Welcome to our dedicated page for Devon Energy Corporation news (Ticker: DVN), a resource for investors and traders seeking the latest updates and insights on Devon Energy Corporation stock.
Devon Energy Corporation (NYSE: DVN) is a top-tier independent oil and natural gas exploration and production company. Headquartered in Oklahoma City, Devon boasts premier positions in North America's most prolific plays, including the Permian Basin, Eagle Ford, and Canada's oil sands. With a reported net production averaging approximately 658,000 barrels of oil equivalent per day in 2023, Devon’s operations significantly contribute to North America's energy supply. The company’s portfolio reported net proved reserves of 1.8 billion barrels of oil equivalent at the end of 2023, with a production mix of 73% oil and natural gas liquids and 27% natural gas.
Devon’s business model emphasizes entrepreneurialism, innovation, leadership, and collaboration, which drive its mission to meet North America's growing energy demands. The company is a staple in the US energy sector, listed on the Fortune 500 and recognized as one of the Fortune 100 Best Companies to Work For. It is also a respected employer in Canada, featured on the Best Workplaces in Canada list by the Globe and Mail.
Recent achievements include a strategic partnership with WaterBridge NDB to form NDB Midstream LLC, creating the largest private water infrastructure system in the Delaware Basin. This partnership enhances Devon's water management capabilities, supporting its drilling plans and water reuse operations. Devon also maintains a robust financial position, ensuring sustainable operations and capital returns to shareholders.
Devon's core business lies in oil and gas production, with significant acreage in the Permian Basin, Anadarko, Eagle Ford, and Bakken basins. The company focuses on maximizing asset development through a disciplined cash-return business model, aiming to generate free cash flow and strong returns for investors. Recent developments also highlight Devon's commitment to sustainable practices and innovation in the energy sector.
For career opportunities and more information, visit Devon Energy Careers.
On May 24, 2021, Devon Energy announced the successful early tender of $1,958,718,000 of WPX Notes, representing approximately 97.23% of the outstanding amount. The early tender deadline has been extended to June 7, 2021. Amendments to WPX Notes will include revisions to restrictive covenants and will be effective upon execution. Eligible noteholders will exchange WPX Notes for Devon Notes along with $1.00 cash for every $1,000 of WPX Notes tendered. The complete terms are outlined in the Offer to Exchange dated May 10, 2021.
Devon Energy (NYSE: DVN) has initiated private exchange offers and related consent solicitations for WPX Energy's outstanding notes, totaling approximately $2 billion. Eligible noteholders can exchange WPX Notes for new Devon Notes, with terms varying based on early tender deadlines. The exchange offers aim to amend restrictive covenants of the WPX Notes and are set to expire on June 7, 2021. Devon aims to provide cash consideration of $1.00 per $1,000 of validly tendered WPX Notes, with interest on Devon Notes accruing from the last payment date on the corresponding WPX Notes.
Devon Energy Corp. (NYSE: DVN) announced its 2021 Annual Meeting of Stockholders will now be held virtually due to ongoing COVID-19 concerns. The meeting is scheduled for June 9, 2021, at 8:00 a.m. Central Time, with no change to the time or date. Stockholders can participate via webcast at www.virtualshareholdermeeting.com/DVN2021. Eligible participants include those holding shares as of April 12, 2021, and those with a legal proxy. For details, refer to the Notice of Change of Location filed with the SEC on May 7, 2021.
Devon Energy Corp. (NYSE: DVN) shared its financial and operational results for Q1 2021. The company is recognized as a leading oil and gas producer in the U.S., notably within the Delaware Basin. Devon emphasizes its cash-return business model, focusing on strong returns and generating free cash flow. An investor conference call is scheduled for May 5, 2021, to address analyst and investor inquiries. For comprehensive financial details, access the Investor Relations section on Devon's website.
Devon Energy Corp. (NYSE: DVN) has announced a fixed-plus-variable dividend of $0.34 per share, reflecting a 13% increase from the previous quarter. This dividend consists of a fixed amount of $0.11 and a variable component of $0.23, both payable on June 30, 2021, to shareholders of record on June 14, 2021. The company aims to provide sustainable returns to shareholders while maintaining flexibility across varying market conditions.
Devon Energy Corp. (NYSE: DVN) announced its participation in the Citi Global Energy & Utilities Virtual Conference on May 12, 2021, at 9:30 a.m. ET. The event will be accessible to the public via a webcast that can be found on Devon's website. Devon Energy is recognized as a leading oil and gas producer in the U.S., with a strong foothold in the Delaware Basin. The company's business model prioritizes generating robust returns, free cash flow, and shareholder capital returns while emphasizing safe and sustainable operations.
Devon Energy Corp. (NYSE: DVN) will report its first-quarter 2021 results on May 4, after U.S. market close. The earnings release and presentation will be accessible on the company’s website. A conference call for analysts and investors is scheduled for May 5 at 10:00 a.m. CT, with a webcast link also available on the website. Devon Energy is recognized as a leading oil and gas producer in the U.S., focusing on strong returns and sustainable operations through its strategic cash-return business model.
Devon Energy Corp. (NYSE: DVN) released 2021 production guidance, anticipating an 8% reduction in first-quarter output due to severe winter weather. After adjustments, oil production is expected between 261,000 and 265,000 barrels per day, with total production of 485,000 to 499,000 oil-equivalent barrels per day. Additionally, the sale of Wind River assets will diminish oil production by 2,000 barrels per day for the year. Per-unit expenses could increase by 5% in Q1.
Devon Energy Corporation announced that its subsidiary, WPX Energy, will redeem a total of $700 million in senior notes due from 2027 to 2030. The redemption includes $210 million of 5.250% notes, $175 million of 5.875% notes, and $315 million of 4.500% notes. This action is part of a broader $1.5 billion debt repurchase program aimed at enhancing shareholder value. The redemption prices will be 105.250%, 105.875%, and 104.500% of the principal amounts, respectively. The scheduled redemption dates are set for March 26 and April 10, 2021.
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