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Devon Energy's (DVN) Q4 Earnings and Revenues Lag Estimates
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Devon Energy Corp. (DVN - Free Report) reported fourth-quarter 2022 earnings of $1.66 per share, which missed Zacks Consensus Estimate of $1.75 by 5.14%. The bottom line improved 19.42% from the year-ago quarter’s $1.39.
GAAP earnings for the fourth quarter were $1.83 per share compared with $2.23 in the year-ago quarter.
Revenues
Total revenues for the fourth quarter totaled $4,299 million, which missed the Zacks Consensus Estimate of $4,647 million by 7.5%. The top line improved 0.6% from the year-ago figure.
Devon Energy Corporation Price, Consensus and EPS Surprise
Total net production for fourth-quarter 2022 touched 636,000 barrels of oil equivalent per day (Boe/d), up 4.1% year-over-year. However, the company’s expected production in the quarter was reduced by 2% due to the impact of severe weather conditions.
Natural gas liquids production dropped 4% year over year to 148,000 Bbl/d. Oil production averaged 316,000 barrels per day (Bbl/d), up 5.3% on a year-over-year basis, primarily due to higher oil production in Eagle Ford.
Realized Prices
Realized oil prices for the quarter were $77.44 per barrel, up 24.5% from $62.22 in the year-ago period. Realized prices for natural gas liquids were $24.32 per barrel, down 30.2% from $34.82 in the prior-year quarter.
Realized gas prices were $4.01 per thousand cubic feet, up 23% from $3.26 in the prior-year quarter.
Total oil equivalent realized prices — including cash settlements — were $50.62 per Boe, up 14.2% year over year.
Other Highlights
Total production expenses for the fourth quarter were $715 million, up 18.2% year over year.
Devon Energy’s share repurchase authorization is $2 billion, which is equivalent to 5% of the company’s market capitalization. During the fourth quarter, Devon repurchased shares worth $57 million. In 2022, it repurchased shares worth $718 million.
Devon Energy’s free cash flow for fourth-quarter 2022 was nearly $1.1 billion. Financing costs for the reported quarter were $73 million, down 15.1% from $86 million in the year-ago period.
Extensions and discoveries from Devon Energy’s drilling program in 2022 added 278 million Boe of reserves in 2022, equating to a 125% production replacement. Devon’s estimated proved reserves increased 12% to 1.8 billion Boe at year-end 2022, of which 71% was oil and natural gas liquids.
Financial Highlights
As of Dec 31, 2022, the company had cash and cash equivalents (including restricted cash) of $1,454 million, compared with $2,271 million as of Dec 31, 2021. Total liquidity as of Dec 31, 2022, was $4.5 billion, which included cash and credit facility.
As of Dec 31, 2022, long-term debt amounted to $6,189 million, down from $6,482 million as of Dec 31, 2021.
Devon Energy’s net cash from operating activities for fourth-quarter 2022 was $1,911 million compared with $1,616 million in the year-ago period. Capital expenditure in the fourth quarter of 2022 was $804 million, compared with $512 million in the year-ago quarter.
Guidance
In the first quarter of 2023, Devon expects total production of 625,000-645,000 Boe/d. During 2023, Devon expects total production of 643,000-663,000 Boe/d.
First-quarter 2023 capital expenditure is projected to be $950-$1,010 million, and full-year capital expenditure to be $3600-$3800 million
NOW Inc. (DNOW - Free Report) is slated to report fourth-quarter results on Feb 16, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 19 cents per share, implying a year-over-year increase of 171.43%.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is 94 cents, implying a year-over-year increase of 5.06%. DNOW delivered an average earnings surprise of 66.71% in the last four quarters.
Denbury is scheduled to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.61 per share, indicating a year-over-year increase of 111.84%.
The Zacks Consensus Estimate for 2023 EPS is $8.01, implying a year-over-year increase of 15.04%. DEN delivered an average earnings surprise of 7.14% in the last four quarters.
Evergy Inc. (EVRG - Free Report) is scheduled to report fourth-quarter results on Feb 24, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 22 cents per share, indicating a year-over-year increase of 37.5%.
EVRG’s long-term (three to five years) earnings growth is currently pegged at 5.3%. The Zacks Consensus Estimate for 2023 EPS is $3.65, implying a year-over-year increase of 1.11%.
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Devon Energy's (DVN) Q4 Earnings and Revenues Lag Estimates
Devon Energy Corp. (DVN - Free Report) reported fourth-quarter 2022 earnings of $1.66 per share, which missed Zacks Consensus Estimate of $1.75 by 5.14%. The bottom line improved 19.42% from the year-ago quarter’s $1.39.
GAAP earnings for the fourth quarter were $1.83 per share compared with $2.23 in the year-ago quarter.
Revenues
Total revenues for the fourth quarter totaled $4,299 million, which missed the Zacks Consensus Estimate of $4,647 million by 7.5%. The top line improved 0.6% 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 fourth-quarter 2022 touched 636,000 barrels of oil equivalent per day (Boe/d), up 4.1% year-over-year. However, the company’s expected production in the quarter was reduced by 2% due to the impact of severe weather conditions.
Natural gas liquids production dropped 4% year over year to 148,000 Bbl/d. Oil production averaged 316,000 barrels per day (Bbl/d), up 5.3% on a year-over-year basis, primarily due to higher oil production in Eagle Ford.
Realized Prices
Realized oil prices for the quarter were $77.44 per barrel, up 24.5% from $62.22 in the year-ago period. Realized prices for natural gas liquids were $24.32 per barrel, down 30.2% from $34.82 in the prior-year quarter.
Realized gas prices were $4.01 per thousand cubic feet, up 23% from $3.26 in the prior-year quarter.
Total oil equivalent realized prices — including cash settlements — were $50.62 per Boe, up 14.2% year over year.
Other Highlights
Total production expenses for the fourth quarter were $715 million, up 18.2% year over year.
Devon Energy’s share repurchase authorization is $2 billion, which is equivalent to 5% of the company’s market capitalization. During the fourth quarter, Devon repurchased shares worth $57 million. In 2022, it repurchased shares worth $718 million.
Devon Energy’s free cash flow for fourth-quarter 2022 was nearly $1.1 billion. Financing costs for the reported quarter were $73 million, down 15.1% from $86 million in the year-ago period.
Extensions and discoveries from Devon Energy’s drilling program in 2022 added 278 million Boe of reserves in 2022, equating to a 125% production replacement. Devon’s estimated proved reserves increased 12% to 1.8 billion Boe at year-end 2022, of which 71% was oil and natural gas liquids.
Financial Highlights
As of Dec 31, 2022, the company had cash and cash equivalents (including restricted cash) of $1,454 million, compared with $2,271 million as of Dec 31, 2021. Total liquidity as of Dec 31, 2022, was $4.5 billion, which included cash and credit facility.
As of Dec 31, 2022, long-term debt amounted to $6,189 million, down from $6,482 million as of Dec 31, 2021.
Devon Energy’s net cash from operating activities for fourth-quarter 2022 was $1,911 million compared with $1,616 million in the year-ago period. Capital expenditure in the fourth quarter of 2022 was $804 million, compared with $512 million in the year-ago quarter.
Guidance
In the first quarter of 2023, Devon expects total production of 625,000-645,000 Boe/d. During 2023, Devon expects total production of 643,000-663,000 Boe/d.
First-quarter 2023 capital expenditure is projected to be $950-$1,010 million, and full-year capital expenditure to be $3600-$3800 million
Zacks Rank
Devon Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
NOW Inc. (DNOW - Free Report) is slated to report fourth-quarter results on Feb 16, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 19 cents per share, implying a year-over-year increase of 171.43%.
The Zacks Consensus Estimate for 2023 earnings per share (EPS) is 94 cents, implying a year-over-year increase of 5.06%. DNOW delivered an average earnings surprise of 66.71% in the last four quarters.
Denbury is scheduled to report fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.61 per share, indicating a year-over-year increase of 111.84%.
The Zacks Consensus Estimate for 2023 EPS is $8.01, implying a year-over-year increase of 15.04%. DEN delivered an average earnings surprise of 7.14% in the last four quarters.
Evergy Inc. (EVRG - Free Report) is scheduled to report fourth-quarter results on Feb 24, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 22 cents per share, indicating a year-over-year increase of 37.5%.
EVRG’s long-term (three to five years) earnings growth is currently pegged at 5.3%. The Zacks Consensus Estimate for 2023 EPS is $3.65, implying a year-over-year increase of 1.11%.