Last10K.com

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

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

Exhibit 99.1

 

LOGO

NEWS RELEASE

Devon Energy Reports Third-Quarter 2019 Financial and Operational Results

OKLAHOMA CITY – Nov. 5, 2019

– Devon Energy Corp. (NYSE: DVN) today reported third-quarter net earnings of $109 million, or $0.27 per diluted share. Core earnings were $103 million, or $0.26 per diluted share. Supplemental financial tables for third-quarter results and updated 2019 guidance are available on the company’s website at www.devonenergy.com.

Highlights

 

   

Operating cash flow totaled $597 million, a 22 percent increase compared to the second quarter

 

   

Free cash flow generation reached $56 million in third quarter

 

   

$100 million midstream transaction executed in Delaware Basin

 

   

Share-repurchase program decreased outstanding share count by 28 percent since 2018

 

   

Third-quarter oil production increased 19 percent year-over-year, exceeding guidance

 

   

Raised full-year 2019 oil production guidance for 3rd time this year

 

   

Capital efficiency improved with no change to 2019 capital spending plan

“The third quarter featured exceptional execution across all aspects of our strategic plan reflecting our unwavering commitment to deliver attractive financial returns, improve capital efficiency and grow shareholder distributions,” said Dave Hager, president and CEO. “Furthermore, our advantaged multi-basin portfolio is built to last, with significant capital allocation flexibility designed to deliver both high-return oil growth and increasing amounts of free cash flow in an environmentally responsible manner.”

Third-Quarter 2019 Results

Total net production from Devon’s retained assets averaged 325,000 oil-equivalent barrels (Boe) per day during the third quarter. Oil production averaged 148,000 barrels per day, a 19 percent increase from the same period a year ago. This result exceeded the company’s midpoint guidance by 3 percent or 4,000 barrels per day due to strong well productivity and timing of completions in the Delaware Basin.

For the third quarter, Devon’s upstream revenues totaled $1.1 billion. The company’s realized price during the period, including commodity hedges, was $27.73 per Boe, compared with the prior quarter of $27.84 per Boe. This lower price realization reflects lower crude, natural gas, and natural gas liquids pricing, offset by growth in higher-margin oil production and cash settlements on commodity hedges.

Production expense averaged $9.37 per Boe in the third quarter. Including costs reclassified to discontinued operations, production costs declined 19 percent compared to the year-ago quarter. The improved result was driven by lower lease operating expenses across Devon’s retained U.S. asset portfolio, decreased production taxes and the exit of higher-cost Canadian assets from Devon’s portfolio.

Corporate costs also declined during the quarter. General and administrative (G&A) expenses totaled $107 million in the third quarter. Including costs reclassified to discontinued operations, Devon’s G&A expense improved 27 percent year-over-year. The lower G&A costs were primarily driven by reduced personnel expense. Interest costs (including discontinued operations) were reduced $20 million year-over-year due to the company’s ongoing debt-reduction program.

 

1


The following information was filed by Devon Energy Corpde (DVN) on Tuesday, November 5, 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.

View differences made from one quarter to another to evaluate Devon Energy Corpde's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Devon Energy Corpde.

Continue

Assess how Devon Energy Corpde's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Devon Energy Corpde's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Expense
Cash Flow
Product
Earnings
Dividend
Debt
Geography
Other
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 Debt Instruments And Balances) (Parenthetical) (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 (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 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: 0001564590-19-040774
Submitted to the SEC: Wed Nov 06 2019 7:02:57 AM EST
Accepted by the SEC: Wed Nov 06 2019
Period: Monday, September 30, 2019
Industry: Crude Petroleum And Natural Gas

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/dvn/0001564590-19-040774.htm