Devon Energy Reports Mixed Q1 Results, Increases Buyback: The Details

Devon Energy Corp DVN shares are volatile in extended trading Monday after the company reported mixed first-quarter results.

What Happened: Devon reported first-quarter revenue of $3.82 billion, which missed consensus estimates of $3.94 billion, according to Benzinga Pro. The oil producer reported adjusted earnings of $1.46 per share, which beat estimates of $1.38 per share. 

Oil production averaged 320,000 barrels per day in the quarter, which came in 2,000 barrels per day above the company’s midpoint guidance.

Operating cash flow totaled $1.7 billion in the quarter, resulting in free cash flow of $665 million. 

“Devon’s strong financial performance in the first quarter was fueled by record-setting oil production and effective cost management across the portfolio,” said Rick Muncrief, president and CEO.

“This solid operational execution, combined with low reinvestment rates, has allowed Devon to generate free cash flow for 11 consecutive quarters across a variety of market conditions.”

Devon declared a dividend of 72 cents per share based on its first-quarter results. The company also increased its share repurchase authorization by 50% to $3 billion.

Devon said it still expects to produce 643,000 to 663,000 Boe per day for the full-year 2023.

See Also: Palantir Delivers Another Profitable Quarter, Touts New AI Platform, Shares Surge

DVN Price Action: Devon Energy shares were up 0.18% after hours at $51.09 at the time of publication, according to Benzinga Pro.

Photo: Ferdinand Kozeluh from Pixabay.