Devon Energy Lifted Production Guidance After Robust Q1 Results

SEATTLE (Oil Monster): Devon Energy Corp. reported financial and operational results for the first-quarter 2024.

The company reported net earnings of $596 million, or $0.94 per diluted share, in the first quarter of 2024. After adjustments, the company’s core earnings were $730 million, or $1.16 per diluted share. The operating cash flow totalled $1.7 billion in the first quarter, by 4% from the year-ago quarter. Devon’s cash balances increased $274 million to a total of $1.1 billion. The outstanding debt, as at the end of the quarter, was $6.1 billion, said the company news release.

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The per day production averaged at 664,000 oil-equivalent barrels (Boe) during the initial quarter of 2024, surpassing the guidance by 4%. The company’s oil production totalled 319,000 barrels per day in the quarter, accounting for approximately 48% of total volumes. The Delaware Basin asset contributed to 66% of companywide volumes. Meantime, production costs including costs averaged at $12.43 per Boe in Q1 this year.

Rick Muncrief, president and CEO noted that the company delivered an outstanding set of results in the first quarter. Based on the impressive Q1 performance, the company has raised its second quarter and full year 2024 guidance for production targets.