Devon Energy (NYSE: DVN): Q4 2019 Earnings Snapshot

— Devon Energy Inc. (NYSE: DVN) reported fourth-quarter core earnings of $0.33 per share, versus $0.32 per share expected.

— On a reported basis, the company recordd a net loss of $642 million or $1.70 per share

— Upstream revenue, excluding commodity derivatives, totaled $1 billion in the fourth quarter

— Oil production increased 28% year over year, exceeding guidance; free cash flow generation accelerated to $171 million

— Board of directors approved a 22% increase to the quarterly dividend to $0.11 per share, compared to the prior rate of $0.09 per share

— Net production from retained assets averaged 340,000 oil-equivalent barrels per day

— Oil production averaged 160,000 barrels per day, a 28% increase from
the same period a year ago

— Entered into an agreement to sell the Barnett Shale assets for $770 million

— Raised full-year 2020 oil growth rate to the range of 7.5% to 9%, on a retained asset basis

— Expects oil production to average in the range of 158,000 to 163,000 barrels per day in the first-quarter 2020