q2 2024   Midland Sweet     62,500     $ 1.17  
Q3-Q4 2024   Midland Sweet     69,500     $ 1.17  
Q1-Q4 2025   Midland Sweet     63,000     $ 1.00  

Natural Gas Commodity Hedges - Henry Hub

 

    Price Swaps     Price Collars  
Period   Volume (MMBtu/d)     Weighted
Average Price
($/MMBtu)		     Volume
(MMBtu/d)		     Weighted
Average Floor
Price ($/
MMBtu)		     Weighted
Average Ceiling
Price
($/MMBtu)		  
Q2 2024     263,000     $ 3.21       56,000     $ 3.91     $ 6.19  
Q3 2024     263,000     $ 3.21       —      $ —      $ —   
Q4 2024     209,000     $ 3.18       —      $ —      $ —   
Q1-Q4 2025     75,537     $ 3.04       —      $ —      $ —   

Natural Gas Basis Swaps

 

Period   Index   Volume (MMBtu/d)   Weighted Average
Differential to Henry
Hub ($/MMBtu)		  
Q2 2024   El Paso Permian   60,000   $ (0.90 ) 
Q3–Q4 2024   El Paso Permian   10,000   $ (1.00 ) 
Q2–Q4 2024   Houston Ship Channel   110,000   $ (0.24 ) 
Q2 2024   WAHA   70,000   $ (0.66 ) 
Q3–Q4 2024   WAHA   60,000   $ (0.58 ) 
Q1–Q4 2025   WAHA   10,000   $ (0.63 ) 

 

13

2024 & 2025 HEDGING POSITIONS (continued)   

LOGO

 

 

 

NGL Commodity Hedges

 

        Price Swaps  
Period   Product   Volume (Bbls/d)   Weighted Average
Price ($/Bbl)		  
Q2-Q4 2024   Natural Gasoline   3,000   $ 69.11  
Q2-Q4 2024   Normal Butane   3,350   $ 37.58  
Q2 2024   Propane   4,591   $ 32.87  
Q3-Q4 2024   Propane   5,250   $ 33.01  

Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price. Devon’s natural gas derivatives settle against the Inside FERC end of the month NYMEX index. Devon’s NGL derivatives settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Commodity hedge positions are shown as of March 31, 2024.

 

14

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Document and Entity Information
May 01, 2024
Cover [Abstract]  
Entity Registrant Name DEVON ENERGY CORP/DE
Entity Incorporation State Country Code DE
Entity Address, State or Province OK
Amendment Flag false
Entity Central Index Key 0001090012
Document Type 8-K
Document Period End Date May 01, 2024
Entity File Number 001-32318
Entity Tax Identification Number 73-1567067
Entity Address, Address Line One 333 W. SHERIDAN AVE.
Entity Address, City or Town OKLAHOMA CITY
Entity Address, Postal Zip Code 73102-5015
City Area Code (405)
Local Phone Number 235-3611
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.10 per share
Trading Symbol DVN
Security Exchange Name NYSE
Entity Emerging Growth Company false
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