Categories Earnings, Energy

Highlights of Devon Energy’s Q1 2023 earnings report

Oil and gas exploration company Devon Energy Corporation (NYSE: DVN) has announced financial results for the first quarter of 2023.

  • Total revenues edged up to $3.82 billion in the March quarter from $3.81 billion in the same period of 2022
  • Net income was $995 million or $1.53 per share in Q1, compared to $989 million or $1.48 per share last year
  • Oil production reached an all-time high of 320,000 barrels per day during the three-month period
  • The Exotic Cat Raider project achieved per-well rates as high as 7,200 Boe per day
  • Operating cash flow was $1.7 billion and free cash flow reached $665 million in the first quarter
  • Devon’s board of directors increased the share-repurchase authorization by 50% to $3.0 billion

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

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