Devon Energy Corp (NYSE: NYSE:DVN) shares are down nearly 8% Wednesday afternoon after the company reported worse-than-expected earnings results.
Devon Energy reported third-quarter earnings of $2.18 per share, which missed average analyst estimates of $2.21 per share, according to Benzinga Pro.
Production for the third quarter averaged 614,000 oil-equivalent barrels per day. Operating cash flow totaled $2.1 billion in the quarter, up 32% year-over-year. Devon generated $1.5 billion of free cash flow in the third quarter.
"Foundational to our success was the team’s consistent execution of our disciplined plan. This was once again demonstrated by strong well productivity and efficiency gains that drove volumes above the high end of guidance with a capital spend that was below forecast," said Rick Muncrief, president and CEO of Devon Energy.
Devon raised its fourth-quarter production forecast to a range of 640,000 to 660,000 barrels per day, representing a 6% increase year-over-year. The company adjusted the midpoint of its upstream capital outlook to $835 million for the upcoming quarter.
Devon also declared a dividend of $1.35 per share, representing an increase of 61% from the third quarter of 2021.
DVN Price Action: Devon Energy has a 52-week high of $79.40 and a 52-week low of $42.87.
The stock was down 7.71% at $71.34 at time of publication.
Photo: Jernej Furman from Flickr.
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