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Sep 30, 2022
Devon Energy Q3 2022 Earnings Report
Reported financial and operational results for the third-quarter 2022.
Key Takeaways
Devon Energy reported strong Q3 2022 results, driven by disciplined execution and strategic acquisitions. The company saw increased production, operating cash flow, and free cash flow, allowing for a dividend increase and continued share repurchases. Updated outlook reflects higher production targets and free cash flow projections due to recent acquisitions.
Fixed-plus-variable dividend increased 61 percent year over year to $1.35 per share
Share-repurchase program on track to decrease share count by 5 percent
Operating cash flow increased 32 percent year over year to $2100000000
Free cash flow expanded to $1500000000 due to disciplined maintenance capital program
Devon Energy
Devon Energy
Forward Guidance
Due to the impact of acquisitions, Devon is revising its production forecast higher in the fourth quarter to a range of 640,000 to 660,000 Boe per day, a 6 percent increase compared to the year-ago quarter. The company also adjusted the midpoint of its upstream capital outlook to $835 million for the upcoming quarter.