Devon Energy Q3 2021 Earnings Report
Key Takeaways
Devon Energy reported strong Q3 2021 results driven by the Delaware Basin, highlighted by a 46% increase in operating cash flow to $1.6 billion and record free cash flow of $1.1 billion. The company increased its fixed-plus-variable dividend by 71% and authorized a $1 billion share buyback program.
Fixed-plus-variable dividend increased by 71 percent to $0.84 per share
Board authorizes a $1 billion share buyback, representing 4 percent of the company’s market capitalization
Operating cash flow increased 46 percent from the prior quarter to $1.6 billion
Free cash flow generation accelerated to $1.1 billion, an 8-fold increase from the fourth quarter of 2020
Devon Energy
Devon Energy
Forward Guidance
Devon remains committed to a maintenance capital program and is firmly on track to meet the strategic objectives that underpin its operating plan in 2021. In 2022, Devon will continue to prioritize free cash flow generation over the pursuit of volume growth.