Why Devon Energy shares are falling after hours

Devon Energy Corp (NYSE: DVN) The stock traded lower in the close session on Tuesday after the company released its fourth-quarter results.

What’s happened: Devon Energy reported fourth-quarter adjusted earnings of $1.66 per share, below analyst average estimates of $1.75 per share, according to data from Benzinga Pro.

Operating cash flow in the fourth quarter was $1.9 billion, up 18% year-over-year, resulting in free cash flow for the quarter of $1.1 billion.

Devon Energy said fourth-quarter production averaged 636,000 barrels of oil equivalent per day. The company’s production fell by 2% due to the impact of severe winter weather conditions on its portfolio.

“Thanks to our strong asset mix and financially focused strategy, our oil production has reached a new all-time high, our streamlined cost structure has allowed us to take full advantage of rising commodity prices, and our disciplined reinvestment rates have enabled us to raise a record amount. free cash flow during the year, ”the message says. Rick MancriefPresident and CEO of Devon Energy.

See more earnings on DVN

“From my perspective, our disciplined approach to business will not change in 2023,” the CEO added.

Devon Energy forecasts first-quarter production at around 635,000 boe per day. Production in 2023 is expected to be between 643,000 and 663,000 barrels of oil equivalent per day.

Devon Energy also declared a fixed plus variable dividend of 89 cents per share. Dividends are payable on 31 March to registered shareholders at the close of trading on 15 March.

DVN price action: Shares of Devon Energy after hours fell 4.78% to $60.90 at press time, according to Benzinga Pro.

Photo: Jerney Furman from Flickr.

Don’t miss real-time notifications about your promotions – join Benzinga Pro for free! Try a tool that will help you invest smarter, faster and better.

This article “Why Devon Energy Stocks Fall After Hours” originally appeared on Benzinga.com.

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button