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Devon Energy Corp - Stock Quote DVN

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Morningstar's Devon Energy Corp Stock Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Devon Bumps Shareholder Returns and Mitigates Inflationary Pressures on Spending

Analyst Note

| Dave Meats, CFA |

Devon shares outperformed peers after reporting first-quarter earnings. The firm reported strong first-quarter production of 575 mboe/d, within 1 percentage point of guidance and 6% lower sequentially as the firm factored in an expected downtick from severe winter weather—second-quarter production is anticipated to recover about 15 mboe/d as those weather curtailments subside. Like many of its peers, Devon has reiterated a commitment to moderated oil growth (5% annually), as it focuses primarily on cash returns, balance sheet improvements, and increases in operational efficiencies in the backdrop of elevated commodity prices. We intend to incorporate these results shortly, but after this first look our fair value estimate and moat rating are unchanged.

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Devon Energy Corp's Company Profile

Business Description

Devon Energy, based in Oklahoma City, is one of the largest independent exploration and production companies in North America. The firm's asset base is spread throughout onshore North America and includes exposure to the Delaware, STACK, Eagle Ford, Powder River Basin, and Bakken plays. At year-end 2021, Devon's proved reserves totaled 1.6 billion barrels of oil equivalent, and net production that year was 572 mboe/d (of which, oil and natural gas liquids made up 74% of production, with natural gas accounting for the remainder).

Contact
333 West Sheridan Avenue
Oklahoma, OK, 73102-5015
T +1 405 235-3611
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 1,600

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