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Mar 31, 2024
Devon Energy Q1 2024 Earnings Report
Devon Energy reported strong Q1 2024 results driven by Delaware Basin performance and increased production.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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