Devon Energy Q2 2023 Earnings Report
Key Takeaways
Devon Energy reported net earnings of $690 million, or $1.07 per diluted share, in the second quarter of 2023. Core earnings were $755 million, or $1.18 per diluted share. The company generated $1.4 billion in operating cash flow and $326 million of free cash flow. Oil production reached a record high of 323,000 barrels per day.
Oil production reached an all-time high of 323,000 barrels per day in the second quarter.
Wolfcamp B appraisal success enhances resource quality in Delaware Basin.
Declared fixed-plus-variable dividend payout of $0.49 per share based on second quarter results.
Share-repurchase program retired 3.8 million shares at a total cost of $200 million in the second quarter.
Devon Energy
Devon Energy
Forward Guidance
For the full-year 2023, Devon expects to sustain production in the range of 643,000 to 663,000 Boe per day. Total capital investment for the year is expected to range from $3.6 billion to $3.8 billion. For the third quarter, Devon expects oil production to a range of 322,000 to 330,000 barrels per day.
Positive Outlook
- Sustain production in the range of 643,000 to 663,000 Boe per day for full year 2023.
- Capital requirements in 2023 are estimated to be self-funded at pricing levels as low as a $40 WTI oil price.
- Place online around 90 gross wells in the third quarter.
- Oil production to a range of 322,000 to 330,000 barrels per day in the third quarter.
- Capital spending expected to approximate $900 million in the third quarter.