Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
OKLAHOMA CITY - Devon Energy Corp. (NYSE:DVN) reported fourth-quarter 2024 earnings that exceeded analyst expectations, driven by record oil production and strong performance across its asset portfolio.
The oil and gas producer posted adjusted earnings of $1.16 per share, surpassing the analyst consensus estimate of $0.98. Revenue came in at $4.4 billion, above the $4.17 billion analysts had projected.
Devon’s oil production reached a record 398,000 barrels per day in Q4, exceeding guidance by 3%. Total (EPA:TTEF) production averaged 848,000 barrels of oil equivalent (Boe) per day, up 16% from the previous quarter.
"Our operational performance was outstanding, underpinning robust financial outcomes and generating significant free cash flow," said Rick Muncrief, president and CEO.
The company generated $1.7 billion in operating cash flow and $738 million in free cash flow during the quarter. Devon returned $444 million to shareholders through dividends and share repurchases.
Looking ahead, Devon expects 2025 production to be 805,000 to 825,000 Boe per day, with oil volumes ranging from 380,000 to 386,000 barrels per day. The company’s 2025 capital program is projected at $3.8 billion to $4.0 billion.
Devon’s board approved a 9% increase to the quarterly fixed dividend for 2025 to $0.24 per share, reflecting confidence in the energy outlook and future free cash flows.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.