Devon Energy Beats Q4 Earnings, Raises Quarterly Dividend

Devon Energy Corp DVN reported fourth-quarter financial results Tuesday after the bell. Here’s a rundown of the report.

Q4 Earnings: Devon Energy reported fourth-quarter earnings of $1.16 per share, beating analyst estimates of $1.00 per share, according to Benzinga Pro.

Devon said oil production reached 398,000 barrels per day during the quarter, about 3% ahead of the company's previous guidance. The company said it generated $1.7 billion in operating cash flow and $738 million in free cash flow during the quarter.

Devon returned $444 million to shareholders through dividends and repurchases during the quarter. The company repurchased $300 million of its common stock in the quarter and raised its quarterly fixed dividend to 24 cents per share, up from 15 cents per share previously. Devon ended the quarter with a cash balance of $846 million.

"Our operational performance was outstanding, underpinning robust financial outcomes and generating significant free cash flow. This success is a testament to the dedication and hard work of our entire team,” said Rick Muncrief, president and CEO of Devon Energy.

“During the fourth quarter, our diversified, multi-basin portfolio once again delivered across our assets, with the Rockies and Eagle Ford exceeding estimates due to strong new well productivity and solid base performance.”

Outlook: Devon expects oil production to average 380,000 to 386,000 barrels per day in the first quarter. The company anticipates first-quarter capital spending of approximately $1 billion.

Devon expects full-year 2025 production to be in the range of 805,000 barrels per day to 825,000 barrels per day, up 2% versus the company’s previous outlook. Oil volumes are expected to be between 380,000 and 386,000 barrels per day.

Devon Energy executives will further discuss the quarter on a conference call scheduled for Wednesday morning at 11 a.m. ET.

DVN Price Action: Devon Energy shares were up 1.17% after hours, trading at $35.31 at the time of publication Tuesday, according to Benzinga Pro.

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