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Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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 Second-Quarter 2021 Financial and Operational Results

OKLAHOMA CITY – Aug. 3, 2021

– Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the second-quarter 2021. Supplemental financial tables and forward-looking guidance are available on the company’s website at www.devonenergy.com.

KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

 

   

Fixed-plus-variable dividend increased by 44 percent to $0.49 per share

 

   

Investment-grade financial strength enhanced with redemption of $1.2 billion of debt year-to-date

 

   

Operating cash flow increased 85 percent from the prior quarter to $1.1 billion

 

   

Free cash flow generation accelerated to $589 million, a 6-fold increase from the prior quarter

 

   

Oil production exceeded midpoint guidance, averaging 291,000 barrels per day in the second quarter

 

   

Delaware Basin efficiency gains drove capital expenditures 9 percent below guidance

 

   

Merger synergies improved corporate cost structure by 27 percent year over year

CEO PERSPECTIVE

“2021 is shaping up to be an excellent year for Devon that can best be defined as one of comprehensive execution across all elements of our strategy, resulting in expanded margins, growth in free cash flow and the return of significant value to our shareholders through higher dividends and the reduction of debt,” said Rick Muncrief, president and CEO.

“With our business building momentum and generating increasing amounts of free cash flow, a clear differentiator for Devon is the ability to accelerate cash returns through our fixed-plus-variable dividend framework,” said Muncrief. “The power of this uniquely designed dividend strategy was demonstrated by our announcement to increase the dividend by 44 percent this quarter.”

“As I look to the second half of the year, the investment proposition for Devon only continues to strengthen,” Muncrief added. “With our disciplined capital allocation framework, we are positioned to have the highest forward dividend yield in the entire S&P 500 index that is accompanied by a strong balance sheet projected to have a leverage ratio of less than 1-turn by year end.”

FINANCIAL SUMMARY

Devon reported net earnings of $256 million, or $0.38 per diluted share, in the second quarter of 2021. Adjusting for items analysts typically exclude from estimates, Devon’s core earnings were $408 million or $0.60 per diluted share.

The company’s operating cash flow totaled $1.1 billion in the second quarter, an 85 percent increase from the prior quarter. This level of cash flow funded all capital requirements and generated $589 million of free cash flow.

Based on the strong financial performance in the second quarter, Devon’s board declared a fixed-plus-variable dividend of $0.49 per share. This represents a 44 percent increase compared to the payout declared for the previous quarter. The dividend is payable on Sep. 30, 2021 to shareholders of record at the close of business on Sep. 13, 2021.

Devon’s investment-grade financial position also continued to strengthen with the redemption of $710 million of debt in the quarter. This action brings the total amount of debt reduced to $1.2 billion year to date and the company exited the quarter with excellent liquidity of $1.5 billion of cash on hand.

 

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The following information was filed by Devon Energy Corpde (DVN) on Tuesday, August 3, 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-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 2021 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)
Acquisition And Divestitures (Schedule Of Preliminary Allocation Of The Total Purchase Price) (Details)
Acquisition And Divestitures (Schedule Of Pro Forma Adjustments To Confirm Acquisition) (Details)
Acquisition And Divestitures (Schedule Of Wpx Revenue And Earnings Included In Devons Consolidated Comprehensive Statements Of Earnings) (Details)
Acquisitions And Divestitures (Tables)
Asset Impairments
Asset Impairments (Narrative) (Details)
Asset Impairments (Summary Of Asset Impairments) (Details)
Asset Impairments (Tables)
Asset Retirement Obligations
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 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 (Schedule Of Wpx Debt Assumed With The Merger) (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 Natural Gas Derivative Positions) (Parenthetical) (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
Discontinued Operations (Amounts Reported As Discontinued Operations In The Consolidated Statements Of Comprehensive Earnings) (Details)
Discontinued Operations (Amounts Reported As Discontinued Operations In The Consolidated Statements Of Comprehensive Earnings) Parenthetical (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 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)
Other Long-Term Liabilities
Other Long-Term Liabilities (Tables)
Other Long-Term Liabilities - Additional Information (Details)
Other Long-Term Liabilities - Components Of Other Long-Term Liabilities (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Summary Of Property And Equipment, Net) (Details)
Property, Plant And Equipment (Summary 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)
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 (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Schedule Of Revenue From Contracts With Customers) (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)
Ticker: DVN
CIK: 1090012
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-040600
Submitted to the SEC: Wed Aug 04 2021 12:02:07 PM EST
Accepted by the SEC: Wed Aug 04 2021
Period: Wednesday, June 30, 2021
Industry: Crude Petroleum And Natural Gas

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