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Sep 30, 2023
Devon Energy Q3 2023 Earnings Report
Devon Energy reported strong financial growth, driven by disciplined operating strategy.
Key Takeaways
Devon Energy reported net earnings of $910 million, or $1.42 per diluted share, in the third quarter of 2023. Core earnings were $1.1 billion, or $1.65 per diluted share. The company generated $843 million of free cash flow and increased its dividend by 57 percent.
Production per share increased 10 percent year-over-year in the third quarter
Delaware Basin well productivity improved more than 20 percent versus first half of 2023
Operating cash flow increased 23 percent compared to the second quarter to $1.7 billion
Free cash flow more than doubled quarter-over-quarter to $843 million
Forward Guidance
Devon's fourth quarter capital is expected to range from $870 million to $930 million. Fourth-quarter production is expected to range from 640,000 to 660,000 Boe per day, with oil production approximating 315,000 barrels per day. In 2024, the company plans to sustain oil production at around 315,000 barrels per day, with total volumes approximating 650,000 Boe per day.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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