Devon Energy reports Q3 adjusted EPS $1.65, consensus $1.47

Reports Q3 revenue $3.84B, consensus $3.54B. “Devon’s performance once again demonstrates the strength of our disciplined operating strategy, leading to another quarter of strong financial growth,” said CEO Rick Muncrief. “This growth was highlighted by production per share increasing 10% over the past year and we more than doubled our free cash flow during the quarter, reaching our highest level of the year. Our strong free cash flow generation allowed us to reward shareholders with a 57% increase to our dividend payout, and we took important steps to strengthen our balance sheet by retiring debt while building cash balances during the quarter. Looking ahead to 2024, we plan to refine our capital allocation by further concentrating investment in the Delaware Basin. By shifting more capital to the core of this world-class basin and high-grading activity across our diversified portfolio, we expect to deliver a step-change improvement in capital efficiency, and we are well positioned to generate growth in free cash flow that can once again be harvested for shareholders.”