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