Devon Energy Q4 2022 Earnings Report
Key Takeaways
Devon Energy reported Q4 2022 net earnings of $1.2 billion, or $1.83 per diluted share, with core earnings of $1.1 billion, or $1.66 per diluted share. Operating cash flow totaled $1.9 billion, resulting in $1.1 billion of free cash flow. Oil production reached an all-time high of 316,000 barrels per day.
Operating cash flow increased 74 percent in 2022 and free cash flow reached highest level in Devon history
Fixed-plus-variable dividend payout more than doubled in 2022 to $5.17 per share
Board approved an 11 percent increase to the fixed quarterly dividend in 2023
Share-repurchase program on track to decrease share count by 5 percent
Devon Energy
Devon Energy
Forward Guidance
For the full-year 2023, Devon expects to sustain production in the range of 643,000 to 663,000 Boe per day. Total capital investment for the year is expected to range from $3.6 billion to $3.8 billion. First-quarter production is expected to approximate 635,000 Boe per day.