Devon Energy (DVN) Q4 Earnings Beat Estimates, Revenues Lag
Zacks Investment Research | Feb 18, 2020 10:11PM ET
Devon Energy Corp. (NYSE:DVN) reported fourth-quarter 2019 adjusted earnings per share of 33 cents, which beat the Zacks Consensus Estimate of 29 cents by 13.8%.
Revenues
However, quarterly revenues of $1,589 million missed the Zacks Consensus Estimate of $1,835 million by 13.4%. Moreover, total revenues declined 55% from the year-ago quarter’s figure of $3,530 million.
Highlights of the Release
Total net production from Devon’s retained assets in fourth-quarter 2019 touched 340,000 barrels of oil equivalent per day (Boe/d). Oil production averaged 160,000 barrels per day, touched the upper end of the guidance of 154,000-160,000 barrels per day. Oil production increased 28% on a year over year basis courtesy of strong well productivity and timing of completions in the Delaware Basin.
To reward shareholders, the company is paying out steady quarterly common stock dividend. The company announced that its board of directors approved a 22% increase to its quarterly common stock dividend to 11 cents per share, up from the prior rate of 9 cents. The new quarterly dividend rate is effective in the second quarter of 2020.
During the reported quarter, total expenses declined 7% year over year to $1,610 million.
Devon repurchased shares worth $1.85 billion in 2019. The company’s board of directors announced its new $1 billion share repurchase program.
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