Devon Energy Q1 2024 Earnings Report
Key Takeaways
Devon Energy reported strong first-quarter 2024 results, exceeding production guidance by 4% and generating $844 million in free cash flow. The company increased its full-year 2024 production forecast by 2% based on these results.
First quarter production averaged 664,000 oil-equivalent barrels per day, exceeding guidance by 4 percent.
Operating cash flow totaled $1.7 billion and free cash flow reached $844 million in the first quarter of 2024.
Delaware Basin production increased 5 percent year over year, driving results that were favorable to guidance.
Balance sheet continued to strengthen with cash balances increasing $274 million to a total of $1.1 billion.
Devon Energy
Devon Energy
Forward Guidance
Devon Energy increased its full-year 2024 production forecast by 2 percent to a range of 655,000 to 675,000 Boe per day. 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.
Positive Outlook
- Increased full-year 2024 production forecast by 2 percent.
- Incremental production in 2024 is expected to be delivered without an increase in capital spending.
- Capital spending in a range of $3.3 billion to $3.6 billion, a 10 percent decline versus 2023.
- Second quarter production is expected to increase to a range of 670,000 to 690,000 Boe per day
- Capital program in 2024 is expected to be weighted towards the first half of the year.