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Mar 31, 2021
Devon Energy Q1 2021 Earnings Report
Devon Energy reported financial and operational results for the first-quarter 2021, which includes results from the merger with WPX Energy completed on Jan. 7, 2021.
Key Takeaways
Devon Energy reported a strong first quarter in 2021, marked by increased dividends, debt reduction, and exceeding oil production guidance. The company's performance was driven by its Delaware Basin asset and a focus on capital discipline.
Board increased fixed-plus-variable dividend payout by 13 percent to $0.34 per share.
Investment-grade financial strength enhanced with redemption of $743 million of debt year-to-date.
First-quarter oil production totaled 268,000 barrels per day, exceeding guidance by 5,000 barrels per day.
Free cash flow generation, after adjusting for cash restructuring costs, expanded to $260 million in the first quarter.
Forward Guidance
Devon remains firmly on track to achieve its full-year 2021 capital objectives. The company is committed to its maintenance capital program and has made no modifications to its full-year capital budget or production outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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