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Devon Energy Corp. (DVN - Free Report) reported first-quarter 2025 earnings per share (EPS) of $1.21, missing the Zacks Consensus Estimate of $1.27 by 4.72%.(See the Zacks Earnings Calendar to stay ahead of market-making news.)
The first-quarter earnings improved year over year by 4.3% from $1.16 per share.
GAAP EPS in the reported quarter was 77 cents compared with 94 cents in the year-ago quarter. The difference between GAAP and operating earnings in the first quarter was due to an impact of 11 cents from fair value changes in financial instruments, 31 cents from asset and exploration impairments, and 2 cents from restructuring and transaction costs.
Revenues of DVN
Total revenues for the quarter were $4.45 billion, which surpassed the Zacks Consensus Estimate of $4.36 billion by 2.05%.
Devon Energy Corporation Price, Consensus and EPS Surprise
Net production in the first quarter totaled 815,000 barrels of oil equivalent per day (Boe/d), up 22.7% year over year. Actual production volume was within the guided range of 805,000-825,000 Boe/d. Improvement in production volumes from all regions boosted production volumes in the reported quarter.
Natural gas liquids production increased 23% year over year to 203,000 barrels per day (Bbl/d). Oil production amounted to 398,000 Bbl/d, up 21.6% on a year-over-year basis, due to a strong contribution from the Rockies region.
DVN’s Realized Prices
Realized oil prices (including cash settlements) for the quarter were $69.15 per barrel, down 7.98% from $75.15 in the year-ago period. Realized prices for natural gas liquids were $21.93 per barrel, up 5.8% from $20.73 in the prior-year quarter.
Realized gas prices were $2.48 per thousand cubic feet, indicating an increase of 53.1% from $1.62 a year ago.
Total oil equivalent realized prices, including cash settlements, were $42.45 per Boe, down nearly 3.6% year over year.
Highlights of DVN’s Q1 Release
Total production expenses in the first quarter were $912 million, up 21.4% year over year.
Devon repurchased shares worth $301 million in the first quarter and paid dividends worth $163 million to its shareholders.
Production costs, including taxes, averaged $12.42 per Boe in the first quarter, a decline of 0.08% from the prior-year period.
Devon Energy’s realized price during the period, including commodity hedges, was $42.45 per Boe. The figure increased $2.13 per Boe from the year-ago quarter’s actual. This increase in price realization was primarily due to higher natural gas liquids and natural gas pricing. Natural gas pricing benefited from improved basin differentials, primarily in the Delaware.
New Developments Post DVN’s Q1 Results
On April 1, 2025, Devon finalized the previously announced dissolution of its Eagle Ford partnership. Following the close of the transaction, the company now holds approximately 46,000 net acres in the Blackhawk Field, with more than a 95% working interest and full operatorship.
On May 5, 2025, Devon entered into an agreement to sell its equity stake in the Matterhorn Pipeline for around $375 million. The sale, which is subject to standard closing conditions, is anticipated to be completed in the second quarter of 2025. Proceeds from the transaction will be used to further enhance the company’s investment-grade financial standing.
Financial Highlights of DVN
As of March 31, 2024, the company had cash and cash equivalents (including restricted cash) of $1.23 billion compared with $0.85 billion as of Dec. 31, 2024.
Long-term debt amounted to $8.39 billion as of March 31, 2025. The figure was on par with the actual of Dec. 31, 2024.
Devon’s net cash from operating activities was $1.94 billion in first-quarter 2025 compared with $1.66 billion in first-quarter 2024. Capital expenditures in first-quarter 2025 totaled $0.93 billion, up 4.5% from $0.89 billion in first-quarter 2024.
Devon’s Guidance
Second-quarter production is expected in the range of 810,000-828,000 Boe/d and capital spending is estimated in the band of $0.98-$1.04 billion.
Production volume in 2025 is now expected in the band of 810,000-828,000 Boe/d, up from the previous range of 805,000-825,000 Boe/d. The revision in the full-year production takes into consideration strong first-quarter volumes.
Capital spending is estimated in the band of $3.7-$3.9 billion, down $100 million from the previous range of $3.8-$4 billion. The reduction in capital expenditure indicates the early success of the company's recently launched business optimization plan.
Production volume in 2025 includes expected production of 382,000-388,000 barrels of oil per day.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2025 operating earnings of $1.83 (€1.74) per share, which lagged the Zacks Consensus Estimate of $1.88 by 2.65%.
TTE’s long-term (three-to-five years) earnings growth rate is currently pinned at 7.09%. The Zacks Consensus Estimate for 2025 EPS is pegged at $7.27, indicating a year-over-year decline of 6.44%.
Chevron Corporation (CVX - Free Report) reported adjusted first-quarter earnings per share of $2.18, beating the Zacks Consensus Estimate of $2.15 by 1.4%.
CVX’s long-term earnings growth rate is currently pinned at 8.3%. The Zacks Consensus Estimate for 2025 EPS is pegged at $7.7, indicating a year-over-year decline of 23.38%.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2025 operating earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 21.9%.
CNX’s long-term earnings growth rate is currently pinned at 54.23%. The Zacks Consensus Estimate for 2025 EPS is pegged at $2.04, indicating a year-over-year decline of 8.51%.
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Devon's Q1 Earnings Miss, Revenues Beat Estimates, Guidance Raised
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2025 earnings per share (EPS) of $1.21, missing the Zacks Consensus Estimate of $1.27 by 4.72%.(See the Zacks Earnings Calendar to stay ahead of market-making news.)
The first-quarter earnings improved year over year by 4.3% from $1.16 per share.
GAAP EPS in the reported quarter was 77 cents compared with 94 cents in the year-ago quarter. The difference between GAAP and operating earnings in the first quarter was due to an impact of 11 cents from fair value changes in financial instruments, 31 cents from asset and exploration impairments, and 2 cents from restructuring and transaction costs.
Revenues of DVN
Total revenues for the quarter were $4.45 billion, which surpassed the Zacks Consensus Estimate of $4.36 billion by 2.05%.
Devon Energy Corporation Price, Consensus and EPS Surprise
Devon Energy Corporation price-consensus-eps-surprise-chart | Devon Energy Corporation Quote
Production of DVN
Net production in the first quarter totaled 815,000 barrels of oil equivalent per day (Boe/d), up 22.7% year over year. Actual production volume was within the guided range of 805,000-825,000 Boe/d. Improvement in production volumes from all regions boosted production volumes in the reported quarter.
Natural gas liquids production increased 23% year over year to 203,000 barrels per day (Bbl/d). Oil production amounted to 398,000 Bbl/d, up 21.6% on a year-over-year basis, due to a strong contribution from the Rockies region.
DVN’s Realized Prices
Realized oil prices (including cash settlements) for the quarter were $69.15 per barrel, down 7.98% from $75.15 in the year-ago period. Realized prices for natural gas liquids were $21.93 per barrel, up 5.8% from $20.73 in the prior-year quarter.
Realized gas prices were $2.48 per thousand cubic feet, indicating an increase of 53.1% from $1.62 a year ago.
Total oil equivalent realized prices, including cash settlements, were $42.45 per Boe, down nearly 3.6% year over year.
Highlights of DVN’s Q1 Release
Total production expenses in the first quarter were $912 million, up 21.4% year over year.
Devon repurchased shares worth $301 million in the first quarter and paid dividends worth $163 million to its shareholders.
Production costs, including taxes, averaged $12.42 per Boe in the first quarter, a decline of 0.08% from the prior-year period.
Devon Energy’s realized price during the period, including commodity hedges, was $42.45 per Boe. The figure increased $2.13 per Boe from the year-ago quarter’s actual. This increase in price realization was primarily due to higher natural gas liquids and natural gas pricing. Natural gas pricing benefited from improved basin differentials, primarily in the Delaware.
New Developments Post DVN’s Q1 Results
On April 1, 2025, Devon finalized the previously announced dissolution of its Eagle Ford partnership. Following the close of the transaction, the company now holds approximately 46,000 net acres in the Blackhawk Field, with more than a 95% working interest and full operatorship.
On May 5, 2025, Devon entered into an agreement to sell its equity stake in the Matterhorn Pipeline for around $375 million. The sale, which is subject to standard closing conditions, is anticipated to be completed in the second quarter of 2025. Proceeds from the transaction will be used to further enhance the company’s investment-grade financial standing.
Financial Highlights of DVN
As of March 31, 2024, the company had cash and cash equivalents (including restricted cash) of $1.23 billion compared with $0.85 billion as of Dec. 31, 2024.
Long-term debt amounted to $8.39 billion as of March 31, 2025. The figure was on par with the actual of Dec. 31, 2024.
Devon’s net cash from operating activities was $1.94 billion in first-quarter 2025 compared with $1.66 billion in first-quarter 2024. Capital expenditures in first-quarter 2025 totaled $0.93 billion, up 4.5% from $0.89 billion in first-quarter 2024.
Devon’s Guidance
Second-quarter production is expected in the range of 810,000-828,000 Boe/d and capital spending is estimated in the band of $0.98-$1.04 billion.
Production volume in 2025 is now expected in the band of 810,000-828,000 Boe/d, up from the previous range of 805,000-825,000 Boe/d. The revision in the full-year production takes into consideration strong first-quarter volumes.
Capital spending is estimated in the band of $3.7-$3.9 billion, down $100 million from the previous range of $3.8-$4 billion. The reduction in capital expenditure indicates the early success of the company's recently launched business optimization plan.
Production volume in 2025 includes expected production of 382,000-388,000 barrels of oil per day.
Devon’s Zacks Rank
Devon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
TotalEnergies SE (TTE - Free Report) reported first-quarter 2025 operating earnings of $1.83 (€1.74) per share, which lagged the Zacks Consensus Estimate of $1.88 by 2.65%.
TTE’s long-term (three-to-five years) earnings growth rate is currently pinned at 7.09%. The Zacks Consensus Estimate for 2025 EPS is pegged at $7.27, indicating a year-over-year decline of 6.44%.
Chevron Corporation (CVX - Free Report) reported adjusted first-quarter earnings per share of $2.18, beating the Zacks Consensus Estimate of $2.15 by 1.4%.
CVX’s long-term earnings growth rate is currently pinned at 8.3%. The Zacks Consensus Estimate for 2025 EPS is pegged at $7.7, indicating a year-over-year decline of 23.38%.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2025 operating earnings of 78 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 21.9%.
CNX’s long-term earnings growth rate is currently pinned at 54.23%. The Zacks Consensus Estimate for 2025 EPS is pegged at $2.04, indicating a year-over-year decline of 8.51%.