Devon Energy Corp (NYSE:DVN) shares are trading lower in Tuesday’s after-hours session after the company reported fourth-quarter results.
What Happened: Devon Energy reported adjusted fourth-quarter earnings of $1.66 per share, which missed average analyst estimates of $1.75 per share, according to data from Benzinga Pro.
Operating cash flow totaled $1.9 billion in the fourth quarter, up 18% year-over-year, resulting in $1.1 billion in free cash flow for the quarter.
Devon Energy said production averaged 636,000 oil-equivalent barrels per day in the fourth quarter. The company’s production was reduced by 2% due to the impact of severe winter weather across its portfolio.
“With our powerful suite of assets and financially driven strategy, our oil production reached a new all-time high, our streamlined cost structure captured the full benefit of rising commodity prices, and our disciplined reinvestment rates allowed us to generate a record-setting amount of free cash flow during the year,” said Rick Muncrief, president and CEO of Devon Energy.
“As I look to 2023, there will be no change to our disciplined approach to the business,” the CEO added.
Devon Energy sees first-quarter production of approximately 635,000 oil-equivalent barrels per day. Full-year 2023 production is expected to range from 643,000 to 663,000 oil-equivalent barrels per day.
Devon Energy also declared a fixed-plus-variable dividend of 89 cents per share. The dividend is payable on March 31 to shareholders of record at the close of business on March 15.
DVN Price Action: Devon Energy shares are down 4.78% after hours at $60.90 at the time of publication, according to Benzinga Pro.
Photo: Jernej Furman from Flickr.
