Devon Energy Corp · Q1 2022 earnings

Briefing

Devon Energy's first-quarter performance was driven by Delaware Basin production growth and margin expansion, resulting in record free cash flow and increased dividend payout.

Devon Energy reported strong first-quarter 2022 results, driven by Delaware Basin production growth and margin expansion. The company achieved record free cash flow of $1.3 billion and increased its dividend payout by 27 percent to $1.27 per share. Devon also expanded its share-repurchase authorization by 25 percent to $2.0 billion and strengthened its balance sheet, with cash balances increasing by $354 million to $2.6 billion.

• Delaware Basin production growth and margin expansion drove first-quarter financial performance
• Operating cash flow increased 14 percent to $1.8 billion and free cash flow reached record high of $1.3 billion
• First-quarter dividend payout increased by 27 percent to $1.27 per share
• Board expanded share-repurchase authorization by 25 percent to $2.0 billion

Headline financials

Revenue & EPS history

Devon remains committed to a disciplined maintenance capital program and is on track to meet the strategic objectives that underpin its operating plan in 2022. The company has not made any modifications to its previously announced plan to sustain production in the range of 570,000 to 600,000 Boe per day, with an upstream capital investment of $1.9 billion to $2.2 billion.