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Devon Energy Corpde (DVN) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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

NEWS RELEASE

Devon Energy Announces Three-Year Outlook and Detailed 2018 Guidance; Reports Fourth Quarter Earnings Results

OKLAHOMA CITY – Feb. 20, 2018

– Devon Energy Corp. (NYSE: DVN) today announced a three-year business outlook through the year 2020 and its detailed capital and production outlook for 2018. Additionally, the company reported operational and financial results for the fourth quarter and full-year 2017.

Three-Year Outlook Highlights

More detailed commentary regarding Devon’s three-year business outlook is available within its fourth-quarter 2017 operations report at www.devonenergy.com. Outlook highlights from the report include:

 

    Greater than 15 percent corporate-level rates of return

 

    $2.5 billion of cumulative free cash flow through 2020

 

    Delaware and STACK oil production CAGR of greater than 25 percent

 

    Per-unit cash cost savings of approximately 15 percent by 2020

 

    Potential to monetize more than $5 billion of non-core assets

 

    Positioned for sustainable increase of cash to shareholders

“Devon has reached an inflection point by building operating momentum across its U.S. resource plays and has successfully transitioned these world-class assets into full-field development,” said Dave Hager, president and CEO. “In 2018 and beyond, with our low-risk development programs focused in the economic core of the Delaware Basin and STACK plays, we expect to deliver a dramatic step change in capital efficiency, achieve attractive corporate-level returns and generate substantial amounts of free cash flow at prices above our base planning scenario of $50 WTI pricing.”

“With our disciplined multi-year plan, Devon will accelerate value creation through the pursuit of capital-efficient cash-flow growth and portfolio simplification, not top-line production growth,” said Hager. “Looking beyond our initial priority of reducing up to $1.5 billion of debt from our upstream business, we plan to return excess cash flow from operations or divestitures to shareholders through both opportunistic share buybacks and dividend growth.”

February 2018 Production Update: Delaware and STACK Volume Growth Accelerates

In early 2018, production growth has accelerated in the company’s Delaware Basin and STACK assets, with current daily rates from these assets approximating 195,000 oil-equivalent barrels (Boe) per day. The combined daily production rates from these two franchise growth assets represent greater than a 10 percent increase compared to the fourth quarter of 2017 and nearly a 20 percent increase compared to the full-year 2017 average.

The substantial increase in daily production is driven by higher operated completion activity in the Delaware Basin and tie-in of more than 50 non-operated wells in the STACK around year end. In aggregate, these two high-growth assets remain on plan to increase oil production by greater than 35 percent in 2018 compared to 2017.

 

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The following information was filed by Devon Energy Corpde (DVN) on Tuesday, February 20, 2018 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Comprehensive Statements Of Earnings
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Accounts Receivable
Accounts Receivable (schedule Of Components Of Accounts Receivable) (details)
Accounts Receivable (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (narrative) (details)
Acquisitions And Divestitures (schedule Of Enlink's Acquisition Activity) (details)
Acquisitions And Divestitures (summary Of Divestiture Activity) (details)
Acquisitions And Divestitures (tables)
Asset Impairments
Asset Impairments (summary Of Asset Impairments) (details)
Asset Impairments (tables)
Asset Retirement Obligations
Asset Retirement Obligations (narrative) (details)
Asset Retirement Obligations (summary Of Changes In Asset Retirement Obligations) (details)
Asset Retirement Obligations (tables)
Changes In Accounting Principle
Changes In Accounting Principle (tables)
Changes In Accounting Principle - Consolidated Statement Of Balance Sheets (details)
Changes In Accounting Principle - Consolidated Statement Of Cash Flows (details)
Changes In Accounting Principle - Consolidated Statement Of Earnings (details)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Commitments And Contingencies) (details)
Commitments And Contingencies (tables)
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 Debt Instruments And Balances) (parenthetical) (details)
Debt And Related Expenses (schedule Of Debt Maturities) (details)
Debt And Related Expenses (schedule Of Net Financing Cost Components) (details)
Debt And Related Expenses (tables)
Derivative Financial Instruments
Derivative Financial Instruments (schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (details)
Derivative Financial Instruments (schedule Of Derivative Financial Instruments Included In The Consolidated Comprehensive Statements Of Earnings) (details)
Derivative Financial Instruments (schedule Of Gas Processing And Fractionation Open Positions) (details)
Derivative Financial Instruments (schedule Of Open Interest Rate Swap Derivative Positions) (details)
Derivative Financial Instruments (schedule Of Open Natural Gas Derivative Positions) (details)
Derivative Financial Instruments (schedule Of Open Ngl Derivative Positions) (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)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (narrative) (details)
Goodwill And Other Intangible Assets (schedule Of General Partner And Enlink Goodwill By Reporting Units) (details)
Goodwill And Other Intangible Assets (schedule Of Other Intangible Assets) (details)
Goodwill And Other Intangible Assets (summary Of Goodwill) (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Changes In Unrecognized Tax Benefits) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Income Tax Expense (benefit) (details)
Income Taxes (summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities) (details)
Income Taxes (tables)
Net Earnings (loss) Per Share Attributable To Devon
Net Earnings (loss) Per Share Attributable To Devon (earnings Per Share Computations) (details)
Net Earnings (loss) Per Share Attributable To Devon (tables)
Noncontrolling Interests
Noncontrolling Interests (narrative) (details)
Noncontrolling Interests (summary Of Ownership Interest Activity In The General Partner And Enlink) (details)
Noncontrolling Interests (tables)
Other Comprehensive Earnings
Other Comprehensive Earnings (components Of Other Comprehensive Earnings) (details)
Other Comprehensive Earnings (tables)
Other Current Liabilities
Other Current Liabilities (schedule Of Other Current Liabilities) (details)
Other Current Liabilities (tables)
Other Expenses
Other Expenses (narrative) (details)
Other Expenses (schedule Of Other Expenses Presented In The Accompanying Consolidated Comprehensive Statements Of Earnings) (details)
Other Expenses (schedule Of The Activity And Balances Associated With Restructuring Liabilities) (details)
Other Expenses (tables)
Property, Plant And Equipment
Property, Plant And Equipment (schedule Of Aging Of Capitalized Exploratory Well Costs (details)
Property, Plant And Equipment (schedule Of Property, Plant And Equipment Other) (details)
Property, Plant And Equipment (summary Of Changes In Suspended Exploratory Well Costs) (details)
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Schedule Of Aggregate Capitalized Costs Related To Oil And Gas And Non-oil And Gas Activities (details)
Retirement Plans
Retirement Plans (narrative) (details)
Retirement Plans (schedule Of Changes In Defined Benefit Plan Obligations) (details)
Retirement Plans (schedule Of Net Periodic Benefit Cost And Other Comprehensive Loss (earnings) For Pension And Other Postretirement Benefit Plans) (details)
Retirement Plans (schedule Of Weighted Average Actuarial Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Costs) (details)
Retirement Plans (tables)
Segment Information
Segment Information (condensed Statements Of Comprehensive Earnings And Balance Sheets Of Reportable Segments) (details)
Segment Information (tables)
Share-based Compensation
Share-based Compensation (narrative) (details)
Share-based Compensation (schedule Of Aggregate Fair Value Of Restricted Stock, Performance-based Restricted Stock And Performance Shares, Awards And Units, That Vested During The Period) (details)
Share-based Compensation (schedule Of Share-based Compensation Expense Included In The Consolidated Comprehensive Statements Of Earnings) (details)
Share-based Compensation (summary Of Outstanding Stock Options, Including Changes During The Year) (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 General Partner And Enlink) (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 And Units, Performance-based Restricted Stock Awards And Performance Share Units) (details)
Share-based Compensation (summary Of Unvested Restricted Stock Awards And Units, Performance-based Restricted Stock Awards And Performance Share Units) (parenthetical) (details)
Share-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Supplemental Information On Oil And Gas Operations
Supplemental Information On Oil And Gas Operations (costs Incurred) (details)
Supplemental Information On Oil And Gas Operations (narrative) (details)
Supplemental Information On Oil And Gas Operations (proved Developed And Undeveloped Reserves) (details)
Supplemental Information On Oil And Gas Operations (proved Undeveloped Reserves) (details)
Supplemental Information On Oil And Gas Operations (results Of Operations) (details)
Supplemental Information On Oil And Gas Operations (schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves) (details)
Supplemental Information On Oil And Gas Operations (standardized Measure Of Discounted Future Net Cash Flows Related To Proved Reserves) (details)
Supplemental Information On Oil And Gas Operations (tables)
Supplemental Information To Statements Of Cash Flows
Supplemental Information To Statements Of Cash Flows (narrative) (details)
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)
Supplemental Quarterly Financial Information
Supplemental Quarterly Financial Information (narrative) (details)
Supplemental Quarterly Financial Information (schedule Of Financial Statements Changes To The Consolidated Comprehensive Statement Of Earnings) (details)
Supplemental Quarterly Financial Information (schedule Of Financial Statements Changes To The Consolidated Statement Of Cash Flows) (details)
Supplemental Quarterly Financial Information (schedule Of Quarterly Cash Flow Information Under Successful Efforts Method) (details)
Supplemental Quarterly Financial Information (schedule Of Quarterly Consolidated Comprehensive Statements Of Earnings Under Full Cost Method) (details)
Supplemental Quarterly Financial Information (schedule Of Unaudited Interim Results Of Operations) (details)
Supplemental Quarterly Financial Information (tables)
Ticker: DVN
CIK: 1090012
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-002582
Submitted to the SEC: Wed Feb 21 2018 12:03:34 PM EST
Accepted by the SEC: Wed Feb 21 2018
Period: Sunday, December 31, 2017
Industry: Crude Petroleum And Natural Gas

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