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Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

Exhibit 99.1

 

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NEWS RELEASE

Devon Energy Reports First-Quarter 2019 Results

Highlights

 

   

Light-oil production advances 24 percent year over year

 

   

Raising full-year 2019 light-oil production outlook

 

   

Upstream capital 9 percent below guidance

 

   

Operating and G&A costs savings ahead of plan

 

   

Stock repurchase program decreases share count by more than 20 percent

OKLAHOMA CITY – April 30, 2019 – Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the first quarter of 2019. Supplemental financial tables for first-quarter results and updated guidance for the second quarter and full-year 2019 are available on the company’s website at www.devonenergy.com.

“Devon’s tremendous first-quarter operating results showcase the world-class capabilities of our U.S. oil business,” said Dave Hager, president and CEO. “Our quarterly performance was highlighted by improving well productivity and capital efficiency that drove our light-oil production above guidance with a total capital investment below forecast. Furthermore, we made substantial progress improving our corporate cost structure with G&A expenses declining 23 percent year over year.

“With these strong first-quarter results, we are raising the full-year growth outlook for our U.S. oil business,” Hager said. “We now expect 2019 light-oil production growth to reach 17 percent, a 200 basis point improvement from our previous guidance. Importantly, we are delivering this incremental production growth without any increase in capital spending and our margins will benefit from operating and G&A cost-saving initiatives that are tracking ahead of plan.”

Delaware Basin Drives U.S. Oil Production Outperformance

First-quarter production was highlighted by results from Devon’s retained U.S. oil business. Light-oil production from these assets averaged 138,000 barrels per day, a 24 percent increase compared to the first quarter of 2018. This result exceeded the high-end of guidance by 8,000 barrels per day.

The strongest asset-level performance during the first quarter was from the company’s Delaware Basin properties that delivered prolific growth in high-margin production. Net production increased 76 percent year over year, driving total volumes in the Delaware to 107,000 oil-equivalent barrels (Boe) per day. First-quarter operating results in the Delaware were highlighted by five prolific Cat Scratch Fever wells targeting a second Bone Spring interval in southwest Lea County, New Mexico. These wells averaged initial 24-hour production rates in excess of 10,000 Boe per day per well, of which approximately 80 percent was oil.

Overall, net production for retained U.S. assets averaged 308,000 Boe per day during the first quarter, exceeding midpoint guidance by 27,000 Boe per day. Of this total, oil and liquids production accounted for nearly 70 percent of total volumes.


The following information was filed by Devon Energy Corpde (DVN) on Tuesday, April 30, 2019 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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Devon Energy Corpde's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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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 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)
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 (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 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)
Discontinued Operations And Assets Held For Sale
Discontinued Operations And Assets Held For Sale (Amounts Reported As Discontinued Operations In The Consolidated Comprehensive Statements Of Earnings) (Details)
Discontinued Operations And Assets Held For Sale (Carrying Amounts Of Assets And Liabilities Classified As Held For Sale On Consolidated Balance Sheets) (Details)
Discontinued Operations And Assets Held For Sale (Narrative) (Details)
Discontinued Operations And Assets Held For Sale (Tables)
Divestitures
Divestitures (Narrative) (Details)
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 Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Tables)
Leases
Leases (Maturities Of Lease Liabilities) (Details)
Leases (Maturities Of Lease Liabilities) (Parenthetical) (Details)
Leases (Narrative) (Details)
Leases (Schedule Of Additional Lease Information) (Details)
Leases (Schedule Of Expected Lease Income ) (Details)
Leases (Schedule Of Expected Lease Income ) (Parenthetical) (Details)
Leases (Schedule Of Right-Of-Use Assets And Lease Liabilities) (Details)
Leases (Schedule Of Total Lease Cost) (Details)
Leases (Tables)
Net Loss Per Share From Continuing Operations
Net Loss Per Share From Continuing Operations (Loss Per Share Computations From Continuing Operations) (Details)
Net Loss Per Share From Continuing Operations (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 (Schedule Of Other Expenses Presented In The Accompanying Consolidated Comprehensive Statements Of Earnings) (Details)
Other Expenses (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Table Of Property And Equipment, Net) (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)
Retirement Plans
Retirement Plans (Narrative) (Details)
Retirement Plans (Schedule Of Net Periodic Benefit Cost For Pension Benefits Plan) (Details)
Retirement Plans (Tables)
Segment Information
Segment Information (Schedule Of Revenue From Contracts With Customers Disaggregated Based On Type Of Good) (Details)
Segment Information (Schedule Of Selected Financial Information For Reporting Segments) (Details)
Segment Information (Schedule Of Selected Financial Information For Reporting Segments) (Parenthetical) (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Comprehensive Statements Of 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 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)
Stockholders' Equity (Summary Of Purchases Of Common Stock) (Details)
Stockholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
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: 0001564590-19-014637
Submitted to the SEC: Wed May 01 2019 8:02:07 AM EST
Accepted by the SEC: Wed May 01 2019
Period: Sunday, March 31, 2019
Industry: Crude Petroleum And Natural Gas

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