Devon Energy's Record Production Fueled Robust Cash Flow And Cash Returns to Shareholders (Which Should Continue in 2025)
Devon Energy (NYSE: DVN) recently closed the book on a record year. The oil company reported record production volumes in the fourth quarter and full year. That enabled it to produce strong free cash flow, a majority of which it returned to shareholders through dividends and share repurchases. The oil company expects to continue growing its production this year, which should enable it to generate a lot of cash and return the bulk of it to shareholders.Devon Energy achieved record oil production of 398,000 barrels of oil per day during the fourth quarter, exceeding its guidance by 3%. Add in natural gas and natural gas liquids, and the company's total output averaged 848,000 barrels of oil equivalent (BOE) per day, a 16% increase from the previous quarter. The company benefited from its acquisition of Grayson Mill Energy, which closed in late September and added 117,000 BOE/d and 63,000 barrels of oil per day to its quarterly total. Devon also benefited from the strength of its legacy assets, led by a 23% output surge in the Eagle Ford of South Texas, which reached 92,000 BOE/d. Continue reading
Devon Energy (NYSE: DVN) recently closed the book on a record year. The oil company reported record production volumes in the fourth quarter and full year. That enabled it to produce strong free cash flow, a majority of which it returned to shareholders through dividends and share repurchases.
The oil company expects to continue growing its production this year, which should enable it to generate a lot of cash and return the bulk of it to shareholders.
Devon Energy achieved record oil production of 398,000 barrels of oil per day during the fourth quarter, exceeding its guidance by 3%. Add in natural gas and natural gas liquids, and the company's total output averaged 848,000 barrels of oil equivalent (BOE) per day, a 16% increase from the previous quarter. The company benefited from its acquisition of Grayson Mill Energy, which closed in late September and added 117,000 BOE/d and 63,000 barrels of oil per day to its quarterly total. Devon also benefited from the strength of its legacy assets, led by a 23% output surge in the Eagle Ford of South Texas, which reached 92,000 BOE/d.
