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Mar 31, 2023
Devon Energy Q1 2023 Earnings Report
Devon Energy reported strong Q1 2023 results driven by record oil production and effective cost management.
Key Takeaways
Devon Energy reported net earnings of $995 million, or $1.53 per diluted share, in the first quarter of 2023. Operating cash flow totaled $1.7 billion and free cash flow reached $665 million. The company declared a fixed-plus-variable dividend payout of $0.72 per share and expanded its share-repurchase program by 50 percent to $3 billion.
Oil production reached an all-time high of 320,000 barrels per day in the first quarter.
Operating cash flow totaled $1.7 billion and free cash flow reached $665 million in the first quarter.
The company declared fixed-plus-variable dividend payout of $0.72 per share based on first quarter results.
The board of directors increased share-repurchase authorization by 50 percent to $3.0 billion.
Forward Guidance
Devon Energy has not made any modifications to its previously announced plan to sustain production in the range of 643,000 to 663,000 Boe per day. Total capital investment for the year remains at an expected range of $3.6 billion to $3.8 billion.
Historical Earnings Impact
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