Devon Energy reports Q1 adjusted EPS $1.16, consensus $1.11

First quarter production averaged 664,000 oil-equivalent barrels per day, exceeding guidance by 4 percent. Delaware Basin production increased 5 percent year over year, driving results that were favorable to guidance. Devon’s operating cash flow totaled $1.7 billion in the first quarter, a 4 percent increase versus the year-ago period. This level of cash flow funded all the company’s capital requirements and resulted in $844 million of free cash flow for the quarter. “By all measures, Devon delivered an outstanding set of results in the first quarter that demonstrated the comprehensive execution we achieved across every element of our disciplined strategy,” said Rick Muncrief, president and CEO. “This success was showcased by excellent well productivity and efficiency gains from our Delaware-focused program that drove volumes above guidance by a wide margin. Furthermore, our operating margins benefitted from the team’s efforts to drive per unit costs lower than plan, allowing us to capture the full benefit of rising oil prices during the quarter.”