Welcome to our dedicated page for Devon Energy news (Ticker: DVN), a resource for investors and traders seeking the latest updates and insights on Devon Energy stock.
Devon Energy Corporation reports developments tied to its U.S. oil and gas production business, with a diversified multi-basin portfolio headlined by the Delaware Basin. Recurring updates include quarterly operating and financial results, production outlooks, cash-return and capital-allocation themes, safe and sustainable operations, shareholder votes, governance matters and material agreements.
News also covers capital-structure developments and completed corporate transactions, including the Coterra merger, under which Coterra became a direct wholly owned subsidiary of Devon.
Devon Energy (NYSE: DVN) announced a 2% reduction in fourth-quarter production, equivalent to 15,000 oil-equivalent barrels (Boe) per day, primarily due to severe winter weather. This adjustment is expected to limit average production to 636,000 Boe daily, including 316,000 barrels of oil. The most significant impact occurred in the Williston Basin, where weather led to well shut-ins and delays. However, the company has restored production and anticipates that downtime will be confined to the fourth quarter.
Devon Energy Corp. (NYSE: DVN) announced the appointment of Michael Mears and Gennifer Kelly to its board of directors, effective January 3, 2023. Mears, former chairman, president, and CEO of Magellan Midstream Partners, brings extensive management experience, while Kelly has 25 years in the oil and gas sector, including leadership roles at Western Midstream Partners and Anadarko Petroleum. With Dave Hager retiring as board chair, the board will consist of 12 members, with 10 being independent. These appointments aim to enhance Devon's strategic direction and shareholder value.
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Devon Energy Corp. (NYSE: DVN) declared a $1.35 fixed-plus-variable dividend per share, marking a 61% year-over-year increase based on Q3 financial performance. The dividend is payable on December 30, 2022 to shareholders on record by the close of business on December 12, 2022. As a leading oil and gas producer in the U.S., Devon aims to generate free cash flow and return capital to shareholders while maintaining a focus on sustainable operations.
Devon Energy Corp. (NYSE: DVN) announced its financial and operational results for Q3 2022. The company is recognized as a leading oil and gas producer in the U.S., particularly noted for its strong position in the Delaware Basin. Devon's disciplined cash-return business model aims to deliver robust returns, generate free cash flow, and return capital to shareholders while maintaining safe operations. The Q3 conference call for analysts and investors is scheduled for November 2, 2022, at 10:00 a.m. Central Time.
Empire Petroleum (NYSE American: EP) has appointed J. Kevin Vann as Vice President of Finance and Strategic Planning. Vann brings over 25 years of experience in the energy sector, previously serving as CFO at WPX Energy, which merged with Devon Energy (NYSE: DVN) in January 2021. His expertise will enhance Empire’s financial planning, capital market initiatives, and strategic oversight. CEO Tommy Pritchard highlighted Vann's strong background in capital allocation and corporate activities, positioning Empire for growth, with a focus on strategic and operational excellence.
Devon Energy Corp. (NYSE: DVN) has finalized its acquisition of Validus Energy for $1.8 billion, bolstering its position in the Eagle Ford basin. The deal adds 42,000 net acres with a 90% working interest, contributing approximately 35,000 Boe per day in production, expected to rise to 40,000 Boe daily within a year. Additionally, the acquisition introduces 350 drilling locations and 150 refrac candidates, enhancing Devon's capacity for high-margin production and free cash flow for the coming years.
Devon Energy Corp. (NYSE: DVN) announced it will report its third-quarter 2022 results on Nov. 1, after U.S. market close. The earnings release and presentation will be accessible on the company's website. A conference call is scheduled for Nov. 2 at 10:00 a.m. CT, focusing on analyst and investor Q&A. Devon Energy, a leading U.S. oil and gas producer, emphasizes a disciplined cash-return model aimed at generating strong returns and free cash flow, while prioritizing safe operations.
Devon Energy Corp. (NYSE: DVN) announced the expected appointment of Barbara Baumann as chair of the board, succeeding Dave Hager, who plans to retire in January 2023. This leadership transition reflects Devon's commitment to strong governance and strategic direction. Hager expressed pride in the company's achievements during his 15-year tenure, while Muncrief highlighted Baumann's extensive experience in the energy sector, governance, and ESG initiatives. Baumann has been on the board since 2014 and currently leads key committees.
Devon Energy Corp. (NYSE: DVN) has announced a definitive purchase agreement to acquire Validus Energy for $1.8 billion, expected to close by Q3 2022. This acquisition will complement Devon's existing Eagle Ford holdings and is projected to enhance financial metrics such as earnings and cash flow. Notably, the deal is valued at 2-times cash flow, generating a free cash flow yield of 30%. The transaction is anticipated to increase Devon's variable dividend by up to 10% and supports a $2 billion share repurchase program.