We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Devon Energy (DVN) Q1 Earnings Beat Estimates, Revenues Lag
Read MoreHide Full Article
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2021 adjusted earnings of 45 cents, beating the Zacks Consensus Estimate of 35 cents per share by 28.6%. In the year-ago quarter, the company reported earnings of 13 cents per share.
GAAP earnings for the first quarter were 32 cents compared with 27 cents per share in the year-ago period.
Revenues
Total revenues of $1,762 million lagged the Zacks Consensus Estimate by 20.5%. The top line also declined 15.6% from the year-ago figure.
Devon Energy Corporation Price, Consensus and EPS Surprise
Total net production for first-quarter 2021 touched 499,000 barrels of oil equivalent per day (Boe/d), up 43.4% year over year. Oil production averaged 268,000 barrels per day (Bbl/d), which increased 71.8% on a year-over-year basis, primarily due to strong contribution from Delaware and Williston Basin assets. Natural gas liquids production was also up 23.8% year over year.
Realized Prices
Realized oil prices for the quarter were $47.23 per barrel, down 5.1% from $49.73 in the year-ago period. Realized prices for natural gas liquids, however, were up 125.3% to $24.81 per barrel from $11.01 in the prior-year quarter.
Realized gas prices were up 75.8% to $2.76 per thousand cubic feet from $1.57 in the prior-year quarter.
Total oil equivalent realized prices — including cash settlements — were $34.67 per Boe, up 21.1% year over year.
Other Highlights
Total production expenses for the first quarter were $489 million, increasing 53.4% year over year. With capital programs focused on developing higher-margin production opportunities, oil and natural gas liquids volumes reached 74% of Devon Energy’s product mix for the quarter.
Financing costs for the reported quarter were $77 million, up from $65 million in the year-ago period.
Financial Highlights
As of Mar 31, 2021, the company had cash and cash equivalents including restricted cash of $1,878 million, up from $2,237 million as of Dec 31, 2020. It exited the first quarter with $4.9 billion of liquidity and no debt maturities till 2023.
As of Mar 31, 2021, long-term debt amounted to $7,042 million, up marginally from $4,298 million on Dec 31, 2020.
Devon Energy’s net cash from operating activities for first-quarter 2021 was $592 million, up 11.9% from the year-ago period.
Guidance
It expects total production for the second quarter in the range of 538,000-561,000 Boe/d.
Devon Energy’s oil production guidance for 2021 is projected in the range of 280,000-290,000 BBl/d. For 2021, total production is expected in the range of 529,000-559,000 Boe/d.
Capital expenditure for 2021 is expected within $1,720-$1,980 million, including upstream expenditure in the range of $1,600-$1,800 million.
Through cost-management initiatives, the company is on course to achieve cost savings of $600 million by 2021-end.
Other Releases
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2021 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 28 cents by 28.6%.
Matador Resources Company (MTDR - Free Report) reported first-quarter 2021 adjusted earnings of 71 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 82.1%.
Hess Corporation (HES - Free Report) reported adjusted first-quarter 2021 earnings per share of 82 cents, beating the Zacks Consensus Estimate of earnings of 44 cents by 86.4%.
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Image: Bigstock
Devon Energy (DVN) Q1 Earnings Beat Estimates, Revenues Lag
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2021 adjusted earnings of 45 cents, beating the Zacks Consensus Estimate of 35 cents per share by 28.6%. In the year-ago quarter, the company reported earnings of 13 cents per share.
GAAP earnings for the first quarter were 32 cents compared with 27 cents per share in the year-ago period.
Revenues
Total revenues of $1,762 million lagged the Zacks Consensus Estimate by 20.5%. The top line also declined 15.6% from the year-ago figure.
Devon Energy Corporation Price, Consensus and EPS Surprise
Devon Energy Corporation price-consensus-eps-surprise-chart | Devon Energy Corporation Quote
Production
Total net production for first-quarter 2021 touched 499,000 barrels of oil equivalent per day (Boe/d), up 43.4% year over year. Oil production averaged 268,000 barrels per day (Bbl/d), which increased 71.8% on a year-over-year basis, primarily due to strong contribution from Delaware and Williston Basin assets. Natural gas liquids production was also up 23.8% year over year.
Realized Prices
Realized oil prices for the quarter were $47.23 per barrel, down 5.1% from $49.73 in the year-ago period. Realized prices for natural gas liquids, however, were up 125.3% to $24.81 per barrel from $11.01 in the prior-year quarter.
Realized gas prices were up 75.8% to $2.76 per thousand cubic feet from $1.57 in the prior-year quarter.
Total oil equivalent realized prices — including cash settlements — were $34.67 per Boe, up 21.1% year over year.
Other Highlights
Total production expenses for the first quarter were $489 million, increasing 53.4% year over year. With capital programs focused on developing higher-margin production opportunities, oil and natural gas liquids volumes reached 74% of Devon Energy’s product mix for the quarter.
Financing costs for the reported quarter were $77 million, up from $65 million in the year-ago period.
Financial Highlights
As of Mar 31, 2021, the company had cash and cash equivalents including restricted cash of $1,878 million, up from $2,237 million as of Dec 31, 2020. It exited the first quarter with $4.9 billion of liquidity and no debt maturities till 2023.
As of Mar 31, 2021, long-term debt amounted to $7,042 million, up marginally from $4,298 million on Dec 31, 2020.
Devon Energy’s net cash from operating activities for first-quarter 2021 was $592 million, up 11.9% from the year-ago period.
Guidance
It expects total production for the second quarter in the range of 538,000-561,000 Boe/d.
Devon Energy’s oil production guidance for 2021 is projected in the range of 280,000-290,000 BBl/d. For 2021, total production is expected in the range of 529,000-559,000 Boe/d.
Capital expenditure for 2021 is expected within $1,720-$1,980 million, including upstream expenditure in the range of $1,600-$1,800 million.
Through cost-management initiatives, the company is on course to achieve cost savings of $600 million by 2021-end.
Other Releases
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2021 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 28 cents by 28.6%.
Matador Resources Company (MTDR - Free Report) reported first-quarter 2021 adjusted earnings of 71 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 82.1%.
Hess Corporation (HES - Free Report) reported adjusted first-quarter 2021 earnings per share of 82 cents, beating the Zacks Consensus Estimate of earnings of 44 cents by 86.4%.
Zacks Rank
Devon Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>