Devon Energy Q3 2024 Earnings Report
Key Takeaways
Devon Energy reported net earnings of $812 million, or $1.30 per share, and core earnings of $683 million, or $1.10 per share. The company's oil production reached 335,000 barrels per day, exceeding guidance by 4 percent. Devon generated $1.7 billion of operating cash flow and $786 million of free cash flow. The company also closed its acquisition of Grayson Mill Energy.
Net earnings were $812 million, or $1.30 per share; core earnings were $683 million, or $1.10 per share.
Oil production reached 335,000 barrels per day, exceeding guidance by 4 percent.
Operating cash flow totaled $1.7 billion and free cash flow was $786 million.
Strategic acquisition closed on Sept. 27, enhancing scale and transforming Williston Basin business.
Devon Energy
Devon Energy
Forward Guidance
Devon is revising its fourth-quarter production forecast higher to a range of 811,000 to 830,000 Boe per day, a 13 percent increase compared to the third quarter. The company also adjusted the midpoint of its capital outlook to $950 million for the upcoming quarter.
Positive Outlook
- Production forecast revised higher for Q4
- Williston Basin acquisition to drive volume growth
- Incremental production from Williston Basin acquisition estimated at 110,000 Boe per day
- Williston Basin combined with Powder River Basin and reported as Rockies business unit
- Capital outlook adjusted to $950 million for the upcoming quarter