Devon Energy (NYSE: DVN) posted better-than-anticipated first-quarter earnings after the market closed on Monday. The results come as oil prices remain above USD100 a barrel, meanwhile, natural gas prices are close to their highest levels in a year.
The energy company reported earnings of USD1.88 per share, compared to the expected USD1.76 a share. Revenue amounted to USD3.81 Billion, higher than analysts anticipated USD3.57 Billion. The company has surpassed consensus EPS estimates four times throughout the last four quarters.
“Devon’s first-quarter performance once again demonstrated the power of our disciplined capital plan, our focus on growing cash margin, and the benefits of our differentiated cash-return framework,” said Rick Muncrief, president, and CEO. “This strong financial performance has enabled us to dramatically accelerate the return of capital to shareholders by declaring the highest dividend in Devon’s history and by expanding our share-repurchase program to further bolster per-share results.”
The company’s shares have risen 32.1% throughout the year and have a current market cap of USD42.01 Billion.
“Looking ahead, we are unwavering in our commitment to capital discipline and remain focused on delivering the objectives that underpin our current year plan,” Muncrief commented. “Our pursuit of value over volume is further reinforced by the steep backwardation in commodity prices, supply chain constraints, and the economic uncertainty arising from recent geopolitical events.”