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Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

DVN Quarterly Reports

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

 

Exhibit 99.1

 

Devon Energy Corporation

333 West Sheridan Avenue

Oklahoma City, OK  73102-5015

 

 

 

 

 

NEWS RELEASE

 

Devon Energy Reports First-Quarter 2020 Financial and Operational Results

 

OKLAHOMA CITY – May 5, 2020

– Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the first-quarter 2020. Supplemental financial tables for first-quarter results along with updated 2020 guidance are available on the company’s website at www.devonenergy.com.

 

First-Quarter Highlights

 

 

Efficiencies drove upstream capital expenditures 12 percent below midpoint guidance

 

First-quarter oil production exceeded guidance by 3,000 barrels per day

 

Operating cash flow increased 21 percent year-over-year to $529 million

 

Free cash flow generation reached $104 million

 

Maintained strong financial position with $4.7 billion of liquidity, no near-term debt maturities

 

Updated 2020 Outlook

 

 

Capital investment reduced 45 percent from original plan to $1 billion

 

Oil production expected to be essentially flat compared to 2019

 

Guidance assumes 10,000 barrels per day of oil curtailments in the second quarter

 

Hedges protect approximately 90 percent of oil volumes at $42 per barrel

 

Full-year cost outlook improved by $250 million, includes executive pay reductions

 

Barnett Shale asset sale process on track to close by year-end

 

“These are truly extraordinary times, as we cope with the impact of a global crisis that has touched all our lives, and I want to thank everyone in our communities working to keep people safe,” said Dave Hager, president and CEO. “At Devon, our top priority, as always, is ensuring the health and safety of our employees, and I want to acknowledge our team’s tireless efforts as they remain keenly focused on executing our business plan.

 

“Importantly, due to our recently completed portfolio transformation, Devon has entered these difficult times with the benefit of a strong balance sheet, excellent liquidity and top-tier assets,” Hager said. “In this uncertain environment, our top strategic priority is to preserve our financial strength, and our decisive actions to date have accomplished exactly that. Our swift response to recalibrate drilling and completion activity and lower operating costs ensures that we can fund all our 2020 capital requirements within cash flow. We are confident that we will emerge from this downturn a strong company, and we are well positioned to take full advantage of our high-quality portfolio when commodity prices normalize.”

 

First-Quarter 2020 Operating Results

 

Net production from retained assets averaged 348,000 oil-equivalent barrels (Boe) per day during the first quarter. Oil production averaged 163,000 barrels per day, a 15 percent increase from the same period a year ago. This result exceeded the company’s midpoint guidance by 3,000 barrels per day due to strong operating results in the Delaware Basin.

 

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The following information was filed by Devon Energy Corpde (DVN) on Tuesday, May 5, 2020 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 2020 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 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)
Asset Impairments
Asset Impairments (Narrative) (Details)
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)
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 Derivative Financial Instruments Included In The Consolidated Statements Of Comprehensive 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 Statements Of Comprehensive 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 (Schedule Of Right-Of-Use Assets And Lease Liabilities) (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 (Narrative) (Details)
Property, Plant And Equipment (Table Of Property And Equipment, Net) (Details)
Property, Plant And Equipment (Table 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)
Share-Based Compensation
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 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 Or Service) (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: 0001564590-20-021639
Submitted to the SEC: Wed May 06 2020 11:01:57 AM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Crude Petroleum And Natural Gas

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