Devon Energy Corp (NYSE:DVN) reported financial results for the third quarter after the bell on Tuesday. Here’s a look at the key metrics from the quarter.
Q3 Earnings: Devon Energy reported third-quarter earnings of $1.30 per share, beating analyst estimates of $1.14 per share, according to Benzinga Pro.
Devon said oil production reached 335,000 barrels per day during the quarter, about 4% ahead of the company’s previous guidance.
The company said it generated $1.7 billion in operating cash flow and $786 million in free cash flow during the quarter before returning $431 million to shareholders. Devon repurchased $295 million of its common stock in the quarter and declared a fixed quarterly cash dividend of 22 cents per share, payable on Dec. 30 to shareholders of record as of Dec. 13.
“The Delaware Basin continues to be a great contributor to our success. The exceptional well productivity and cycle time improvements we continue to see in this basin contributed to production volumes surpassing our guidance while keeping capital expenditures below forecasted levels,” said Rick Muncrief, president and CEO of Devon Energy.
“Looking ahead to the remainder of 2024 and into 2025, we enhanced the quality and depth of our asset portfolio with the recent acquisition of Grayson Mill Energy. This transaction marks a major milestone, increasing our operating scale and strengthening our outlook for the fourth quarter and beyond.”
See Also: BigBear.ai Stock Drops After Worse-Than-Expected Q3 Revenue: Details
Outlook: Devon raised its production forecast for the fourth quarter to a range of 811,000 to 830,000 barrels of oil equivalent per day. The company now expects the midpoint of its capital requirements to be $950 million in the fourth quarter, which includes $150 million of incremental capital requirements related to the Williston Basin acquisition.
Management will hold a conference call to further discuss these results at 11 a.m. ET on Wednesday.
DVN Price Action: Devon Energy shares initially traded up above the $40.50 level on the report before pulling back. The stock was down 0.23% after hours at $39.25 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
