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Devon Energy Corpde (DVN) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 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 46 Percent Increase in Operating Cash Flow and Record Free Cash Flow Generation in Third-Quarter 2021

OKLAHOMA CITY – Nov. 2, 2021

– Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the third-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 71 percent to $0.84 per share

 

   

Board authorizes a $1 billion share buyback, representing 4 percent of the company’s market capitalization

 

   

Delaware Basin drove third-quarter results that were favorable to guidance on production and costs

 

   

Operating cash flow increased 46 percent from the prior quarter to $1.6 billion

 

   

Disciplined capital allocation limited reinvestment rates to 30 percent of cash flow

 

   

Free cash flow generation accelerated to $1.1 billion, an 8-fold increase from the fourth quarter of 2020

 

   

Balance sheet strengthened with cash balances increasing by $782 million to a total of $2.3 billion

CEO PERSPECTIVE

“The power of Devon’s asset portfolio and disciplined cash-return strategy was evidenced by another quarter of operational and financial outperformance,” said Rick Muncrief, president and CEO. “The team’s outstanding execution, coupled with an improved cost structure, has allowed us to fully capture the benefits of rising commodity prices and deliver robust growth in free cash flow.”

“With this free cash flow, we are delivering on our commitment to accelerate the return of cash to shareholders with a 71 percent increase in the dividend and we have continued to strengthen our investment-grade balance sheet.”

“As a result of our improving financial outlook, I am excited to announce the next step in our cash-return strategy with the authorization of a $1 billion share-repurchase program,” Muncrief added. “While our market-leading dividend will remain the top priority for free cash flow, this program provides us with another avenue to opportunistically return value to shareholders and enhance per-share results.”

“Looking ahead to the remainder of this year and into 2022, we will continue to prioritize free cash flow over volume growth,” Muncrief commented. “With our operations successfully scaled to generate strong cash flow growth, we have no intention of pursuing production growth until it is clear that market fundamentals have sustainably recovered, and worldwide spare oil capacity is effectively absorbed.”

FINANCIAL SUMMARY

Devon reported net earnings of $838 million, or $1.24 per diluted share, in the third quarter of 2021. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $733 million, or $1.08 per diluted share.

Operating cash flow totaled $1.6 billion in the third quarter, a 46 percent increase from the prior quarter. With capital reinvestment rates limited to 30 percent of cash flow, the company generated $1.1 billion of free cash flow in the quarter. This represents an 8-fold increase in free cash flow compared to the fourth quarter of 2020 and is the highest quarterly amount in Devon’s 50-year history.

Based on the third-quarter financial performance, Devon’s board declared a fixed-plus-variable dividend of $0.84 per share. This payout represents a 71 percent increase compared to the payout declared from the previous quarter. The dividend is payable on Dec. 30, 2021 to shareholders of record at the close of business on Dec. 10, 2021.

 

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The following information was filed by Devon Energy Corpde (DVN) on Tuesday, November 2, 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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Definitive Proxy Statement (Form DEF 14A)
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Devon Energy Corpde's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
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  • Peers / Competitors

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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 Devon's 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 Components Of Income Tax Expense (Benefit)) (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 (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)

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: 0001564590-21-053780
Submitted to the SEC: Wed Nov 03 2021 12:01:22 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Crude Petroleum And Natural Gas

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