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 Corp. (NYSE: DVN) has completed its acquisition of RimRock Oil and Gas, LP's leasehold interests in the Williston Basin for $865 million, excluding adjustments. This deal includes 38,000 net acres, enhancing Devon's existing holdings. The acquired assets are expected to produce an average of 20,000 Boe per day over the next year and add over 100 undrilled inventory locations, which will contribute to high-margin production and robust cash flow for several years.
ConocoPhillips (COP), Devon Energy (DVN), and Pioneer Natural Resources (PXD) have joined the Oil and Gas Methane Partnership (OGMP) 2.0 Initiative, aimed at enhancing transparency in methane emissions reporting. This commitment signifies their dedication to reducing methane emissions while meeting energy demands sustainably. The OGMP 2.0 serves as a global standard for reporting, helping companies show progress in methane management. Executives from each company emphasized the importance of collaboration and advanced technology in achieving net-zero emissions targets by 2050.
Devon Energy Corp. (NYSE: DVN) will report its second-quarter 2022 results on August 1, 2022, after U.S. markets close. A conference call for analysts and investors is scheduled for August 2 at 10:00 a.m. Central Time. The earnings release and presentation will be accessible on the company's website. Devon Energy, a prominent U.S. oil and gas producer, emphasizes a disciplined cash-return model aimed at generating free cash flow and returning capital to shareholders.
RimRock Oil & Gas announced its sale of leasehold interests in the Williston Basin to Devon Energy Corp. (NYSE: DVN) for $865 million. Established in 2016, RimRock has 200 wells and over 38,000 net acres in the Basin. CEO James Fraser expressed confidence in Devon's future success with these assets. Warburg Pincus, a major investor, highlighted RimRock's strategic position and substantial production capabilities. The transaction is expected to close in Q3 2022, effective April 1, 2022.
Devon Energy Corp. (NYSE: DVN) has entered a definitive purchase agreement to acquire RimRock Oil and Gas, LP assets in the Williston Basin for $865 million. This acquisition is projected to close in Q3 2022, effective April 1, 2022. The deal is seen as highly complementary, enhancing Devon's existing position and expected to be immediately accretive to key financial metrics. Devon plans a 13% increase in its quarterly dividend post-transaction and estimates $100 million in capital expenditures after the acquisition, with production anticipated to rise to 20,000 Boe per day.
WhiteWater, EnLink Midstream (NYSE: ENLC), Devon Energy (NYSE: DVN), and MPLX LP (NYSE: MPLX) have finalized the investment decision for the Matterhorn Express Pipeline, set to transport 2.5 billion cubic feet of natural gas per day across 490 miles from Texas to Houston. This project aims to enhance gas transportation from the Permian Basin and is expected to be operational by Q3 2024, subject to regulatory approvals. The partnership emphasizes increasing production capacity while minimizing flared volumes in West Texas.
Devon Energy Corp. (DVN) announced a record first-quarter dividend payout of $1.27 per share, marking a 27% increase from the previous quarter. The dividend is payable on June 30, 2022 to shareholders of record by June 13, 2022. Additionally, the board has expanded its share-repurchase program by 25% to $2.0 billion, with 19.1 million shares repurchased at a cost of $891 million to date. This authorization extends through May 4, 2023.
Devon Energy Corp. (NYSE: DVN) released its financial results for Q1 2022, highlighting its robust operational performance amidst a challenging market. The company continues to focus on sustainable operations and achieving significant free cash flow. An earnings conference call is scheduled for May 3, 2022, aimed at addressing investor inquiries. Devon maintains a strong presence in the U.S. oil and gas sector with a diverse multi-basin portfolio, particularly in the Delaware Basin.
Devon Energy Corp. (NYSE: DVN) announced it will report its first-quarter 2022 results on May 2, after U.S. markets close. The earnings release and presentation will be accessible on their website. A conference call is scheduled for May 3 at 10:00 a.m. CT, focusing on analyst and investor inquiries, with a replay available online afterward. Devon is a prominent U.S. oil and gas producer known for its robust operations in the Delaware Basin and a commitment to generating free cash flow while prioritizing sustainable practices.
Devon Energy has pledged up to $20 million to aid humanitarian efforts for Ukrainian refugees affected by the ongoing crisis. The contributions will be distributed among various organizations providing essential services such as medical care, food, and housing. In light of the devastation caused by Russia's invasion, which has resulted in over 3 million refugees and 12 million people in need of assistance, the company emphasizes the importance of global solidarity. CEO Rick Muncrief expressed pride in Devon's commitment to supporting those in dire need.