Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
Is the market likely to see a reset, similar to the ones after the dot-com bubble in 2000 and the 2008 financial crisis? As with everything in economics, opinions are divided.
Devon Energy's (DVN) first-quarter earnings were better than expected due to strong production volumes. Taking into account the first quarter performance, Devon raised its 2024 production volume.
Devon Energy (DVN) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $1.46 per share a year ago.
U.S. shale producer Devon Energy beat first-quarter profit estimates on Wednesday as higher production helped it offset a decline in natural gas prices.
Devon Energy's (DVN) first-quarter production volumes is likely to have been affected by unfavorable weather. DVN's cash flow and utilization of the same to repurchase shares is likely to have boosted earnings.
Devon Energy shares are up around 15% so far in 2024, or more than twice the gain of the S&P 500 index. The company has a variable dividend policy that rewards investors when it does well.
Management is investing in its core assets with the expectation of improving its well productivity. Devon Energy continues to be an excellent investing option for income-seeking investors.