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Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

Exhibit 99.1

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Devon Energy Corporation

333 West Sheridan Avenue Oklahoma City, OK 73102-5015

 

Devon Energy Reports Second-Quarter 2022 Financial and Operational Results

OKLAHOMA CITY – Aug. 1, 2022

– Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the second-quarter 2022. Supplemental financial tables and forward-looking guidance are available on the company’s website at www.devonenergy.com.

KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

 

   

Fixed-plus-variable dividend increased by 22 percent to record high of $1.55 per share

 

   

Share-repurchase program retired 4 percent of outstanding shares since inception

 

   

Delaware Basin drove second-quarter results that were favorable to guidance on production and capital

 

   

Operating cash flow more than doubled year over year and free cash flow reached the highest level in Devon history

 

   

Disciplined capital allocation framework moderated reinvestment rates to 22 percent of cash flow

 

   

Balance sheet strengthened with cash balances increasing by $832 million to a total of $3.5 billion

 

   

Resource capture transactions added high-return inventory in Williston and Delaware Basin

CEO PERSPECTIVE

“The second quarter saw our business continue to strengthen and build momentum as we delivered systematic execution across the financial, operational and strategic tenets of our cash-return business model,” said Rick Muncrief, president and CEO.

“This success was showcased by production from our Delaware-focused program that exceeded guidance expectations, our streamlined cost structure captured the full benefit of higher commodity prices and we returned record-setting amounts of cash to shareholders. In addition, we took important steps to strengthen the quality and depth of our asset portfolio.

“As a result of the strong financial and operational performance achieved year to date, we have updated our full-year 2022 guidance,” Muncrief commented. “This improved outlook raises production targets, increases free cash flow projections and enhances our ability to accelerate the return of capital to shareholders.”

FINANCIAL RESULTS

Devon reported net earnings of $1.9 billion, or $2.93 per diluted share, in the second quarter of 2022. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $1.7 billion, or $2.59 per diluted share.

Operating cash flow totaled $2.7 billion in the quarter, a more than two-fold increase versus the year-ago period. With capital reinvestment rates at 22 percent of cash flow, Devon generated $2.1 billion of free cash flow in the quarter. This represents the highest quarterly amount of free cash flow in the company’s 51-year history.

The company’s investment-grade financial position also continued to strengthen in the second quarter with cash balances increasing by $832 million to a total of $3.5 billion. Devon exited the quarter with an outstanding debt balance of $6.5 billion and a net debt-to-EBITDAX ratio of only 0.4 times.

RETURN OF CAPITAL

Based on the second-quarter financial performance, Devon declared a fixed-plus-variable dividend of $1.55 per share, an increase of 22 percent from the previous quarter. This dividend payout represents an annualized yield of 11 percent based on the company’s share price as of July 29, 2022. As of the end of July, Devon repurchased 23.9 million shares, or 4 percent of its outstanding shares, at a total cost of $1.2 billion.

 

1


The following information was filed by Devon Energy Corpde (DVN) on Monday, August 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Devon Energy Corpde's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Equity
Accounts Receivable
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details)
Accounts Receivable (Tables)
Acquisition And Divestitures
Acquisition And Divestitures (Narrative) (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Narrative) (Details)
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details)
Asset Retirement Obligations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Debt And Related Expenses
Debt And Related Expenses (Narrative) (Details)
Debt And Related Expenses (Schedule Of Debt Instruments And Balances) (Details)
Debt And Related Expenses (Schedule Of Net Financing Cost Components) (Details)
Debt And Related Expenses (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details)
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Parenthetical) (Details)
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)
Derivative Financial Instruments (Tables)
Fair Value Measurements
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Tables)
Leases
Leases (Schedule Of Right-Of-Use Assets And Lease Liabilities) (Details)
Leases (Tables)
Net Earnings Per Share
Net Earnings Per Share (Net Earnings (Loss) Per Share Computations From Continuing Operations) (Details)
Net Earnings Per Share (Tables)
Other Comprehensive Earnings (Loss)
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details)
Other Comprehensive Earnings (Loss) (Tables)
Other, Net
Other, Net (Narrative) (Details)
Other, Net (Schedule Of Other Expenses (Income)) (Details)
Other, Net (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Summary Of Property And Equipment, Net) (Details)
Property, Plant And Equipment (Summary Of Property And Equipment, Net) (Parenthetical) (Details)
Property, Plant And Equipment (Tables)
Restructuring And Transaction Costs
Restructuring And Transaction Costs (Narrative) (Details)
Restructuring And Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details)
Restructuring And Transaction Costs (Tables)
Restructuring And Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details)
Share-Based Compensation
Share-Based Compensation (Additional Information) (Details)
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details)
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details)
Share-Based Compensation (Summary Of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details)
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details)
Share-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details)
Stockholders' Equity (Summary Of Purchases Of Common Stock) (Details)
Stockholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Schedule Of Revenue From Contracts With Customers) (Details)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - (Schedule Of Components Of Investments) (Details)
Supplemental Information To Statements Of Cash Flows
Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details)
Supplemental Information To Statements Of Cash Flows (Tables)
Ticker: DVN
CIK: 1090012
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-013790
Submitted to the SEC: Tue Aug 02 2022 12:01:44 PM EST
Accepted by the SEC: Tue Aug 02 2022
Period: Thursday, June 30, 2022
Industry: Crude Petroleum And Natural Gas

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