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Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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

Devon Energy Reports Third-Quarter 2020 Financial and Operational Results

OKLAHOMA CITY – Oct. 29, 2020

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

KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

 

   

Third-quarter oil production totaled 146,000 barrels per day, exceeding midpoint guidance by 6,000 barrels per day

 

   

Delaware Basin efficiency gains drove capital expenditures below midpoint guidance in the quarter

 

   

Production expenses were below guidance, improving 8 percent year over year

 

   

Operating cash flow expanded quarter over quarter to $427 million

 

   

Free cash flow generation reached $223 million in the third quarter

 

   

Barnett Shale asset divestiture was completed on Oct. 1

 

   

Paid $100 million special dividend in conjunction with Barnett divestiture

 

   

Announced transformational merger of equals with WPX Energy on Sept. 28, creating a leading U.S. energy company

“Devon is executing at a very high level on all aspects of our disciplined cash-return business model,” said Dave Hager, president and CEO. “Our third-quarter performance was highlighted by record-setting well productivity and capital efficiency gains in the Delaware Basin that drove oil production well above guidance with a total capital investment that was below forecast. Furthermore, this strong operational performance, coupled with significant improvements in our corporate cost structure, positioned us to generate $223 million of free cash flow in the quarter.”

“With our operations successfully scaled to generate free cash flow, our advantaged financial position allows us to accelerate the return of capital to shareholders,” Hager said. “In conjunction with the recent closing of the Barnett Shale divestiture, we rewarded our shareholders with a $100 million special dividend. This action further demonstrates our commitment to the cash-return business model, which moderates growth, emphasizes capital efficiencies, prioritizes free cash flow and returns increasing amounts of cash to shareholders.”

OPERATING RESULTS

Net production from Devon’s retained assets averaged 326,000 oil-equivalent barrels (Boe) per day during the third quarter. Oil production averaged 146,000 barrels per day, exceeding the company’s midpoint guidance by 6,000 barrels per day. Third-quarter oil production benefited from strong well productivity in the Delaware Basin and better-than-expected base production performance across the portfolio.

Upstream capital spending in the third quarter was $195 million, or 3 percent below midpoint guidance. This positive variance was attributable to efficiency gains in the Delaware Basin and improvements in service-cost pricing. Devon averaged nine operated drilling rigs and three completion crews in the third quarter, all residing in the Delaware Basin.

Devon’s production expense totaled $271 million in the third quarter, an 8 percent improvement year over year. The largest component of production expense is lease operating expense and gathering, processing and transportation costs, which totaled $225 million in aggregate, or $7.49 per Boe in the quarter. Effective cost management efforts and efficient field-level operations drove per-unit rates 8 percent below guidance expectations for the quarter.

The company also improved its general and administrative (G&A) cost structure during the quarter. G&A expenses totaled $75 million in the third quarter, a 30 percent improvement from the third quarter of 2019. The lower overhead costs were primarily driven by reduced personnel expense.

 

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The following information was filed by Devon Energy Corpde (DVN) on Thursday, October 29, 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)
Acquisition And Divestitures
Acquisition And Divestitures (Narrative) (Details)
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
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 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)
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 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 Or Service) (Details)
Summary Of Significant Accounting Policies (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)

Material Contracts, Statements, Certifications & more

Devon Energy Corpde provided additional information to their SEC Filing as exhibits

Ticker: DVN
CIK: 1090012
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-049203
Submitted to the SEC: Fri Oct 30 2020 12:00:53 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: Crude Petroleum And Natural Gas

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