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Devon Energy Corpde (DVN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

Exhibit 99.1

 

LOGO      Devon Energy Corporation
     333 West Sheridan Avenue
     Oklahoma City, OK 73102-5015

Devon Energy Reports Fourth-Quarter and Full-Year 2020 Financial and Operational Results

OKLAHOMA CITY – Feb. 16, 2021

– Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the fourth quarter and full year 2020. On Jan. 7, 2021, Devon closed its merger with WPX Energy. Results discussed within this release represent legacy Devon operations and do not include amounts related to WPX unless specified. Supplemental financial tables, pro forma information combining certain Devon and WPX results, and forward-looking guidance are available on the company’s website at www.devonenergy.com.

KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

 

   

Board declares industry-first variable dividend of $0.19 per share based on fourth-quarter results

 

   

Variable dividend is in addition to previously declared fixed quarterly dividend of $0.11 per share

 

   

Pro forma oil production exceeded guidance by 5 percent in the fourth quarter

 

   

Well productivity and capital efficiency gains in the Delaware Basin headlined operating results

 

   

Production expense improved 14 percent year over year in the fourth quarter

 

   

Operating cash flow reached $773 million for the pro forma company in the quarter

 

   

Free cash flow generation accelerated to $263 million in the quarter for the pro forma company

 

   

Raising full-year 2021 operating and financial outlook

CEO PERSPECTIVE

“The power of Devon’s portfolio and strategy was clearly evidenced by our strong financial and operating performance in the quarter,” said Rick Muncrief, president and CEO. “The team’s outstanding execution allowed us to capitalize on our enhanced operating scale and improved cost structure to expand margins and accelerate free cash flow generation.”

“With the free cash flow generated in the quarter, I am proud to deliver on our commitment to reward shareholders with increased cash returns by declaring an industry-first variable dividend of $0.19 per share.

“Further adding to the value proposition of Devon is our improved financial and operating outlook for 2021 that lowers breakeven funding levels and positions the company for higher amounts of free cash flow.

“And while the recent uptick in commodity prices is certainly a welcomed change, Devon will remain extremely disciplined,” Muncrief added. “With our capital program, we have no intention of adding growth projects until demand fundamentals recover and worldwide inventory overhangs clear up.”

OPERATING RESULTS

Production from legacy Devon operations averaged 333,000 oil-equivalent barrels (Boe) per day during the fourth quarter. Oil production averaged 156,000 barrels per day, increasing 7 percent compared to the previous quarter. Oil production in the quarter benefited from strong well productivity in the Delaware Basin and better-than-expected base production performance across the portfolio.

Including results from WPX on a pro forma basis, fourth-quarter production averaged 584,000 Boe per day, including oil production of 305,000 barrels per day. This result for the combined company exceeded guidance by approximately 5 percent.

Devon’s upstream capital spending in the fourth quarter was $183 million. This result was in line with guidance and represents a 25 percent decline from the average quarterly spend in 2020. The decrease in capital was attributable to efficiency gains attained in the Delaware Basin, improvements in service-cost pricing and reduced levels of activity required to sustain production. WPX upstream capital was also in line with expectations totaling $283 million in the fourth quarter.

 

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The following information was filed by Devon Energy Corpde (DVN) on Wednesday, February 17, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Devon Energy Corpde's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual 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 (Narrative) (Details)
Acquisitions And Divestitures
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)
Commitments And Contingencies (Schedule Of Commitments And Contingencies) (Details)
Commitments And Contingencies (Tables)
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 Debt Maturities) (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 Statements Of Comprehensive Earnings) (Details)
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)
Derivative Financial Instruments (Tables)
Discontinued Operations
Discontinued Operations (Amounts Reported As Discontinued Operations In The Consolidated Statements Of Comprehensive Earnings) (Details)
Discontinued Operations (Carrying Amounts Of Assets And Liabilities Classified As Associated With Discontinued Operations On Consolidated Balance Sheets) (Details)
Discontinued Operations (Narrative) (Details)
Discontinued Operations (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 Changes In Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Tax Expense (Benefit) (Details)
Income Taxes (Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities) (Details)
Income Taxes (Tables)
Leases
Leases (Maturities Of Lease Liabilities) (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
Other Comprehensive Earnings (Components Of Other Comprehensive Earnings) (Details)
Other Comprehensive Earnings (Components Of Other Comprehensive Earnings) (Parenthetical) (Details)
Other Comprehensive Earnings (Tables)
Other, Net
Other, Net (Tables)
Other, Net -Additional Information (Details)
Other, Net -Summary Of Other Expenses (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Narrative) (Details)
Property, Plant And Equipment (Summary Of Changes In Suspended Exploratory Well Costs) (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)
Restructuring And Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details)
Retirement Plans
Retirement Plans (Narrative) (Details)
Retirement Plans (Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details)
Retirement Plans (Schedule Of Changes In Defined Benefit Plan Obligations) (Details)
Retirement Plans (Schedule Of Net Periodic Benefit Cost And Other Comprehensive Loss (Earnings) For Pension And Other Postretirement Benefit Plans) (Details)
Retirement Plans (Schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (Details)
Retirement Plans (Schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (Parenthetical) (Details)
Retirement Plans (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Schedule Of Aggregate Fair Value Of Restricted Stock, Performance-Based Restricted Stock And Performance Shares, Awards And Units, That Vested During The Period) (Details)
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 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 (Narrative) (Details)
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 On Oil And Gas Operations (Unaudited)
Supplemental Information On Oil And Gas Operations (Unaudited) (Costs Incurred) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Narrative) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Proved Developed And Undeveloped Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Proved Undeveloped Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Results Of Operations) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Standardized Measure Of Discounted Future Net Cash Flows Related To Proved Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (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)
Ticker: DVN
CIK: 1090012
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-006239
Submitted to the SEC: Wed Feb 17 2021 11:02:04 AM EST
Accepted by the SEC: Wed Feb 17 2021
Period: Thursday, December 31, 2020
Industry: Crude Petroleum And Natural Gas

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