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Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

Exhibit 99.1

 

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NEWS RELEASE

Devon Energy Reports Second-Quarter 2019 Results

Highlights

 

   

Production above guidance; and capital spending below guidance

 

   

Delaware Basin volumes advance 58 percent year over year

 

   

Oil production guidance raised for second time in 2019

 

   

Capital spending outlook lowered by $50 million

 

   

Reallocating STACK capital to Delaware and Powder River

 

   

Operating and G&A cost-savings initiatives continue to trend ahead of plan

 

   

Stock repurchase program decreases outstanding share count by 24 percent

OKLAHOMA CITY – Aug. 6, 2019

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

“Devon is executing at a very high level on all aspects of our strategic plan,” said Dave Hager, president and CEO. “Our second-quarter performance was highlighted by improving well productivity and capital efficiency that drove oil production above the high end of guidance with a total capital investment well below forecast. Furthermore, our profitability was significantly enhanced by our operating and G&A cost-savings initiatives that are delivering results ahead of plan.”

“With the positive business momentum we have demonstrated year-to-date, we are raising our full-year oil production outlook for the second time this year,” said Hager. “And importantly, we are delivering this incremental volume growth with lower capital and operating costs, positioning Devon to generate higher free cash flow in the second half of the year.”

Oil Production Outlook Raised for the Second Time in 2019

Second-quarter production was highlighted by results from Devon’s retained U.S. oil business. Light-oil production from these assets averaged 142,000 barrels per day, a 13 percent increase compared to the second quarter of 2018. This result exceeded midpoint guidance by 5,000 barrels per day.

Within Devon’s diversified U.S. onshore portfolio, the strongest asset-level performance was achieved by the company’s Delaware Basin operations in southeast New Mexico. Production from this world-class play increased 58 percent year over year, driving volumes in the Delaware to 120,000 oil-equivalent barrels (Boe) per day. A key growth driver was 28 new wells brought online in the state-line area that averaged initial 30-day rates of approximately 2,100 Boe per day per well, of which 70 percent was oil.

Given the strong operational momentum achieved in the Delaware Basin, Devon is raising its 2019 U.S. oil production outlook for the second time this year. The midpoint of the company’s updated guidance represents an estimated oil growth rate of 19 percent compared to 2018, a 400-basis point improvement compared to original budget expectations.


The following information was filed by Devon Energy Corpde (DVN) on Tuesday, August 6, 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 Impairments
Asset Impairments (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 (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 Associated With Discontinued Operations On Consolidated Balance Sheets) (Details)
Discontinued Operations And Assets Held For Sale (Carrying Amounts Of Assets And Liabilities Classified As Associated With Discontinued Operations On Consolidated Balance Sheets) (Parenthetical) (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 Earnings (Loss) Per Share From Continuing Operations
Net Earnings (Loss) Per Share From Continuing Operations (Net Earnings (Loss) Per Share Computations From Continuing Operations) (Details)
Net Earnings (Loss) Per Share From Continuing Operations (Tables)
Other Comprehensive Earnings (Loss)
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details)
Other Comprehensive Earnings (Loss) (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)
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 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 (Policies)
Summary Of Significant Accounting Policies (Schedule Of Revenue From Contracts With Customers Disaggregated Based On Type Of Good) (Details)
Summary Of Significant Accounting Policies (Tables)
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: 0001564590-19-029786
Submitted to the SEC: Wed Aug 07 2019 8:02:39 AM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Crude Petroleum And Natural Gas

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