Devon Energy Q4 2020 Earnings Report
Key Takeaways
Devon Energy reported a net loss of $102 million for the fourth quarter of 2020. Pro forma operating cash flow totaled $773 million, which funded capital requirements and generated $263 million of free cash flow. The board declared an industry-first variable dividend of $0.19 per share.
Board declares industry-first variable dividend of $0.19 per share based on fourth-quarter results
Variable dividend is in addition to previously declared fixed quarterly dividend of $0.11 per share
Pro forma oil production exceeded guidance by 5 percent in the fourth quarter
Well productivity and capital efficiency gains in the Delaware Basin headlined operating results
Devon Energy
Devon Energy
Forward Guidance
Devon is raising its full-year 2021 oil production forecast to a range of 280,000 to 300,000 barrels per day with an upstream capital budget of $1.6 billion to $1.8 billion.