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Devon Energy beats fourth-quarter profit estimate on higher production

Devon Energy reported a fourth-quarter profit that exceeded Wall Street expectations, primarily due to a significant increase in oil and gas production. The company's adjusted profit was $1.41 per share, surpassing the average analyst estimate of $1.39 per share. This performance was driven by a 10% rise in total production, reaching 664,000 oil-equivalent barrels per day, with oil production specifically increasing by 11% to 320,000 barrels per day. Despite lower oil and gas prices, Devon managed to keep its capital expenditure steady at $984 million for the quarter. The company also announced a 10% increase in its fixed quarterly dividend to 22 cents per share and a variable dividend of 13 cents per share, reflecting its commitment to returning capital to shareholders amidst a volatile energy market.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/energy/devon-energy-beats-fourth-quarter-profit-estimate-higher-production-2025-02-18/ ]